The signing of the Memorandum of Understanding between the Cyprus Securities and Exchange Commission of and the Bank of Russia

The Memorandum of Understanding between the Cyprus Securities and Exchange Commission and the Central Bank of the Russian Federation (the Bank of Russia) was signed on 25 of February 2015 during the official visit of the President of the Republic of Cyprus N. Anastasiadis in Russia.

Conclusion of this Memorandum marks a new level of cooperation between the securities market authorities of both countries. The Memorandum makes provisions for cooperation and information exchange in respect of all entities regulated by the Bank of Russia and the Cyprus Securities and Exchange Commission.

The key areas of cooperation envisaged in the Memorandum are the following: the supervision and monitoring of compliance with applicable legislation in the financial sector, combating unlawful use of insider information and market manipulation, insuring transparency of financial market participants activities, as well as other issues within the competence of the Bank of Russia and the Cyprus Securities and Exchange Commission and agreed by them.

The Memorandum supplements the provisions of the Multilateral Memorandum of Understanding of the International Organization of Securities Commissions (IOSCO MMoU), signed by the Bank of Russia and the Cyprus Securities and Exchange Commission, as it provides an opportunity to exchange information on a wider range of entities and unlimited range of financial market regulatory and supervisory issues.

The reference to the Press Service is mandatory if you intend to use this material.