As of January 27 a new insider trading law will be enforced in Russia
Russia has enacted a law enforcing criminal and administrative penalties in respect of abusive market practices.
The new rules represent the entry into force of the first tranche of provision under law No. 224-FZ "On Counteracting the Abuse of Inside Information and Market Manipulation and Amendment of Certain Legislative Acts of the Russian Federation".
Russian legislation had hitherto not recognised or prohibited the use of "inside information" and "insider trading" as legal concepts.
The Russian financial regulator began tracking illegal activity at the end of 2010 and almost immediately picked up three cases of wash trading.
Amir Orad, president and chief executive officer of NICE Actimize explains: "Russian regulations and penalties are expected to continue to proliferate, and proven, powerful, and flexible tools must be in place to ensure a meaningful impact for the myriad of traders who are committed to fair trading practices."