PRESIDENTIAL DECREE OF THE RUSSIAN FEDERATION

of November 4, 1994 No. 2063

About measures for state regulation of the security market in the Russian Federation

For the purpose of ensuring state regulation in the financial market and the security market in the Russian Federation, and also the relations developing in the course of security circulation of suppression of abuses and violations of the rights of citizens and based on Items 1 and 2 of article 80 of the Constitution of the Russian Federation I decide:

1. Determine that:

business activity in the security market in the Russian Federation, including provision of services on placement, purchase and security sale, is performed by exclusively professional participants based on the licenses granted according to the procedure, determined by the current legislation of the Russian Federation;

business activity in the financial market in the Russian Federation, including the rendering financial services, attraction on commercial basis of financial resources of citizens and legal entities which is not connected with issue and security circulation is performed by banks, other financial institutions based on the licenses granted by the Central bank of the Russian Federation, and also insurance companies based on the licenses granted by the Federal Service for Financial Markets;

issue of securities is performed only on the basis of registration in authorized state bodies if other is not established by legal acts of the Russian Federation.

Restrictions of activities of the citizens and legal entities acting in the security market or the financial market as investors including on share acquisition and other securities, can be established by the Federal Laws and presidential decrees of the Russian Federation.

2. Determine that in the security market the following types of business activity are performed:

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