The draft federal law On Amending Article 5 of the Federal Law On Preventing Money Laundering and the Financing of Terrorism has been submitted to the State Duma by Federation Council member Dmitry Ananyev.
The Government has considered the submitted draft federal law.
Article 1 of the draft law proposes adding organisations that provide market making services on regulated commodity and (or) financial markets to the list of organisations engaging in transactions involving monetary assets or other property pursuant to Article 5 of the Federal Law On Preventing Money Laundering and the Financing of Terrorism (hereinafter Federal Law).
Currently, Article 5 of the Federal Law applies to professional participants of the securities market, including market makers.
However, under the federal law On Amending Certain Legislative Acts of the Russian Federation in Connection with the Adoption of the Federal Law On Regulated Exchange Trading, market makers will not be considered professional participants of the securities markets beginning January 1, 2014.
In order to prevent the exclusion of securities market makers from the list set forth in Article 5 of the Federal Law, it is advisable to use the term "market maker" in the second paragraph of Article 1 of the draft law in order to bring it in line with paragraph 1 of Article 2 of the federal law On Regulated Trading.
In addition, Article 2 of the draft law should read as follows: "This federal law shall enter into force on January 1, 2014."
The Government proposes including these comments in the draft law.