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those managers and workers to purchase 51% of their initiative at a reduced cost. The only issue was that privatization required the purchase of ownership shares and not many people had the funds to be able to make those purchases due to inflation. To combat this issue, Chubais created vouchers but there was another issue that arose. Although there was much support from the public for privatization, there were no state initiatives that wanted to be privatized. Soon after the privatization of the
Bolshevik Biscuit Factory,
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who considered the prior attempts at privatization to be criminal acts. Despite
Chernomyrdin's claims, privatization continued to progress and about 2/3 of the initiatives were privatized by 1994. Although privatization did remove power from the Communist Party, millions of Russians were impoverished
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was chosen by
Chubais to spearhead the management of the privatization efforts. During the process, Chubais agreed to give up to 40% of the privatized initiatives to the manager of the initiative in order to attract people to the privatization efforts. Chubais also had a back-up plan which allowed
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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
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There are 7 different districts of the
Federal Commission on Securities Market of Russia and within these districts, there are 8 regional offices
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while a small number of
Russians became very wealth. Today, the beneficiaries of the Russian privatization efforts are commonly referred to as
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The
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standards, development of the institution of collective investment, particularly
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There are 11 members in the
Federal Commission on Securities Market of Russia.
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Nadezhda
Zakharova – Secretary of the Russian Federal Securities Commission
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Pleshakov
Alexander - Member of the Russian Federal Securities Commission
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Profatilov Sergey - member of the Russian Federal Securities Commission
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Freeman, C. (2000). Sale of the century. New York: Crown Publisher.
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Glazunov Dmitry - Russian Federal Securities Commission member
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170:- member of the Russian Federal Securities Commission
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Gennady Kolesnikov Isaakovich – First Deputy Chairman
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Zuev Tsiolkovsky – State Secretary, Deputy Chairman
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143:Igor Kostikov Russia – Chairman of Russia’s FCSM
164:Sharonov Alexey – Member of the FCSM of Russia
120:Federal Commission on Securities Market (FCSM)
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