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GAAP.RUNewsFFMS to fight insider trading and money laundering

FFMS to fight insider trading and money laundering

Publication date: 17 August 2007

Russian Federal Financial Markets Service’s functions are being restructured for more efficient prevention of money laundering and inside information abuse. Initiative comes from the agency’s current chairman, Vladimir Milovidov. Market participants predict increased attention from the regulator’s side and increased number of penalties.

The Federal Financial Markets Service (FFMS) under Vladimir Milovidov’s control plans to further extend its functions (to the US Securities and Exchange Commission’s level) to fight insider trading, money laundering and inside information abuse (like those cases of trading “Polyus gold” and “VTB” shares) more efficiently in accordance with the Code of administrative violations and to cooperate with the Federal Financial Monitoring Service – for that, it creates a new division within its, Financial Information and Market Control Service, and Russian experts like Arshak Manasov from “Rye, Man and Gor Securities”, Oleg Vyugin, former chair of FFMS and current chair of the “MDM bank”, Peter Lanskov from the “Professional Association of Registrars, Transfer Agents and Depositories” (PARTAD) and  Alexander Scheglov from “Zerich Capital Management” expressed their opinion.