Updating the rules for operating in the securities market: discussion begins

The Commission approved the draft Resolution “On Amendments to the Decision of the National Securities and Stock Market Commission No. 640 of 03 November 2020”, which provides for updating the requirements for trading in financial instruments, namely brokerage, dealer activities, underwriting, and financial instrument portfolio management.

It is intended to update the requirements for the activities of investment firms, in particular with regard to:

• internal documents of investment firms;
• operational requirements and restrictions;
• conclusion of personal agreements;
• measures to prevent conflicts of interest;
• use of the software and hardware complex;
• procedures for preventing abuse in capital markets;
• working with clients, including providing information about services and financial instruments, assessing clients, applying measures to achieve the best result for the client, as well as reporting;
• conducting activities related to the management of financial instrument portfolios and underwriting;
• providing investment advice and conducting investment research;
• market maker activities;
• conducting margin trading.

In addition, with a view to implementing EU legislation, the draft provides for the introduction of the institution of tied agents and the introduction of market price support instruments, in particular stabilization measures, into the activities of investment firms.

Discussions on this draft will continue until 16 January 2026. Please send your comments and suggestions to the following email address: [email protected].

The full document is available at this link.