The Interstate Coordination Council of the Heads of Insurance Supervisory Authorities of the CIS Member States
The Interstate Coordination Council of the Heads of Insurance Supervisory Authorities of the CIS Member States (hereinafter - the “Council”) was established by the decision of Council of the CIS Heads of Government as of June 3, 2005 to ensure coordination of activities of insurance supervision authorities of the CIS member states.
The Council in its activity is guided by the CIS Charter, international treaties, decisions of the Council of the Heads of States and Council of the Heads of Governments of the CIS and decisions of the CIS Economic Council.
The Council’s main objectives are as follows:
- to implement the Concept of Coordination of the Insurance Policy of the CIS Member States approved by the Decision of the CIS Economic Council on behalf of the Council of Heads of Governments of the CIS dated December 19, 2003;
- to take measures to harmonize the insurance legislation in the CIS member states in accordance with the principles and standards of the International Association of Insurance Supervisors;
- to promote the cooperation and mutual assistance of the insurance supervision authorities of the CIS member states;
- to prepare proposals for improving the insurance systems of the CIS member states;
- to identify priorities for creation of a common insurance space in the Commonwealth area, that is harmonized in accordance with the recommendations of the international financial organizations and requirements of the interstate agreements adopted within the framework of the Commonwealth;
- to work out measures to ensure the exchange of experience, information and effective control over the insurance markets of the CIS member states;
- to promote establishment of the mutually beneficial relations between insurance organizations of the CIS member states and formation of the cooperation mechanisms;
- to coordinate actions related to formation of the mechanism of counteraction to insurance fraud, unfair competition, deliberate bankruptcy of insurers.
The Board of Heads of State Bodies for Regulation of Securities Markets of CIS Member States
The Board of Heads of State Bodies for Regulation of Securities Markets of CIS Member States (hereinafter - the “Board”) was established in accordance with the Decision of the Council of Heads of the CIS Governments dated September 18, 2003 with a view to ensure coordination of activities of the state bodies regulating the securities markets of the CIS member states.
The Board in its activities is guided by the Charter of the Commonwealth of Independent States, interstate and intergovernmental treaties, decisions of the Council of Heads of States and Council of Heads of the CIS Governments, as well as decisions of the CIS Economic Council.
The Board carries out its activities in close cooperation with the CIS Executive Committee.
The objectives of the Board are as follows:
- deepening economic integration of the CIS member states in the area of the securities market;
- ensuring cooperation on establishment of the international standards of regulation that ensure creation of the efficient and transparent securities markets of the CIS member states;
- creating conditions for further liberalization of capital flows within the CIS;
- ensuring the guaranteed and effective protection of the rights and legitimate interests of investors in the securities markets of the CIS member states;
- establishment of an effective control system in the securities markets of the CIS member states.
The main areas of the Board’s activities are as follows:
- to improve the standards and procedures for issue of shares, bonds and other equity securities by issuers established in the territory of the CIS member states;
- to facilitate the admission of securities of issuers established in the territory of the CIS member states to placement and circulation on stock exchanges of other CIS member states;
- to develop the unified principles for regulation of activities of professional participants in the securities market and collective investment institutions;
- to improve regulation of operations of the stock exchanges;
- to converge the licensing requirements to professional participants of the securities market and collective investment institutions of CIS member states and qualification requirements to their specialists;
- to work out the unified requirements to transactions in the securities markets of the CIS member states; and
- to work out the unified requirements to disclosure of information in the securities markets of the CIS member states;
- to create an effective system of information exchange between the state bodies for regulation of the securities markets of CIS member states, including information on experience of regulation of national securities markets of CIS member states, as well as the global experience of regulation of the securities markets;
- to form the unified approaches to the implementation of regulation and control over activities in the securities market.