Rus News Journal

To each broker by council

FSFR enters the requirement on the organisation of boards of directors at all professional participants

FSFR will continue a line on toughening of licence requirements to professional participants. Besides necessity to deposit in bank own means for the licence reception, each professional participant is obliged to have board of directors. In NAUFORe name an innovation the ­ next loading for the small companies. Head FSFR parries: the large companies are necessary for competitiveness of the Russian market.

yesterday FSFR has published the order project under the statement of new position about licence requirements. According to the changes, wishing to obtain the licence is obliged to place the declared volume of own means for the bank deposit for the term of not less than 90 days. According to the head of service Vladimir Milovidova, this requirement will allow to avoid creation “ baby`s dummies “ in stock market. This year FSFR has begun check of some professional participants under the list given by Bank of Russia within the limits of struggle against legalisation of means, received criminal a way. For today on 17 companies the interdiction for carrying out of operations is entered.

in struggle with “ baby`s dummies “ one more project of the order - about new administrative regulations of licensing will help. In it term of acceptance FSFR of the decision with 30 till 60 days is increased. After check of a complete set of documents and their conformity to the legislation the service will do exit check. “ we should be convinced that this company exists, it has general director and the controller and that she does not sit in any garage “ - Vladimir Milovidov speaks.

Head FSFR has reminded that in 2009 the service has given out 925 licences of the professional participant, and has withdrawn 802 licences, from them 345 - for legislation infringements. In the first quarter of current year 184 licences are given out, withdrawn - 98, for infringements - 35. As he said, in the market there is a creation practice “ baby`s dummies “ and receptions on it licences of the professional participant for carrying out of two - three operations on billions roubles, then the company submits documents on cancellation “ also the following company for operations on some billions roubles " is generated;.

the Second large innovation in requirements can begin to form a duty of the professional participant board of directors or the supervisory board. For today the professional participants organised in the form of Open Company, can not have these controls in the structure. But head FSFR Vladimir Milovidov considers that the board of directors is necessary for forming of a corporate control system of the professional participant­: “ It disciplines and stops infringements, does the companies by more reliable at the expense of increase in number ­ of people responsible ­ for its work. After all anybody is not surprised any more with the same requirement concerning banks and not bank credit organisations “. Chairman of the board NAUFOR Alexey Timofeev considers that the requirement of obligatory creation of board of directors at all professional participants unreasonably, “ especially when at the company one or a small number of founders “. It has reminded that such requirement has been put and in the bill about prudentsialnom supervision (it is not brought yet in the State Duma). “ Then we also objected “ - has added g - n Timothies. It has not supported also necessity of deposition of money resources at licence reception: “ This requirement reflects very primitive representations about admissible actives of participants of the market “. In its opinion, offered changes are the next step on escalating reguljativnoj loadings on the small companies.

Vladimir Milovidov recognises that introduction obligatory in professional participants ­ of board of directors (supervisory board) is enough strict measure, especially for the small companies. “ The line of work FSFR is directed on that we had large participants. I for today am not ready to tell that that model which at us exists, - many small participants of the market - to us approaches. To be the competitive market, very strong, reliable participants " are necessary to us; - head FSFR has declared.

This requirement can concern not only the small companies. For example, for today there is no board of directors (supervisory board) at Open Company “ Company BKS “ Open Company “ IK “ Veles the Capital “ and Open Company “ Aton “. In Open Company “ Uralsib Kepital “ could not specify, whether if such structure in management. The assistant to the general director on internal control IK “ Veles the Capital “ Alexander Ivanov notices that changes first of all are directed on struggle against the circuit companies which are used for legalisation or in the similar purposes.

In projects of orders the postponed coming into force - since July, 1st, 2010 is provided.