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International Monetary Fund. European Dept.

markets, and they must comply with CBR requirements for conducting their operations. They also must monitor the conduct of their members and secure compliance of companies admitted to trading with the listing rules; these areas merit closer examination. There are no effective controls or disclosure of on-exchange short selling. More generally, the supervisory system is relatively new and has yet to be fully tested in highly stressed market conditions. Criminal enforcement of breaches of insider dealing and market manipulation is also new and untested. CBR’s taking of

International Monetary Fund. Monetary and Capital Markets Department

whether the securities are admitted to trading on a Regulated Market. The Market Abuse Regulation (“MAR”), due to come into effect July 2016, will extend the remit of market abuse legislation beyond Regulated Markets to MTFs, OTFs and related OTC derivatives. This will include, as an offence, practices such as market manipulation occurring on a non-regulated market which has not been captured under current legislation. Insider dealing on MTFs, currently an offence under company law, will be covered by MAR. Principle 37 - Regulation should aim to ensure the

International Monetary Fund

bring criminal proceedings. It can apply to a court for various civil remedies including restitution. The FSA has put in place an enhanced enforcement program, beginning in 2007, and this appears to have yielded results in creating a more credible deterrence to improper behavior. The FSA has devoted significantly greater resources to enforcement over this time period. A number of successful cases have been brought with very high fines, including some criminal convictions for insider dealing. The supervision program is well-founded and appears adequate for those firms