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Russia's Securities Markets Amidst Crisis
Mr. Vasilyev has been Chairman of the Federal Commission for the Securities Market of the Russian Federation since March 1996. Prior to his appointment as Chairman, Mr. Vasilyev served as Deputy Chairman and Executive Director of the Commission from its founding in November 1994. Mr. Vasilyev?s tenure with the Commission has been highlighted by a marked jump in foreign interest in Russian equities, during which time the Russian Trading System index increased by over 400% from when he took office to its peak in March 1998. Mr. Vasilyev is responsible for supervising the development of Russia?s capital market and ensuring that investor?s rights are protected and that market operations are conducted in a fair and transparent manner. These activities include issuing and enforcing regulations for market professionals, licensing market professionals, regulating securities issues and market operations, and supporting the development of market infrastructure. Before joining the Commission, from 1991 to 1994, Mr. Vasilyev served as Deputy Chairman of the Russian Federation State Property Committee, which was responsible for implementing Russia?s mass privatization program. Previously, he also served as Deputy Chairman of the St. Petersburg Property Fund, which was responsible for municipal property privatization, and as Head of the Privatization Department of the Leningrad City Council?s Committee on Economic Reforms.