STATE SHOULD ENCOURAGE CREATION OF EFFECTIVE SECURITIES MARKET

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MOSCOW, October 27 (RIA Novosti) - The state should encourage the creation of an effective institute of securities market, believes Economic Development and Trade Minister German Gref. This is necessary "for the enterprises to be able to move towards a Russian stock market," the minister said at the conference, "Investing in the Future of Russia: New Markets and Possibilities," organized by Interfax and Chatham House.

According to Mr. Gref, the Russian stock market is greatly limited in terms of traded securities, liquidity, and the number of issuers who make the initial placement of securities on the Russian market.

Though certain measures have been taken to mend this situation, including a reduction in the tax burden on the emission of securities, the development of the market is hindered by other problems, in particular ones concerned with the volume of issuers' outlays.

German Gref said the Russian government would submit a draft law on special economic zones to the State Duma by the end of this year. In his words, discussions of this issue have been going on for four years. "We lost time for using this instrument," he said, adding that the same was true for technoparks. The minister believes that the idea of technoparks could be implemented in Dubna, Sarov and Snezhinsk.

The Ministry believes that premeditated bankruptcy should be viewed as a grave crime and be punishable by a prison term of up to 6 years, said Anna Popova, director of the department of corporate governance. In her opinion, the article on fraudulent bankruptcy has been actually invalidated by the adoption of the new law on bankruptcy, because "the Russian legislation no longer permits out-of-court proclamation of bankruptcy by a debtor."

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