Bank of Russia increases disclosure deadlines for security issuers in 2020

On 29 April 2020, taking into account the measures implemented to curb the spread of the coronavirus infection and pursuant to Federal Law¹ No. 115-FZ, dated 7 April 2020, the Bank of Russia Board of Directors extended information disclosure deadlines for issuers and joint-stock companies in 2020:

issuer’s report for 2020 Q1, Q2 and Q3 — within 75 days of the end of the corresponding quarter;

accounting (financial) statements of the issuer for 2019 — within 15 days of the date of the compilation of the auditor’s report and within 15 days of the date of expiry of the term set by the Russian law to submit a mandatory copy of the accounting statements;

list of affiliated persons for 2020 Q1, Q2 and Q3 — within 10 days of the end of the reporting quarter.

The Bank of Russia recommends that, in the case of a delayed disclosure, issuers and joint-stock companies should at the same time publish a notice of material fact indicating information that, in the issuer’s opinion, may significantly influence the price of its securities, specifying objective reasons for the failure to comply with the usual disclosure deadlines set by the Disclosure Regulation.² If no information disclosure is required using a notice of material fact, it is recommended that the respective reasons should be specified in explanatory notes on annual accounting (financial) statements.

¹ Part 8 of Article 12 of the Federal Law No. 115-FZ, dated 7 April 2020, ‘On Amending Certain Laws of the Russian Federation Regarding the Unification of Contents of Annual Reports of State Corporations (Companies) and Public Companies, Regarding the Establishing the Specifics of Regulation of Corporate Relations in 2020, and On Suspension of Provisions of Certain Laws of the Russian Federation’.

² Bank of Russia Regulation No. 454‑P, dated 30 December 2014, ‘On Disclosing Information by Securities Issuers’.

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