Rules in Insider Trade in Russia


On 29 July 2010, President Medvedev, signed the law «On measures against unlawful dissemination of insider information and market manipulation and on amendments to some laws of the Russian Federation” (the Law). The Law strikes as one of the confidence-building measures among investors in the Russian economy. Another aim is to improve the process of market trade. The Law is of particular interest for foreign investors and other players in the financial market.

One of its goals is to eliminate manipulations in securities and credit markets, in investment banks and investment funds transactions. This goal is especially relevant for creating a favorable investment climate on Russia. Let’s have a closer look at the Law

Among other things, it specifies:

? definitions of insider information and market manipulation;

? express prohibition on disclosure of insider information to third parties including its usage in transactions involving financial instruments, securities and goods;

? types of individuals and legal entities classed as insiders as well as their obligations resulting thereof;

? new powers of the Federal Financial Markets Service (hereinafter- the FFMS) with regards to insider information;

? liability of both individuals and legal entities for violations of the insider information regime.

The Law is to enter into force on 27 January 2011 (180 days after its publication). However we can already examine its key provisions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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