The Central Bank of Russia has issued an ordinance, registered by the Russian Ministry of Justice, that will require exchanges to label shares and bonds of issuers that restrict disclosures and will oblige credit rating agencies to assign ratings to such issuers. The labelling requirement applies to securities of companies that withhold more information than permitted under Russian Government Resolutions No. 1102 and No. 1173, with labels intended to help institutional and retail investors identify issuers whose financial position cannot be assessed due to insufficient disclosure. As an alternative to labels, an issuer, its securities, or a surety or guarantor for such securities can obtain ratings from at least two credit rating agencies, with credit ratings used for bonds and non-credit share ratings used for shares; investors may rely on agencies’ outputs ranging from symbolic representations to press releases and detailed analytical reports.
Central Bank of Russia 2026-01-30
Central Bank of Russia requires exchanges to label securities of low-disclosure issuers and mandates ratings as an alternative
The Central Bank of Russia has mandated exchanges to label shares and bonds of issuers that limit disclosures, with the ordinance registered by the Russian Ministry of Justice. Alternatively, issuers can obtain ratings from at least two credit rating agencies to provide investors with insights into their financial positions.