Financial Markets : Government Regulation vs Self-Regulation in Russia in 2014

From September 2013, the Federal Law 'On the Introduction of Alterations to Some Legislative Acts of the Russian Federation in Connection with the Delegation to the Central Bank of the Russian Federation of the Powers for Regulation, Control and Supervision in the Sphere of Financial Markets' has entered into force, whereby the RF Central Bank (the Bank of Russia) is to be endowed with the powers of a federal body of executive authority over financial markets, which previously were exercised by the Federal Financial Markets Service (FFMS of Russia). As a result of integration of the Federal Financial Markets Service into the Bank of Russia, a special structural subdivision has been created - the Bank of Russia Financial Markets Service. Although from a formal point of view the RF Central Bank is not a government body, its official functions essentially belong to the sphere of government authority, because the execution of these functions implies certain law enforcement measures, and so to a certain degree it can be viewed as a government regulator. So, what does this transfer of powers mean for those spheres of the economy that were previously subject to regulation by the Federal Financial Markets Service of Russia?