The Federal Commission for the Securities Market is the federal executive organization responsible for implementing government policy on the securities market, regulating activities of professional securities market participants, and protecting the rights of investors and shareholders.

The functions and powers of the Federal Commission are established in the Federal Law "On Securities Market," decrees of the President of the Russian Federation, and decisions of the Government of the Russian Federation. The main areas of activities of the Federal Commission for the Securities Market are as follows:

- oversight of issuers and professional securities market participants;

- licensing professional activities on the securities market;

- licensing investment funds, unit investment funds, management companies, special depositories and independent
appraisers;

- registration of issues and reports on the results of securities issues;

- information disclosure on the securities market;

- development of regulatory legal framework on the securities market;

- determining key directions for development of the securities market.

Chairman of Federal Commission for the Securities Market of the Russian Federation

Igor Kostikov

Igor V. Kostikov was appointed Chairman of the Federal Commission for the Securities Market by Presidential decree on February 1, 2000.

Mr. Kostikov is responsible for fulfilling the Commission's mandate as the principal federal agency for the execution of government policy with respect to the Russian capital market.

The Chairman also co-ordinates Federal Commission activities with other leading government agencies, such as the Central Bank and Finance Ministry, in fulfillment of overall state economic policy. Mr. Kostikov holds the rank of Minister.

Mr. Kostikov supervises the Commission's activities in issuing and enforcing regulations for professional market participants, licensing market professionals, regulating securities issues and market operations, and supporting the development of infrastructure. He oversees the Commission's efforts to protect the rights of investors and maintain a positive investment environment.