Corporate securities market in Russia: general review and governmental policy

Annotation
The formation of the contemporary securities market in Russia began in 1991, following the adoption of Resolution No. 601 of the RSFSR Council of Ministers “On the Approval of Regulations on Joint Stock Companies”, dated December 25, 1990. By the beginning of 1992, all the principal market instruments and market infrastructure elements had been in place, and the formation of the initial legal framework to regulate the emerging market had been generally completed. Resolution No. 78 of the RSFSR Council of Ministers “On the Approval of Regulations on the Issue and Circulation of Securities and on Stock Markets in the RSFSR”, dated December 28, 1991 became the principal document in the sphere during the next 5 years (it did not apply only to those enterprises that were undergoing privatization).