Rus News Journal

Session of the government 2

the Authorities have decided to take up the problems of stock market

Up to yesterday there were doubts in, whether recently created Federal commission on securities to defend the key role in stock market regulation can. But during the next cabinet council all points over i have been placed. The report of the first deputy of the chairman of the commission Dmitry Vasileva became triumph of the youngest governmental body - with all evidence it became clear that disputes with the commission are possible, but are so unproductive, as well as discussions with the State Property Committee. It, however, and not surprisingly, after all ideology of uncompromising struggle for ideals has passed in the commission together with heads GKI.

Yesterday`s session of the government became those extremely a rare occurence when the authorities at least in the minimum degree try to correspond to requirements of day. As the first vice-president of the Federal commission on securities and stock market Dmitry Vasilev has declared, the Russian stock market since October of last year has some problems . However, used Vasilevym an euphemism could not hide confusion of the government caused by a collapse of foreign investments: on change enchanting for the $230 million government in August modest $20 million in January have come. Vasilev has explained such failure unsuccessful confluence of variety of circumstances - statements for nationalisation of some enterprises, the Chechen events and, the most important thing, letters of the Central Bank obliging non-residents to obtain the licence for each transaction with papers Russian emitters.
instability of national stock market and considerable legal blanks in its regulation have created for formed in the autumn of 1994 of the federal commission fine starting possibilities. It is possible to say with confidence that the body headed by Anatoly Chubajsom is close to occupying key positions in stock market regulation. It is not contradicted at all by statements of a management of the commission for a support on the self-adjustable organisations of professional participants of the market. The federal commission does not intend to miss the initiative in working out of standards for the such organisations, leaving behind them only technical functions of maintenance of an order. Vasilevu yesterday, seemingly, it was possible to prove to the government that the position of the Ministry of Finance which insists is incorrect: at first it is necessary to accept the decree about the self-adjustable organisations, and after that to confirm standards. The short-range plan of prime measures developed by the commission on stock market development was supported completely by the prime minister - the minister. However, not tempted in activity subtleties depozitarno - the clearing companies the head of the government operated with much more clear to the inhabitant categories: It is insulting that money is, and money is not present . Therefore the corresponding project of the governmental order has been completely approved yesterday. In the near future it should be signed Victor Tchernomyrdin.
this document, in particular, assumes acceptance emergency efforts on development of an infrastructure of stock market. For the first time for many months dosidevshego till the end of session of the prime minister to depth of soul has revolted that the companies conducting registers of shareholders, take as a payment to 4 % from a sum of transaction. Besides, the next month cancellation of the mentioned letter of the Central Bank and introduction zajavitelnogo an order of operations of non-residents in national stock market are possible. So resolutely the government intends to clear up concerning actions belonging to it: after long discussion the State Property Committee and the commission on securities managed to defend necessity of publication of the plan - a drawing of sales of these share holdings. Such decision, according to Peter Mostovogo, will help first of all to the Russian investors as they will have an opportunity to save up money to the necessary date.

VLADISLAV - BORODULIN