Russian Financial Regulator Announces the First Case Involving Insider Trading

September 27, 2013

The Federal Service for Financial Markets (“FSFM”) announced on July 1, 2013 that it had opened its first investigation into a potential violation of the Insider Trading Law,1 which had entered into force in June 2010. However, on July 25, 2013, President of the Russian Federation Vladimir Putin signed the Order “On Dismissing of FSFM”, effectively transferring all of the authorities of the FSFM, including its personnel and files, to the Central Bank of Russia (“CBR”) beginning on September 1, 2013. In this respect, the investigation will continue under the direction of the CBR.

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