The Law Regulating Holding of Organized Bidding Is Enacted

Relationships arising in the course of organized bidding in the commodity and financial markets were legislatively regulated. The Federal Law on “Organized Bidding” regulates stock exchange activity and does not affect relationships arising when concluding agreements by means of bidding in the form of auction or tender in compliance with the Russian legislation as well as relationships in the wholesale electric power (electricity) market.

The law establishes the requirements to the organizers and participants of organized bidding, determines the fundamentals of the state regulation of the said activity and control over conducting of such activity.

 The law sets out the contents, procedure for concluding and termination of the agreement on holding of organized bidding, determines the contents of the organized bidding rules – a mandatory document to be registered with the federal executive authority in the area of financial markets and procedure for entering into the agreement in the course of organized bidding as such.
 
Only a business entity licensed by the stock exchange or trading system may act as the organizer of bidding. The minimum size of own funds of the stock exchange should not be less than 100 million rubles, the same of the trading system – not less than 50 million rubles. The main requirements to and procedure for licensing of the organizer of bidding are set out by the same law.
 
The principal provisions of this Federal Law shall become effective on 1 January 2012. It will become fully effective on 1 January 2013.