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Efficient rules for combating unlawful use of insider information and market manipulation are expected
Practical Law UK Legal Update 1-385-9125 (Approx. 2 pages)
Efficient rules for combating unlawful use of insider information and market manipulation are expected
by White & Case LLP
| Published on 08 May 2009 • Russian Federation |
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A draft law to improve the legal framework for combating use of insider information and market manipulation has been adopted in its first reading before the State Duma.
On 17 April 2009, the State Duma (lower house of the Federal Assembly) adopted in the first reading Draft Law No. 145626-5 "On Combating Unlawful Use of Insider Information and Market Manipulation" (Draft Law).
The Draft Law seeks to improve the legal framework for combating unlawful use of insider information and market manipulation on stock, currency and commodity markets. It is planned that the law will enhance investor confidence and encourage the development and international competitiveness of those markets.
The provisions of the Draft Law will apply if they are adopted by the State Duma in three readings, approved by the Federation Council (upper house of the Federal Assembly), signed by the President, and officially published.