The Federal Commission on Securities Market (FCSM) of Russia oversees the Russian securities market. By regulating the securities market, investors are protected and have freedom to participate in the market. The main concern of the FCSM is “improving corporate governance of Russian companies, promoting their transition to international financial reporting standards, development of the institution of collective investment, particularly mutual funds, tax optimization, investors and market participants”. FCSM also strives to prevent the manipulation of prices and insider information