The Central Bank of Russia and the Russian Ministry of Finance issued a joint information letter to financial market participants setting out how security issuers should approach restricting access to sensitive information, aiming to balance the interests of companies and investors. Issuers currently rely on a Russian Government resolution that permits partial non-disclosure, but diverging interpretations have led to inconsistent practices, including excessive restrictions. The letter clarifies when and to what extent issuers are entitled not to disclose information, and specifies that this right may be exercised only in the event of sanctions threats. It also discourages a formalistic and selective approach where information is withheld from accredited information agencies’ sources but made available by issuers through other public channels, and provides examples of unjustified and lawful disclosure limitation.
Central Bank of Russia 2025-01-09
Central Bank of Russia and Russian Ministry of Finance clarify that issuers may restrict sensitive disclosures only where sanctions threats exist
The Central Bank of Russia and the Russian Ministry of Finance issued a joint letter clarifying how security issuers should restrict access to sensitive information, emphasizing balance between company and investor interests. The letter specifies that non-disclosure is permissible only under sanctions threats and discourages selective information withholding. It also provides examples of unjustified and lawful disclosure limitations.