Russian National Association of Securities Market Participants (NAUFOR) is a statutory self-regulatory organization with wide responsibilities in regulation, supervision and enforcement of over 320 member-firms including broker-dealers, investment banks, commercial banks, custodians and other companies from the securities industry. Our role in the regulatory framework is defined by the Federal Securities Market Law and various regulatory acts of the Federal Financial Markets Service.
Our mission is to improve securities regulation and promote fair and efficient market that benefits investors and intermediaries alike. We protect investors and supervise member firms through headquarters in Moscow and 14 regional offices across the country.
We set rules and standards for our members covering virtually every aspect of securities business and strive to support the regulatory work of federal regulators and legislators bringing the industry perspectives.
Our supervisory work is based on inspection program as well as on-going control of firms financial and regulatory reporting. Our extensive inspection program allows us to conduct at least 100 on-site inspections of members which means that firms are inspected on a once-in-three-years cycle.
NAUFOR is authorized to take exams from individuals and issue qualification certificates that enable people to work in the securities industry. In 2010 we have taken exams from over three thousand people.
We are an affiliate member of IOSCO and participate in the IOSCO SRO Consultative Committee as well as are invited to IOSCO Emerging Markets Committee as observers.