Monday, May 11, 2009

Duma imposes criminal responsibility for crimes on the securities market

May 8, the State Duma unanimously adopted on first reading a bill introducing criminal responsibility for crimes on the securities market. Prison terms will be punishable violation of the rules of the rights to securities, manipulating the prices of the securities market and the exercise or unlawful restriction of the rights of owners of securities.

«Existing civil law and administrative regulation is clearly not sufficient to ensure sustainability of the Russian securities market», - considers the first deputy head of committee on legislation, Vladimir Gruzdev. He clarified that criminal liability is introduced in cases of damage in large and especially large amounts, which are defined in the bill at the level of 1 and 2.5 million rubles, respectively.

For violation of accounting rules on the rights of the securities provided for a fine of 300 thousand to 500 thousand rubles, the amount of income convicted of two or three years or imprisonment for up to two years. For the manipulation of prices in the market of securities proposed to establish a fine of 500 thousand to a million rubles, or imprisonment for a term of two to six years.

«In the case of the adoption of the bill the maximum criminal penalties for manipulation in the securities market through the media, ranging from 5 to 7 years in prison», - has added Gruzdev

Газета.Ru

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