UIF key data disclosure: Bank of Russia requirements
Management companies (MCs) will be obliged to disclose key information on unit investment funds (UIFs), posting it on their websites on a monthly basis. This includes rates of return, investment risks, fees, and key asset positions. Such disclosures should be in the form of a standard and easy-to-understand product passport — the unified key information document.
The requirements, effective from 1 October 2021, are set forth in the regulator’s ordinance registered by the Ministry of Justice of Russia.
MCs will also be obliged to publish on their website details of potential material events that may affect unit prices.
The regulator is introducing the rules as part of a push to bolster investor rights protection, with the goal of providing investors with single-source access to information essential for informed decisions relating to unit purchases and MC performance reviews. MCs are expected to benefit from reduced regulatory burden given that the obsolete rule that such data be published in print media in addition to websites becomes void.
The same information disclosure requirements will govern joint-stock investment funds.