Banks to increase transparency: the regulator changes statement disclosure on its website

The Bank of Russia has determined a list of reporting forms for banks subject to obligatory disclosure on the regulator’s website. Previously, banks used to give their consent to disclose certain reporting forms in writing and could refuse to publish this information.

The requirements for disclosure are stipulated in the regulator’s draft ordinance. The document is set to supplement the law on proportional regulation.

On its website, the regulator is now to disclose information on each bank under the following supervisory reporting forms: Turnover Balance Sheet on Credit Institution’s Accounts, Statement of Credit Institution’s Financial Performance, Calculation of Credit Institution’s Capital (Basel III), Information on Credit Institution’s Required Ratios and Other Indicators, as well as a consolidated supervisory statement of banking groups (Consolidated Balance Sheet, Consolidated Statement of Financial Performance and Calculation of Banking Group’s Capital and Required Ratios).

In addition, the law will stipulate the Bank of Russia’s obligatory disclosure of annual and interim financial statements of credit institutions and banking groups subject to disclosure, i.e. public ones, on its website.

The new requirements for banks are to become effective 10 days after the document is published.

The novations are to increase the transparency of Russian banks and banking groups for their contractors and customers.