Experts consider that the new law about insajde will work selectively
After long-term discussion the government nevertheless has confirmed and has introduced in the State Duma the law on counteraction to a misuse of the insider information and a manipulation the market. And the total variant of the document provides introduction both administrative, and a criminal liability for legislation infringements.
In the government consider that the bill introduced in the State Duma in a complex solves a problem of protection against abusings insajderov and the persons manipulating the market. In particular, established legal regulation extends as a whole on the organised market both financial (including currency), and commodity. However norms which are provided by the law, should not be applied in relation to operations with financial tools to realisation state monetary - the credit policy. Such operations usually spend the Central bank of the Russian Federation or other authorised state structures of the country, is told in explaining documents of the government.
Actually the new law enters two key for the Russian market of concept - a manipulation the market and the insider information, the head of Federal Agency of the financial markets (FSFR) Vladimir Milovidov has explained. According to the law insajderami are not only professional participants of a securities market (brokers, dealers), but also emitters, members of boards of directors, owners more than 25 percent of shares of the companies, rating agencies, analysts of investment companies, and also state employees. Tracing of observance of the legislation about insajde and a manipulation is assigned on FSFR. However, the self-adjustable organisations and stock exchanges will not stand aside. The bill introduced in the State Duma establishes kinds of securities, financial tools and the goods which the insider information can concern and with reference to which its misuse, and also an interdiction for use of the insider information at fulfilment of transactions, including through the third parties, through " is possible; a summer residence of recommendations “.
It is necessary to notice that till now distribution and use of the insider information in stock market actually was not supervised also transactions with its use are made actually with impunity. From here it is obvious that the developed bill has many opponents, and mainly just those who uses insider trade and build on that business. On it special punishments are registered in new interpretation for fulfilment of transactions with use insajda. In particular, collecting in the income of the state from the person who have made the transaction with infringement of requirements of the law about insajde, the sums of illegally received profit or a loss which to the owner insajda was possible to avoid in connection with fulfilment of such transaction is provided. However, punishment detailed elaboration for infringement of the new law, according to head FSFR, is not registered yet. However it is already clear that to infringers will threaten not only administrative, but also criminal punishment. Changes in the Code about administrative offences are already confirmed by deputies of the State Duma in the first reading. “ amendments to the Criminal code are at final stages of the coordination with departments and as soon as we will receive their comments, onibudut are brought for government discussion “ - Vladimir Milovidov has explained.
Meanwhile experts are assured that nevertheless the new law will bypass probably. So the assistant to the chief executive of Association on protection of the rights of investors Igor Repin has told to us: “ the Law about insajde is certainly necessary, now more than 50 percent of transactions from total are made with use of the insider information. And all large transactions at present pass on a basis insajda. The law will work selectively. To prove the fact insajda it is difficult. All will rest against judicial system “.
the Head of analytics investitsionno - the financial company “ Solid “ Vitaly Karbovsky also considers: “ to Declare that the transaction has passed with use of the insider information difficult. Even in the USA disclosing insajda this sign event. On - to mine, 90 percent of affairs rassypitsja in court.