The Bank of Russia agreed with the need for changes in the law on insider trading

Adjustment of the law on insider trading and the manipulation necessary for its harmonization with their international counterparts, told RIA Novosti the Bank of Russia. Also the controller is made for furnishing him with “efficient tools to identify insider trading and manipulation of markets.”

The Central Bank expressed support for the need to strengthen interagency cooperation with law enforcement authorities in order to discourage dishonest behavior in the financial markets, including insider trading and manipulation.

Earlier, the head of the RCDS Alexander Bastrykin at the round table “Actual problems of criminal law science and law enforcement practice of the CIS countries” said that the sharp fall of the ruble has occurred not only because of the decline in oil prices and the imposed against Russia sanctions, but also because “the strongest speculative pressure” on the ruble.

“However, some major participants in the foreign exchange market built their speculative strategies with financial instruments as if they were all the details known about the dynamics of further exchange rate fluctuations of the national currency”, — he noted. In his words, “without knowledge of the relevant insider information they are unlikely to commit such speculative transactions connected with high risk, and would use nearly all the available liquidity.”

Chapter RCDS stressed that insider trading and manipulation of the currency market provides for criminal liability, however, for three years under such articles of the criminal code was initiated only three cases. According to him, this is not only “objective difficulties and lack of skills to identify such crimes”, but also to the fact that the use of the articles “practically impossible”. Bastrykin has called these standards “the dead” and called for an update of legislation, because it has a “very low law-enforcement capacity”.

In December 2014, the head of the RCDS after the beginning of a sharp decline in the ruble called the fight against currency speculators who violate the law, “the most important issue to ensure the stabilization of the economic situation in the country”. In March 2015 the President of Russia Vladimir Putin demanded from the Federal security service to pay more attention to combating economic frauds, which lead to fluctuations of the national currency.