Changes in legislation

The Code of Administrative Offenses has been amended to allow, starting from January 1, 2022, to avoid administrative liability for the misuse of insider information or market manipulation. This calls for the conclusion of an Agreement with the Central Bank of the Russian Federation.

If it is concluded, the proceedings on the case of an administrative offense on such grounds should be suspended. However, if the Agreement is not fulfilled, the Central Bank will resume administrative proceedings.

The decision to conclude or refuse to conclude the Agreement must be made by the Central Bank of Russia within a period not exceeding one month from the date of its receipt.

An agreement may also be concluded with a person who has committed an administrative offense prior to the entry into force of the above changes, if a court decision has not yet been issued on the administrative case.

Individuals suspected of violations related to the use of insider information can be fined 5 thousand RUB, officials – 30 thousand RUB. The fine for legal entities is 700 thousand RUB.

Fulfillment of all conditions of the Agreement releases from liability. An aggravating circumstance is the failure to fulfill obligations and the repeated commission of a similar offence.

The subscribers of Globas have the opportunity to have acquainted with the List of legal entities or natural persons misusing insider information and manipulate the market in the “Lists we recommend”.