More information on DFA issues to become available to investors
From 1 October 2026, issuers of digital financial assets (DFAs) will disclose more information on the terms of their issues. The ordinance containing additional requirements was registered by the Russian Ministry of Justice.
The document expands the list of data on issuers to be disclosed. A decision to issue DFAs must include data from the issuer’s accounting statements or a link to the website where they are published. In addition, if the issuer has a credit rating, the said decision must contain a link to the website of the credit rating agency that assigned the rating.
A particular focus is placed on issues of credit DFAs. They enable an investor to receive payouts linked to payments under a bank loan agreement. When purchasing this instrument, the investor undertakes the default risk initially borne by the creditor. Therefore, when issuing credit DFAs, banks must inform investors about the relevant loan agreements and borrowers thereunder. With respect to a credit portfolio, banks must disclose information on its qualitative assessment, all major borrowers, and the proportion of overdue payments.
The above information will help investors make more informed decisions when purchasing this type of DFAs. Given their complex nature, such products are only intended for qualified investors.