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Main page For Investors and Shareholders For Insiders Thematic library Russian insider information laws
Russian insider information laws

The law setting forth the provisions which regulate use of insider information and market manipulation:

Federal Law No. 224-FZ of 27.07.2010 “On Counteracting Unlawful Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation”

The Central Bank of the Russian Federation (the Bank of Russia) controls compliance with the legislative requirements of the Russian Federation for counteracting unlawful use of insider information and market manipulation pursuant to cl. 18.3 of Article 4 of Federal Law of 10.07.2002 No. 86-FZ "On the Central Bank of the Russian Federation (The Bank of Russia)")

Regulations of the Bank of Russia pursuant to Federal Law of 27.07.2010 No. 224-FZ:

Directive of the Bank of Russia of 22.04.2019 No.5130-U
"On the Procedure of Sending to the Bank of Russia by Insiders of a Notice Containing Insider Information that Shall Not Be Disclosed"

Directive of the Bank of Russia of 22.04.2019 No.5129-U
“On the Procedure of Transfer by Legal Entities indicated in Clauses 1, 3 - 7, 11 and 12 of Article 4 of Federal Law of 27.07.2010 No. 224-FZ "On Counteracting Unlawful Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation" to the Trade Organizer Via That Operations with Financial Instruments, Foreign Currency and (or) Goods Are Performed, per Its Request, a List of Insiders"

Directive of the Bank of Russia of 22.04.2019 No.5128-U
"On the Procedure and Time-Limits of Providing Information by the Insiders Who Have Received a Request Provided for by Parts 1-3 of Article 10 of Federal Law of 27.07.2010 No. 224-FZ "On Counteracting Unlawful Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation"

Directive of the Bank of Russia of 11.09.2014 No.3379-U
"On List of Insider Information of Persons Referred to in Clauses 1–4, 11 and 12 of Article 4 of the Federal Law “On Counteracting Unlawful Use of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation"

Order of the FFMS of Russia of 18.06.2013 No. №13-51/pz-n
“On Approval of the Regulations on Procedure for Notifying Persons on their Inclusion and Exclusion in/from the List of Insiders, the Regulations on Transfer of Lists of Insiders to Trade Organizers through which Transactions in Financial Instruments, Foreign Currency and (or) Goods are Performed, the Regulations on Procedure and Deadlines for Sending Notifications by Insiders about the Transactions they Performed”

Recommended practice of the Bank of Russia under Federal Law of 27.07.2010 No. 224-FZ:

Recommended practice of the Bank of Russia of 14.09.2018 No23-MR
“On development and approval of the procedure for access to insider information and the rules for protection of its confidentiality”

Liability for unlawful use  of insider information and market manipulation:

The Criminal Code of the Russian Federation provides for the following component elements of crimes:

Article.185.3. Market Manipulation

Article 185.6. Unlawful Use of Insider Information

The Code of Administrative Offences of the Russian Federation provides for the following component elements of administrative offences (these component elements shall be applied if the guilty person’s actions do not constitute a criminally punishable offence):

Article 15.21. Unlawful Use of Insider Information

Article 15.30. Market Manipulation

Article 15.35. Violation of the Requirements Set forth by the Laws on Counteracting Unlawful Use of Insider Information and Market Manipulation