The meeting discussed proposals by a working group to establish an international financial centre in the Russian Federation relating to the provision of information rights of shareholders of Russian corporations. The meeting also discussed ways of reforming shareholders' access to the documents of shareholding companies and the legal instruments to protect the fundamental rights of shareholders.

Participants in the meeting confirmed the need to intensify efforts to amend legislation regulating the provision of corporate information to minority shareholders.

"This is particularly important in the light of efforts to cope with short-lived fly by night companies and the adoption of a new federal contract system," the First Deputy Prime Minister said. "At first, this process will be hard for many companies, but it will serve to increase their transparency and, consequently, will make them more attractive to investors," Mr Shuvalov stressed. He added that in the light of these steps it will be necessary to reframe the concept of the formation of in-house relations.

During the meeting, Mr Shuvalov supported the drafting of legislative motions for the introduction of differentiation of shareholders' information rights, depending on the size of their shareholding.

Representatives of the Federal
Service for Financial Markets also reported on the progress of the action plan for Russia's accession to the Multilateral Memorandum of Understanding of the International Organisation of Securities Commissions (IOSCO).

Mr Shuvalov called for the preparations of amendments to Russian legislation, necessary to meet the memorandum's requirements, to be expedited. It was noted that the Federal
Service for Financial Markets must receive the appropriate powers regarding access to information concerning bank transfers, similar to those enjoyed by the corresponding agencies in IOSCO member countries.

The First Deputy Prime Minister instructed the Federal
Service for Financial Markets to establish appropriate internal procedures and to coordinate them with the concerned departments for examination by the State Duma. "This is international practice and an important step in this country's accession to OECD," Mr Shuvalov noted.