New ways of corporate actions information distribution in Russia. By Ksenia Liskina, Relationship Manager, GSS Russia
Russian issuers will have the ability to transfer corporate actions information to the NSD through news agencies assigned by the Central Bank of Russia. The service will not be mandatory and will not abolish the existing way of communication between NSD and issuers.
To receive accreditation, the news agency must comply with NSD’s requirements for information validation, message formatting (ISO 20022), protected electronic means of communication, etc. It is anticipated that Interfax, a major Russian news agency will play the main role in this market development.
The information flow will be as follows: the issuer sends all required information on the corporate actions to the agency the agency sends the message formatted in accordance with NSD’s standards for approval back to the issuer, the issuer checks the correctness of the information and then sends it on for publishing and distribution to NSD.
The anticipated deadline for the implementation of the “Single Window” is the first quarter of 2018. This new feature will help avoid delays in the distribution of corporate actions information and decrease issuers’ expenses. At the same time, it is not yet clear how this will be implemented and whether further changes in legislation may be required.
Ksenia Liskina
Relationship Manager
GSS Russia
Ksenia.Liskina@unicredit.ru