Government approves provisions on Federal Services

The Russian Government approved provisions on the Federal Service for Financial Markets (FSFR) and the Federal Service on Communications Supervision (FSNSS). The governmental press service reports that relevant decrees were signed by Prime Minister Mikhail Fradkov.

In line with the provision, the FSFR controls approval of the emission standards of securities, booklets of issuers' securities, including foreign issuers, approval of unified requirements for the rules of handling securities, approval of compulsory norms of sufficiency of own funds for professional participants of the securities market, excluding crediting organizations, to reduce risks.

The FSFR also determines the norms of access of securities to their public placement, circulation, quotation and listing, calculation and depositary activity in Russia and abroad.

Besides, the service carries out the licensing of professional activity on the securities market, activity of non-governmental pension funds, joint stock investment funds, activity to manage funds, as well as activity of specialized depositaries.

The federal service may also suspend the emission of securities, as well as hold checks of issuers, joint stock investment funds, subjects of relations on non-governmental pension provision, compulsory and professional pension insurance, mortgage agents, professional participants of the securities market, corporate managers, unit investment trusts, as well as their self-regulated organizations.

The federal service for communications supervision carries out state supervision and control in the sphere of communications and over the fulfillment of requirements in the sphere of information technologies.

Besides, it deals with the licensing of the activity in the field of rendering communications services, activity of certifying centers of the electronic digital signature, as well as control over the observance of established licensing requirements and terms.

The heads of the federal services are appointed to the post and are released from the post by the government. They have deputies, appointed to the post and released from the post also by the government; their number is established by the Cabinet on a suggestion of the service head.

The Federal Service for Financial Markets and the Federal Service for Communications Supervision are located in Moscow.