A draft on the right of the Central Bank to prohibit transactions with shares and currency has been submitted to the State Duma
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Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov, together with a group of deputies and senators, submitted for consideration amendmentswhich will allow the Central Bank to limit the operations of market participants or prohibit certain transactions to all participants in the stock or foreign exchange market.
In the press service of the Central Bank Frank Media explained that the amendments provide “additional tools” that will allow the regulator to “perform functions to ensure financial stability.”
From the proposed amendments it follows that the Central Bank can limit the operations of specific participants for a period of up to six months. It is assumed that the regulator will be able to apply this right in cases of violation of the law “On Organized Trading”, regulations of the Central Bank, or a possible threat to financial stability. The reason may also be a violation of the rights and legitimate interests of participants.
According to current legislation, trading in the stock market may be suspended by the trading organizer in cases established by regulations of the Central Bank and federal laws. In the foreign exchange market, suspension of trading is permitted if ordered by the Central Bank. In this case, restrictions apply to goods, securities and foreign currency, but not to market participants.
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