The President of the Russian Federation, Dmitry Medvedev has signed a law ratifying the agreement on development of conditions for free flow of capital between the Russian Federation, Belarus and Kazakhstan.
Unicredit says the legislation framework will improve and integrate financial markets of the Customs Union members and have a positive impact on investors.
The President of the Russian Federation, Dmitry Medvedev, signed the Federal Law “On Ratification of agreement on development of conditions in financial markets to ensure the free flow of capital.” The law was passed by the Parliament on July 1, 2011 and approved by the Parliaments Council of Federation on July 6, 2011.
From now on Russia, Belarus and Kazakhstan will exchange information between the competent authorities on the management and development of the financial sector, and coordinate their positions on the ranking of risk in the financial market in accordance with international standards.
The document also provides for the establishment of an effective infrastructure for carrying out exchange operations with national currencies of Members States of Customs Union. In addition, the document records the possibility of placement and circulation of securities issued in a Common Free Market Zone on the financial markets of the three countries, under the assumption of the registration of such securities by the regulatory authorities of the issuer.
(LB)