BrokerCreditService Company to fight unscrupulous market players

27 September 2007 (12:58)

‘We’ve taken a number of decisions aimed at fighting the unscrupulous players on the financial market as well as at restraining the media that engage in providing the public with legally inaccurate information; in addition, some measures will be taken to enhance the people’s economic literacy,’ Director of BrokerCreditService Company’s Yekaterinburg branch Viktor Nemikhin said after attending a meeting on counter-fraud policies on stock markets.

This meeting was coordinated by National Association of Securities Market Participants (NAUFOR)’s Ural branch and the local division of Federal Financial Market Service.

‘The attendees could get acquainted with an overview of cases related to violations of advertising law through mass media sources; these cases are currently being processed by various regional divisions of Federal Antimonopoly Service as well as by law-enforcement agencies. One case, for instance, had to do with RichBrokerServiceActive and the media that broadcast its advertisements; it was initially filed on August 12, 2007,’ Mr. Nemikhin said.

‘In order to make sure no admittedly illegal information is passed on through media sources, the meeting participants drew up a letter addressed to the local mass media representatives, asking them to abstain from advertising the ‘illegal companies’. Investment companies, in their turn, elaborated the criteria that the media should take into account when deciding on whether to advertise some financial services. This list is now being further worked on,’ Mr. Nemikhin said.

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