National Association of Securities Market Participants (NAUFOR) is a Russian self-regulatory organization that unites professional securities market participants: brokers, dealers, trust managers and depositaries.
Association unites about 400 companies. NAUFOR's offices are located in 14 major Russian cities.
NAUFOR's status as an SRO is based on the Federal Law "On Securities Market" and a permission issued by the Federal Financial Markets Service (FFMS). According to the Law self-regulatory organization is a voluntary association of the professional securities market participants that operates on principles of a non-profit organization.
NAUFOR, according to the requirements of professional activities and operations on the securities market imposed by FFMS, sets mandatory rules of conduct for its members, standards of securities transactions and controls its observation.
NAUFOR is an affiliated member of IOSCO and a member of IOSCO SRO Consultative Committee.
NAUFOR's mission is to improve securities regulation and promote fair and efficient market that benefits investors and intermediaries alike. With a mandate of its members, NAUFOR develops rules and standards for securities industry that support market confidence and integrity. As a self-regulatory organization, NAUFOR is a key vehicle between federal regulation and industry that provides arbitration services for market participants as well as oversees their activities.
NAUFOR has outstanding 15-years experience of members' activities support, and professional growth of their staff. NAUFOR Membership allows not only to be aware of all financial market developments but also to participate in them directly.
On May 15, 1994 fifteen leading Russian securities firms founded Professional Association of Securities Market Participants (PAUFOR) and in its framework agreed to follow mutual arrangements, rules of information disclosure and consolidated document flow. In September 1995 the first edition of PAUFOR rules was adopted and the system of OTC transactions between PAUFOR members was launched that was replaced by the Russian Trading System (RTS) in summer of 2005. On November 30, 1995 the founding congress of Association took place where professional securities market participants from different regions of Russia, including PAUFOR members, declared a new All-Russian SRO – National Association of Securities Market Participants (NAUFOR).
After adoption of the Federal Law "On Securities Market" in 2006 a two-level system of regulation was created: state regulation and self-regulation. On August 29, 1997 NAUFOR received permission from Federal Securities Commission to act as an SRO and became the first officially recognized SRO of broker-dealers on the Russian securities market.
NAUFOR Nov 2009.pdf (403,88 Êá)