The Bank of Russia and the Seychelles Financial Services Authority signed a Memorandum of Understanding on November 29th, 2017.
The key areas of cooperation envisaged in the Memorandum are the following:
- assistance in detection and combating unlawful use of insider information and market manipulation,
- supervision and monitoring of compliance with applicable legislation in the financial sector, insuring transparency of capital and insurance market participants’ activities.
Additionally the Memorandum provides framework for information exchange regarding the novelties in financial market regulation of Russia and the Republic of Seychelles, as well as on risks arising in the financial markets of both countries.
Considering that the Seychelles Financial Services Authority is not a signatory to Multilateral Memorandum of Understanding of the International Organization of Securities Commissions (IOSCO MMoU), which the Bank of Russia joined in 2015, the Memorandum is crucial for the effective cooperation, specifically for the information exchange on a wide range of financial market regulatory and supervisory issues.