Central Bank of Russia drafts amendments to procedure to disclose ownership structure of financial organizations

MOSCOW. Feb 19 (Interfax) - The Central Bank of Russia has published a draft regulation introducing an updated procedure for disclosing information on the ownership structures of financial organizations, with the amendments scheduled to enter into force on January 1, 2027.

The CBR has drafted the regulation to modify financial organizations' approaches to disclosing information to the public regarding individuals that control or significantly influence financial organizations owing to the lack of positive dynamics in the development of foreign restrictive measures against participants in the Russian financial market, according to the explanatory note.

"Under the pressure of sanctions from unfriendly states, the Central Bank of Russia has taken measures to suppress previously published information on the ownership structures of financial organizations. However, this information is in demand by a wide range of users, including financial market participants. This project introduces a procedure for disclosing information on the ownership structures of financial organizations in a generalized form on the Central Bank's website," the CBR said.

The concept of generalized disclosure of information on the ownership structure of financial organizations entails eliminating the disclosure of the identification data of participants in ownership structures and information on the relationships between them, and transitioning to disclosing information on the ownership structure through a set of anonymized criteria.