The NII KPU, at the request of the Committee on Corporate Relations of the Russian Union of Industrialists and Entrepreneurs, considered the draft of the new version of the Regulation on disclosure of information by issuers of equity securities prepared by the Bank of Russia.

Taking into account the importance of this document for the business community, the Institute’s specialists prepared an operational response containing suggestions and comments on the new version of the Regulation.

Recall that the Bank of Russia has developed a draft regulation of the Bank of Russia “On disclosure of information by issuers of equity securities” (hereinafter - the Draft) in connection with the adoption of Federal Law of December 27, 2018 No. 514-ФЗ “On Amendments to the Federal Law“ On the Securities Market "And certain legislative acts of the Russian Federation regarding the improvement of legal regulation of the issue of securities" (hereinafter - the Law on the simplification of the issue of securities).

The project aims to bring Bank of Russia regulations governing the disclosure of information by issuers of equity securities in accordance with the Law on the simplification of issuance of securities and improving the procedure for disclosing information on the securities market.

The project, without prejudice to the information transparency of the securities market as a whole, reduces the administrative burden on issuers due to the presence in the current regulation of excessive disclosure requirements for issuers, as a result of which important information for making investment decisions can be lost in the information flow of repeated and insignificant information ( the problem of "information noise").

The Project applies to all issuers, including foreign issuers, including international financial organizations, the placement and (or) circulation of securities of which is carried out in the Russian Federation. The project does not apply to the Central Bank of the Russian Federation (Bank of Russia), as well as to issuers of Russian state and municipal securities.

It is planned that the Project will enter into force on January 1, 2020, with the exception of certain provisions that enter into force at other times.