MOSCOW, April 5. /TASS/. The Moscow Stock Exchange (MOEX-RTS indices) has been brought to administrative responsibility on the initiative of the General Prosecutor Office for violating the law on countering the misuse of insider information, Alexander Kurennoy, official representative of Russia’s General Prosecutor Office wrote in the department’s Telegram channel.
"Based on the results of the audit, the PJSC Moscow Stock Exchange (MOEX-RTS) was brought to administrative responsibility for committing offenses stipulated by parts 2 and 4 of Article 15.35 of the Administrative Code of the Russian Federation (Violation of the requirements of legislation on countering the misuse of insider information and market manipulation). It was obliged to pay a fine of 300,000 rubles ($5,208) for each violation," Russia’s General Prosecutor Office said in a statement.
According to the statement, the inspection conducted by the Bank of Russia revealed the facts when insiders who are employees of the exchange failed to send notifications of transactions on the futures market. In some cases, such notifications were provided with violation of the time limit by more than 1.5 years.
"The cases have been revealed when the employees of the exchange used programs, which are prohibited by local acts on preventing the conflict of interests, to get access to trading.
Besides that members of the audit commission were not included in the list of insiders of the stock exchange. The company did not have a structural unit or an official monitoring compliance with the requirements of the mentioned legislation," the statement says.
The Bank of Russia sent instructions to insiders and a letter to the Stock Exchange on the need to take steps to prevent these violations, the General Prosecutor Office stressed.