Bank of Russia establishes unified notice of share and stake acquisition in some financial institutions
The Bank of Russia has established a unified procedure, deadlines and a form of notice of acquisition / disposal of shares and stakes in a number of non-bank financial institutions. The measure is intended to reduce market participants’ regulatory burden.
Shareholders (stakeholders) will be obliged to submit such notices to financial institutions and the Bank of Russia when this requirement is statutory, specifically, when their shareholding has exceeded 10%.
The unified notice form requirement is applicable to shareholders and stakeholders in trade organisers, clearing houses, financial platform operators, professional securities market participants, specialised depositories of investment funds, unit investment funds, non-governmental pension funds, and pawnshops. A financial institution combining these lines of activity is only obliged to submit one notice to the Bank of Russia.
A notice may be sent as a hard copy by post (courier), as a soft copy in the shareholder’s (stakeholder’s) personal account or via the Public Services Portal.
The Bank of Russia ordinance enters into force from 31 January 2021.