The disclosure process for foreign investors in Russia will be facilitated. By Yuliya Shibukova, Relationship Manager, GSS Russia
The Central Bank of the Russian Federation (CBRF) has prepared a draft law that will simplify disclosure requirements for legal entities and non-legal entities holding ownership or exercising rights to Russian shares kept on a depositary programme account.
The current legislation prescribes that a depositary programme account holder is obliged to disclose the full name and state registration data of its entitled investors – foreign legal entities and foreign non-legal entities holding ownership or exercising rights to Russian securities for the purpose of participation in a general meeting of shareholders.
After the new law’s enactment, the disclosure information on entitled investors may include the full name of the foreign legal or non-legal entity and its legal address without state registration data indication.
The initiative is aimed to facilitate the disclosure process for foreign investors who do not possess state registration data.