В настоящее время эмитенты в вопросах раскрытия информации руководствуются постановлением Правительства России, которое предоставило им возможность закрывать часть сведений. Однако разное толкование документа привело к неодинаковым практикам раскрытия данных, в том числе к их излишнему ограничению.
В письме разъясняется, в каких случаях и в каком объеме компании вправе не раскрывать информацию. При этом уточняется, что этим правом они могут воспользоваться только при наличии санкционных угроз.
Банк России и Минфин России не поддерживают практики, основанные на формальном подходе, а также на избирательном принципе, когда данные недоступны на ресурсах аккредитованных информационных агентств, но размещаются эмитентами в иных публичных источниках. В письме также приводятся примеры необоснованного и правомерного ограничения предоставления информации.
Фото на превью: VTT Studio / Shutterstock / Fotodom
Brief
On 09/01/2025, the Russian Government clarified that companies can withhold information under certain conditions. According to the clarification, companies can limit data disclosure only when there are sanction threats and they must follow a specific procedure. The update aims to standardize practices among issuers in Russia, addressing concerns about excessive data restriction.
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Purpose
The Russian government has issued a clarification letter to emitters on the disclosure of information, allowing them to withhold certain data while emphasizing that this right can only be exercised in the presence of sanctions threats. This development aims to provide guidance on when and how companies may limit their disclosures.
Effects on Industry
The introduction of this clarification is expected to have a significant impact on the financial industry, as it will influence the way companies disclose information to investors and regulators. The clarification is likely to lead to more consistent practices in disclosure, reducing the risk of confusion and misinterpretation. However, the potential for companies to withhold information selectively may also create uncertainty and undermine trust in the market.
Relevant Stakeholders
The stakeholders most affected by this development are listed below:
- Financial institutions: Banks and other financial institutions will need to reassess their disclosure practices to ensure compliance with the new guidelines.
- Investors: Investors, both individual and institutional, may be impacted by changes in disclosure practices, which could affect their investment decisions.
- Regulators: Regulators, such as the Bank of Russia and the Ministry of Finance, will need to adjust their oversight strategies to ensure that companies comply with the new guidelines.
Next Steps
To comply with this update, companies should:
- Review their current disclosure practices in light of the clarification provided by the Russian government.
- Update their policies and procedures to ensure compliance with the new guidelines.
- Communicate any changes to investors and other stakeholders as necessary.
Any Other Relevant Information
The clarification letter from the Russian government also emphasizes that companies should not use the right to withhold information selectively or to restrict access to information in a way that is detrimental to the market. This suggests that regulators will be monitoring disclosure practices closely and may take enforcement action if they perceive any attempt to undermine transparency and fairness.
