OREANDA-NEWS. The Memorandum of Understanding between the Hellenic Capital Market Commission and the Central Bank of the Russian Federation (the Bank of Russia) was signed on 15 of June 2015 during the 40th IOSCO Annual Conference in London.

The signing of this Memorandum marks a new level of cooperation between the capital 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 Hellenic Capital Market 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 Hellenic Capital Market Commission and agreed by them.

Additionally, the Memorandum provides for information exchange in the frame of consolidated supervision of financial groups conducted by the capital market authorities of both countries and regular exchange of information on policy developments in the supervisory regimes of the Russian Federation and Greece in capital markets regulation as well as on the risks arising in these markets.

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 Hellenic Capital Market 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.

Earlier this year, the similar Memorandum of understanding was signed between the Cyprus Securities and Exchange Commission and the Bank of Russia.