Cypriot and Russian Securities Commissions sign MoU

Cyprus Securities and Exchange Commission and Federal Financial Markets Service of Russia signed today a Memorandum of Understanding and Cooperation.

A press release issued here today, notes that the Memorandum was signed in Moscow by the President of the Cypriot Commission Georgios Charalambous and his Russian counterpart Vladimir Milovidov, in the presence of the Russian President Demetry Medvedev and Cyprus President Demetris Christofias, who is paying an official visit to Russia.

The Memorandum aims at creating the framework and procedures for the exchange of information between the two Commissions, the better cooperation on investigation conducted by the two supervising authorities on market abuse, the granting of investment consultation by non-certified consultants, as well as other possible violations of the Securities legislations.

''The global financial crises of the last years and especially the current crisis have shown that financial innovation, the development of complex corporate structures, as well as the liberalization of capital movement and the facilitation of cross-border investments create increased risks for the investors,'' the Cypriot Commission notes, adding ''the need for cooperation between supervising authorities was never bigger.''