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New Anti-Insider Trading Act Due This Fall, Says Voloshin

07.07.2014 20:00 / TASS

The new draft of the Anti-Insider Trading Act is due in the fall of 2014, Head of the MIFC Taskforce Alexander Voloshin told the press at the City of London – Moscow IFC Joint Liaison Group meeting today.

“There will be a brand new version of the Anti-Insider Trading Act”, said the Head of MIFC Taskforce, and by the next JLG meeting, tentatively slated for November this year, “we may already have the draft”.

“The draft is in progress, the Central Bank, the Taskforce and the Government are all involved”, said Voloshin. He called the current Anti-Insider Trading and Market Manipulation Act ineffective. “It is a very low-tech kind of law”, stressed Voloshin.

It has been reported that in early June, the Central Bank held the inaugural session of the workgroup that will handle the bill. The CB plans to introduce a general definition of ‘manipulation’ and trim the list of actions that the regulator shall qualify as such.

CB proposals include issuers right to decline to post insider info on their websites and submit insider lists to the Exchange.

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