The Bank of Russia and the Russian Ministry of Finance have issued a joint information letter to financial market participants, detailing general approaches for limiting access to security issuers' sensitive information. This guidance seeks to balance the interests of companies and investors.
Issuers currently rely on a resolution from the Russian Government that permits partial closure of information. However, varying interpretations have led to inconsistent disclosure practices, sometimes resulting in excessive limitations.
The new letter clarifies when and how much information companies are allowed not to disclose, specifying that this right is reserved for situations involving sanction threats.
Furthermore, both the Bank of Russia and the Russian Ministry of Finance advise against practices where information is selectively unavailable in accredited agency sources but posted in other public media. The letter includes examples distinguishing between unjustified and lawful limitations on disclosure.