Using and Transmitting Insider Information in the legislative Bodies of the Russian Federation and USA

Abstract

Bikbulatov Timur - Postgraduate Student, Department of Criminal Law, National Research University Higher School of Economics. Address: 20 Myasnitskaya str., Moscow, 101000, Russian Federation. E-mail: tbikbulatov@hse.ru.

The article attempts to cover the issues related to possible official misconduct of the members of RF legislative bodies in light of criminal law protection of insider information. Criminal liability for abuse of insider information was introduced under Federal law of July 27, 2010 no. 224. The adoption of the law has allowed introducing a number of brand new in Russian law concepts including article 185.6 to the Russian Federation Criminal Code. However, representatives of state bodies including legislative have access to the information considered to be insider. The aim of the paper is a system analysis of criminal legislation on insider information abuse, i.e. the issue of the absence of the representatives of legislative bodies among the subjects of crime under article 186.5 of the Russian Federation Criminal Code. To achieve the goal the following objectives should be solved: specify the types of subjects liable for abusing insider information, reveal the necessity and public danger of using insider information among officials and US congressmen. The object of the research is public relations arising due to the insider information circulation able to influence the prices for organized market (of securities, currency, goods) as well as due to the breach of the order of addressing such information. The theoretical provisions and practical suggestions may be applied to develop legislative initiatives, serve a basis for further research on criminal law protection of organized market (of securities, currency, goods).