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accounting institutions (Great draft regulation was developed to establish margin re- Britain, Cyprus, and Bulgaria). As an interim result, the quirements for a broker’s

TURKEY 4,9 UNITED KINGDOM 3,0 CYPRUS 4,9 UNITED FRANCE 3,0 KINGDOM 4,3 CYPRUS 2,5 UNITED STATES 4,1 CHINA,

4 Italy 2,0 2,2 2,7 2,4 2,7 Cyprus 5,3 5,9 6,6 6,8 7,0 Netherlands 0,

The Bank of Russia thanks and acknowledges the kindest assistance of the Cyprus Securities and Exchange Commission (CySEC) in the investigation. The reference to the

1 Italy 2,0 2,2 3,2 2,7 2,4 Cyprus 5,3 5,9 9,6 6,6 6,8 Netherlands 0,