Unified procedure for disclosing financial institutions’ ownership structures
The Bank of Russia is going to make it simpler for financial consumers, investors and general public to access information on financial institutions’ ownership structures. Insurance, management and microfinance companies will be obliged to disclose information on their structures and shareholders, including persons controlling or materially influencing these organisations, on the Bank of Russia website.
To this end, the Bank of Russia is changing the procedure for insurance, management and microfinance companies to disclose the information on their ownership structures.
As a result, the disclosure procedure for the above financial organisations will be the same as for credit institutions and non-governmental pension funds already disclosing their ownership structures on the Bank of Russia website.
Moreover, a financial institution may specify the relevant link to the Bank of Russia website, without disclosing this information on its own website. The new procedure does not invalidate financial institutions’ right to disclose these data on their own websites.
The document has been officially registered by the Ministry of Justice of the Russian Federation and becomes effective on 9 June 2020. Insurance, management and microfinance companies shall from then on submit information on their ownership structures to the Bank of Russia. These data will be disclosed on the regulator’s website as amended. If there are no changes, financial institutions have 180 days to disclose their ownership structure on the Bank of Russia website.