OREANDA-NEWS. April 06, 2010. A Statute on the Procedure for Use of Insider Information at Svyazinvest entered into force on April 1, 2010. Earlier, the Statute had been approved by the holding’s Management Board.

The Insider Statute includes a definition of insider information, the procedure for using insider information, measures on safeguarding said information, its illegal use, as well as demands for disclosure of insider information and ways to monitor the disclosure procedure.

At present, the Russian legislation contains no provisions on public relations associated with the use of insider information.  The approval of a corporate code on safeguarding insider information against illegal use is an act of good will on the part of Svyazinvest and points to the high level of corporate governance at the company.

Commenting on the approval of the Insider Statute, the Director General of Svyazinvest Evgeny Yurchenko had the following to say: “In view of the reorganization of the Svyazinvest Group of companies the need to safeguard insider information against illegal use is becoming increasingly relevant.

Given the absence in Russia of a law on insider information, I welcome the holding’s release of the Statute on the Procedure for the Use of Insider Information, which puts us on the same footing as major international companies which have similar codes.  I feel confident that our initiative will make it possible to prevent the use of corporate information for personal reasons and will be well received by the investment community”.