ИСТИНА

Evolution of financial regulation in the post-Soviet space due to a number of specific features of financial development of this region (underdevelopment of financial markets, prevalence of self-financing, bank sector dominating over non-bank sector, etc) followed the different path as compared with the overall global trends. Mega-regulation centered in the National (Central Bank) evolved along with archaic forms of non-sectoral regulation. The conclusion was made that these structures of financial regulation, as a rule, don't provide for efficient investment process and need to be reformed in order to stimulate investment.