Milovidov left his successor a lot of problems

Key achievements of the current composition of the Federal Financial Markets Service Vladimir Milovidov, as if summing up the line, recently listed himself, speaking at the Russian Economic and Financial Forum in Zurich. He spoke mostly about improving the legislation. In recent years, produced 15 draft federal laws are adopted nine. "They are not technical, but the sign character. Probably wrong to give yourself an assessment, but I think this is an unprecedented work FFMS, which has no parallel in the history departments ", - said Vladimir Milovidov. However, stock market participants' Milovidova period "will be remembered not only improve the legal framework, and crackdown on several fronts. It is clear that the Federal Financial Markets Service has become far more toothy compared to the time when it was headed by Oleg Vyugin. Just look at the number of licenses and annihilated at the level of companies subject to sanctions. Got it, even in such grandees as "Troika Dialog", Sberbank, "Finam", BCS, and CMD "IRCOL" - albeit in varying degrees. The mass of large and small issuers have been fined a decent amount of incomplete disclosure. Despite the growing influence, the agency has not grown in this mega. "Formally, the office has almost the status of the ministry, but really, we understand that it is under the Ministry of Finance. She did not in the same self-regulatory body, as the Central Bank for banks "- says one of the interlocutors," F.. " Appointment of Head of Federal Financial Markets Service, Dmitry Pankin, a protege of Alexei Kudrin, only cemented to the status quo. "The presidential term," Vladimir Milovidov can be roughly divided into three stages. In the pre-crisis years service he was closely involved with issues related to the admission of foreign securities on Russian exchanges. Time has shown that this subject is hardly worthy of such attention at the current level of market development. In parallel, there was a formation law of qualified investors. This primarily affected the collective investment sector. The second stage was a crisis. Improvised "fire" Vladimir Milovidov measures, such as manual control exchange trading and allowed to open margin positions in the securities were met with hostility by many brokers, investors and speculators, who lost against the background of the trading volume of outflow of liquidity in London. Whatever it was, but the steps taken, certainly played a role in stabilizing the situation. And at the same time challenging Federal Financial Markets Service proposed to tighten capital requirements for professional participants, some of which, as it turned out, did not differ financial stability. In spite of the resistance in the face profsoobschestva self-regulatory organizations, the process was progress. Third, the post-crisis phase of Vladimir Milovidov was the most highly active in the field of legislation. In particular, we should mention the amendments relating to derivative financial instruments and taxes in the stock market. Were removed some restrictions on the issuance of securities issuers. Separately discuss the most important recent innovations. First, after protracted discussions and approvals still a law on combating market manipulation and insider information. Even the mere presence contributes to its formal recognition of the Russian market by investors as a controlled. But that law has earned the full, need more regulations specifying. Federal Financial Markets Service is working on them, say officials. Another achievement was the adoption of amendments to the law on securities market related disclosures. For the first time secured obligations company to report on cross-ownership of shares (when owned subsidiaries of the parent package), and publish information on beneficiaries. The third basic step - entry into force of the clearing. "He is in many ways revolutionary, as part ahead of the decisions that are taken only on developed financial markets", - said Vladimir Milovidov. First of all, we are talking about introducing a central counterparty in the organized trades, including short-term market. At the same time the concept was enshrined close-out netting. Now, stock market participants do not even get into the first, and, figuratively speaking, zero turn creditors in the event of bankruptcy of the counterparty to the transaction. "The most notable achievements are in the Federal Financial Markets Service oversight and improve market transparency and quality of its participants" - said the deputy general director of "Registrar ROST" Tatiana Burlakova. According to her, if not crisis, which took much time and effort, the service would have made great strides. Increased transparency was accompanied by the struggle with dubious schemes that have received wide distribution, while the state looked at the stock market through his fingers. "Began to take feverish attempts to build at least some control, plug the hole associated with shematozom" - recalls CEO IC "Zerich Capital Management," Alexander Shcheglov. And if the explicit forms of fraud FFMS more or less learned to cope, then the system work to improve the reliability of market participants seem to be stalled. In addition, on-site abandoned lime issuers and broker-by-night quickly grow new ones. With this problem, as with many others, will understand the next head of the Federal Financial Markets Service. In Stock from him, I suppose, would be four years.