There are five criteria for granting the free market status: 1) low level of government influence, in terms of allocation of resources and decisions of enterprises; 2) the absence of anti-interference in the private sphere; 3) actual fulfillment of the law on commercial companies, including relevant rules on corporate governance; 4) effective legal framework for a functional business environment, including protection of intellectual property, bankruptcy rules, etc.; 5) the existence of a genuine financial sector.