Criminal Liability for Illegal Securities Transactions

Abstract

The paper analyzes the most common typical forms of infringements and the main aspects of liability for illegal securities transactions provided for by the criminal legislation of the Russian Federation and foreign countries. The author refers to such typical infringements as counterfeit of securities; counterfeit securities usage (regardless of their issuers); issue (emission) of securities carried out in prohibited ways or in violation of the requirements established by law; introduction of illegally issued securities into circulation; violation of the established order of circulation (illegal circulation) of securities; illegal use of so-called insider information. In order to define these standard forms the author analyses the national criminal legislation, as well as the criminal legislation of Azerbaijan, Belarus, Bulgaria, Germany, Holland, Georgia, Denmark, Spain, Kazakhstan, Latvia, Poland, Uzbekistan, Estonia.