HISTORIC PRESS RELEASE : Boost for Co-Operation with Russian Financial Regulators [September 1999]
The press release issued by HM Treasury on 7 September 1999.
Greater co-operation in tackling abuse of financial rules and regulations in cross-border dealings involving UK and Russian investors and investments will be provided through an agreement which has been signed between UK regulatory authorities and the Russian Federal Commission for the Securities Market, Economic Secretary Melanie Johnson announced today.
Welcoming the announcement, Miss Johnson said;
“The increasing globalisation of financial markets requires regulatory authorities to work together in order to tackle abuses of rules, regulations, and laws which harm investors. This is the seventh bilateral agreement on financial regulation which we have reached with a non-EU country, and will reinforce the strength of the City of London as a major international financial centre.
“The Memorandum of Understanding between the Treasury, the UK Financial Services Authority, the London Stock Exchange, and the Russian Federal Commission for the Securities Market will do a great deal to develop financial relations between us and improve the effectiveness of regulation.
“This agreement will provide a framework allowing the authorities to assist each other, providing investors with greater protection and security. We hope that our agreement will promote mutual understanding, both in terms of the operation of markets and their regulation. The establishment of clear channels of communication and greater engagement between our authorities will be of mutual benefit, and will support Russian companies that wish to list on the London Stock Exchange.
“The fact that we have been able to sign such an agreement is testament to the strides taken by the Russian Federal Commission for the Securities Market to develop an effective regulatory system in the field of securities.
“The Federal Commission, headed by Dmitry Vasiliev, has taken a lead in Russia in defending the rights of investors and establishing the duties required of market participants. I look forward to the continuation of good relations between the UK and Russian regulatory authorities.”
