Source Pravda.Ru

Anti-Monopoly Ministry's decree on forward deals found illegal

The Federal Arbitration Court of the Moscow region refused to satisfy acassation of the Anti-Monopoly Ministry and thus approved the decision ofthe Moscow Arbitration Court that earlier had found the Ministry's decreeconcerning the procedure of making forward deals as illegal, the FederalArbitration Court of the Moscow region reported to RBC.As it was reported earlier, on April 27, 2001 the Russian FederalCommission for the Securities Market issued a decree that stipulated theprocedure of making forward deals on the securities market. The decree wasbased on the assumption that the Federal Commission for the SecuritiesMarket should regulate deals with securities, the Central Bank should be incharge of currency contracts and the Anti-Monopoly Ministry of forwardsdeals on products. At the same time the Anti-Monopoly Ministry insisted onthe single agency (a committee on commodity exchanges) that could regulateall forward contracts. On September 27, 2001 the Anti-Monopoly Ministryissued a decree that canceled the previous decision of the FederalCommission for the Securities Market. As a result the Commission appealedto the court. .

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