Upcoming Articles in Economic Reform Today

Protecting investors' rights is an important prerequisite for attracting foreign investment," declares Dmitry Vasiliyev, Chairman of the Russian Federal Securities Commission (FSC), in a newsbreaking interview in the latest issue of Economic Reform Today. In his analysis of the problems facing Russia's capital markets and its economy in general, Vasiliyev offers novel and essential solutions. Some of his prescriptions for Russia's policymakers:

• The FSC is determined to defend minority shareholders by changing the criminal code to make non-disclosure to investors a crime and preventing the execution of large transactions without prior shareholder approval.
• Shareholders of both the holding company and the subsidiary company must insist on a fair and independent appraisal of assets and establish a fair share conversion rate.
• Many Russian banks are used for speculative operations. Heavy investment in industry by banks and financial institutions has had catastrophic consequences.
• Russia needs to move from using registrars to a central depository for securities trading.
• Privatizing the land held by industrial companies is more important than agricultural reform.
• The Russian economy faces problems of managerial inexperience and complicated taxation and regulation.