On the conclusion of the Memorandum of Understanding between the Republic of Serbia Securities Commission and the Bank of Russia

The Bank of Russia and the Republic of Serbia Securities Commission concluded the Memorandum of Understanding.

The purpose of the Memorandum is to set out a communication procedure between the securities and derivatives market authorities of the Russian Federation and the Republic of Serbia in order to establish effective long-term cooperation and information exchange.

Key areas of authorities` mutual assistance envisaged in the Memorandum are as follows:

supervision and monitoring of compliance with applicable legislation relating to the securities and derivatives markets;

combating money laundering and terrorism financing;

combating unlawful use of insider information and market manipulation;

detecting activities that can bear the marks of Ponzi schemes or other types of financial pyramids;

and other issues.

The Memorandum also stipulates information exchange in respect financial groups consolidated supervision, material changes or developments in the Russian Federation and the Republic of Serbia financial market regulatory and supervisory regimes, and risks arising in the markets.

In accordance with the agreement mutual assistance and information exchange are carried out in respect of all individuals and entities regulated by the Bank of Russian and the Republic of Serbia Securities Commission.

Both authorities are signatories to the Multilateral Memorandum of Understanding of the International Organization of Securities Commissions (IOSCO MMoU). The bilateral Memorandum supplements the provisions of the IOSCO MMoU, as it provides an opportunity to exchange information on a wider range of entities and unlimited range of securities and derivatives market regulatory and supervisory issues.

The Memorandum is effective from the 11 of July 2018.

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