The Central Bank ordered ALROSA to eliminate violations of the law on insider

The Bank of Russia issued an order to ALROSA for violating the law on insider and market manipulation. This is stated in the report of the regulator.

According to the regulator, the company violated the requirements of Federal Law No. 224-FZ “On Combating Illegal Use of Insider Information and Market Manipulation”. In particular, we are talking about the requirements for the formation of a list of classified information (part 1 of article 3), notification of persons who have access to it (paragraph 2 of part 1 of article 9), as well as the development and observance of internal rules aimed at preventing leaks of such information and market manipulation (paragraphs 1 and 2 of part 2 of article 11). Following the audit, the regulator issued an order to the company to eliminate the violations identified and prevent their recurrence in the future.

The details of the violations of the Central Bank did not disclose.

RBC Investments sent a request to the company.

Russia is preparing a bill to combat manipulation and insider in the market. The document passed the first reading in the state Duma.

Earlier, the Moscow Exchange said that it expects an increase in reports of identified cases of manipulation “at times” due to the new law on countering insider trading and market manipulation. The new legislation is aimed at making the identified cases very quickly become public, the trading platform noted. So far, the share of such cases is extremely low, since this is a long and complex procedure in which many participants in the process operate, the Moscow Exchange said.

The platform also believes that after the new legislation comes into force, the percentage of materials on which the Central Bank will be ruled will approach 100%. “The term of administrative liability in the new legislation is measured in months, conditionally within six months. The Bank of Russia can collect all documents during this period, if long-term monitoring is not required, and this, accordingly, will turn into a fine or a warning, depending on the level of damage. And now that period is three years. Therefore, the speed should increase significantly, — said in the Mosbirzh.