Russia: PM Putin Orders Crackdown on Insider Trading

Russian Prime Minister Vladimir Putin has ordered a crackdown on insider trading in Russia’s ailing stock markets.  The Times Online reports that Putin said yesterday that traders guilty of insider trading would face “real and unavoidable” punishment including prison terms of up to seven years under proposed new legislation that may be completed by May 2009.

Vladimir Milovidov, head of the Federal Financial Markets Service, added that Russian media could also face prosecution for publishing information “that can impact market trends.”  The Times Online reports that the FFMS will investigate where evidence emerges of corrupt dealings between editors and company directors.

Mr. Milovidov said that only two insider trading cases had been recorded in the past two years.

Read the Times Online article

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