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October 13, 2003
Interfax participating in new system for disclosure of securities market data
The Interfax news agency, which is authorized by the Federal Securities Commission to publish information related to the securities market, has unveiled its regulations for the publication of reports presented by issuer-companies. The regulations meet the new requirements of the Federal Securities Commission.
The regulations also outline a procedure for authorized companies to disclose information on the securities market and present it in the form of reports on the newswire in compliance with the Federal Securities Market's resolution of July 2, 2003, dealing with the disclosure of information by share issuers.
"In developed countries, news agencies are a major source of information for securities market participants, thus offering prompt access to key news and lowering the risk of insider information," Vladimir Gerasimov, Interfax's first deputy general director, has said. "Our agency, whose news is available to thousands of market participants, is seeking an active role in developing this new information disclosure system, which is being created under the decision of the Federal Securities Commission. We hope this initiative will make the Russian securities market more transparent and provide it with maximally rapid access to corporate news," Gerasimov said.
Apart from the procedure for disclosing information, the regulations also set out the timeframe for its publication. According to the Federal Securities Commission's provision, issuers must quickly disclose information, primarily vital data related to their operations. This information is to be available on news agencies' newswires by 10:00 a.m. the following day. Guarantees against any unauthorized disclosure of information are envisioned as well.
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