Russian authorities will begin to fight corruption with the data of the stock exchange, RBC writes. For this, professional participants in the securities market will be credited to report clients and their assets.
It’s mostly about brokers, dealers and management companies. New requirements for them are listed in the latest national plan to counter corruption, published on August 16. In particular, it contains an open access to the data on securities and individuals portfolios during checks.
It is expected that the new responsibilities of professional participants will be enshrined in the legislation by October 2022. Also, new rules may touch off the credit bureau (BKI).
For applicable rules, holders of the registry owners of securities that can act including brokers and management companies are required to ensure the confidentiality of customer data. They can only be provided to the Court, the Central Bank, the investigating authorities and the Ministry of Internal Affairs. At the same time, the latest access is limited to information, since it requires an open criminal case for it.
Focus polled Financiers noted that in this way the authorities can gain access to undeclared assets of potential corrupt officials. At the same time, they note that new measures will not strongly help in the fight against corruption, because only the assets of officials and related persons will affect.