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Сovid-19: the Central Bank has extended the period for the disclosure of information by issuers in 2020

07.05.2020
4 min read
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Pepeliaev Group advises of the changes in the procedure for the disclosure of information by issuers and joint stock companies in the context of the coronavirus epidemic

In view of the measures being taken to prevent the spread of the coronavirus infection based on Federal Law No. 115-FZ dated 7 April 2020 [1], on 29 April 2020 the Bank of Russia’s Board of Directors determined the new (extended) timeframes for the disclosure of information by issuers and joint stock companies that will be in force in 2020.

Extended timeframes for the disclosure of information by issuers of registrable securities

We remind you that the procedure of the compulsory disclosure of information and the content of information being disclosed have been established by the Bank of Russia’s Regulation “On the disclosure of information by issuers of registrable securities” [2] (the “Regulation”) which provides, among other things, for the timeframes of such disclosure performed by issuers of registrable securities (including joint stock companies).

On 30 April 2020 the Central Bank of Russia announced on its official website that [3] the Central Bank of Russia’s Board of Directors had decided to extend the timeframes for the disclosure of information by issuers of registrable securities (including joint stock companies) in 2020. The decision sets the new (extended) timeframes for the disclosure of information:

  • the issuer’s report [4] for quarters I, II and III of 2020 must be disclosed no later than 75 days from the date of completion of the relevant quarter instead of the 45 days stipulated by the general rule [5];
  • accounting (financial) reports [6] of the issuer for 2019 must be disclosed no later than 15 days after the date on which the auditor’s report is issued and no later than 15 days after the expiry of the period stipulated by Russian legislation for providing a compulsory copy of the report instead of 3 days under the general rule [7];
  • The list of affiliated persons [8] for quarters I, II and III of 2020 must be disclosed no later than 10 days after the date of completion of the reporting quarter instead of 2 days under the general rule [9];

The Bank of Russia also recommended that persons bound by the obligation to disclose information in the form of statements of significant facts should [10], along with the disclosure of information, publish such a statement of significant fact, specifying:

  • the information that, in the issuer’s opinion, affects the value of its securities to a significant degree;
  • the objective reasons for it being impossible to observe the usual timeframes for the disclosure of information.

If the company does not have the obligation to disclose information in the form of statements of significant facts, the company must detail the reasons for it being impossible to observe the usual timeframes for the disclosure of information in an additional clarification to the annual accounting (financial) statements.

Help from your adviser

Pepeliaev Group’s lawyers are keeping track of the amendments being made to corporate legislation in view of the current circumstances. They are ready to provide any legal support to business entities and give recommendations on how to choose the best solutions for business with respect to any issues of corporate law, including the issues arising when corporate procedures are performed.



[1] Federal Law No. 115-FZ “On amending individual items of Russian legislation with respect to the unification of the contents of annual reports of state corporations (companies) and public companies, and with respect to establishing the specifics of the regulation of corporate relationships in 2020 and suspending the effect of the provisions of individual items of Russian legislation” dated 7 April 2020.

[2] For the official press release please follow the link http://www.cbr.ru/press/pr/?file=30042020_210839pr_1.htm

[3] The Bank of Russia’s Regulation No. 454-P dated 30 December 2014 “On the disclosure of information by issuers of registrable securities”

[4] The obligation of and procedure for disclosure are stipulated by section IV of the Regulation

[5] The general timeframe provided for by clause 11.1 of the Regulation

[6] The obligation of and procedure for disclosure are stipulated by section VII of the Regulation

[7] The general timeframe provided for by clause 71.4 of the Regulation

[8] The obligation of and procedure for disclosure are stipulated by chapter 73 of the Regulation

[9] The general timeframe provided for by clause 73.3 of the Regulation

[10] The obligation to disclose information in the form of significant facts is stipulated in section 5 of the Regulation

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