Antimonopoly Ministry starts investigation against Federal Commission for Securities Market

The Russian Ministry for Antimonopoly Policy started a criminal case against the Federal Commission for the Securities Market (FSCM) on a charge of the violation of the federal law 'On the Protection of Competition of the Financial Services Market' by creating obstacles for the activity of financial institutions on the financial services market, according to the press service of the Ministry.

According to the Ministry for Antimonopoly Policy, the FSCM established requirements for financial institutions, which lead to limitations on competition on the stock market The decree issued by the FCSM stipulates that a financial instrument (a basic asset) of forward transactions on the stock market may also be aggregative indices. Additionally, it stipulates that clearing institutions, which determine mutual liabilities on futures contracts and options, should have a corresponding license issued by the FCSM of Russia.

According to the press service, the FCSM introduced a new kind of securities, the so-called "aggregative index", which does not correspond to the concept of an issued security. Moreover, an additional kind of a license was introduced for the activities related to determining mutual liabilities on futures contacts and options, which contradicts Russian law. Russian legislation also provides no reference to such a kind of professional activity on the securities market as the clearing of futures contracts and options.