1.Order of the Ministry of Finance of 25 February 1997 18 first published in "Economika & Zhizn" on 20 May 1997 abolished several regulatory documents related to securities trading that were issued between 1992 and 1994, when the Ministry of Finance had authority to regulate the securities market.
2. The list of abolished documents includes Letter of the Ministry of Finance 53 of 6 July 1992 "On securities trading". Abolition of Letter 53 removes several restrictions on securities trading, the most significant of which are as follows.
The requirement that payment for securities should be made within 90 days from the date of a purchase contract is withdrawn.
The requirement that a purchase of securities could be financed by no more than 50% borrowed funds is removed. The only remaining restriction on purchase of securities with borrowed funds applies to professional participants of the securities market: under the Federal Securities Commission Regulation 22, brokers are permitted to lend to clients for the purpose of purchasing securities up to 50 per cent of the market value of such securities on the condition that such securities are used as a pledge against the borrowing.
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