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SPBILF Prize

4.6. Innovations of the International Organization of Securities Commissions and Their Implementation in Russian Law

Track: 4. Investments. Finance

Description

International Organization of Securities Commissions (IOSCO), of which the Russian Federation is a member and which determines the basic mechanisms of the securities market regulation and countering unfair practices (market manipulation, insider trading), has proposed to extend the financial market regulators’ mandate in terms of countering unfair practices and ensuring stability of the financial market, namely: to allow the regulator to receive records of bidders’ phone conversations; to provide access to IP addresses of bidders; to allow the regulator to call private individuals having information on unfair practices for explanations, etc.

Abiding by the IOSCO requirements makes a jurisdiction open, sophisticated and transparent, as well as facilitates cooperation and data exchange between countries during investigations of legal violations at the financial market. However, the said proposals partially infringe upon the citizens’ right to secrecy of communication and other personal rights.

The session will address possible mechanisms of adoption of the new IOSCO requirements into the Russian legislation.

Moderator:

Valery Lyakh

Director, Main Office for Countering Malpractice in the Open Market, Bank of Russia

Speakers:

Ekaterina Kaganova

Head of the Department of Internal Control Compliance Service, Gazprombank, Member, ARB Committee on AML/CFT and risk compliance

Polina Lebedeva

Legal Director, ROSBANK PJSC

Tamara Manukova

Deputy Director of Legal Department, Moscow Exchange MICEX-RTS

Andrey Medvedev

Deputy Director, Legal Department, Bank of Russia

Maya Naydenova

Director of Risk Management, KPMG in Russia and CIS, Member of the Commission on Audit Regulation of the Audit Council under the Ministry of Finance of the Russian Federation


*This schedule may be subject to change