Published on: 2026-08-12
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
A major set of changes will affect bond issuance. The greatest relaxations will be granted to experienced issuers whose securities are already traded on the exchange and who comply with disclosure requirements. It is proposed to exempt them from preparing and registering a bond prospectus—they will only need to publish the main placement terms in a brief form so that investors can review them. For debutants entering the debt market without shares traded on the exchange, the previous admission rules remain in place.
Issuers are allowed to change the center of decision-making regarding debt placement (excluding convertible bonds): now this can be done by the CEO rather than the board of directors. This decision will optimize corporate procedures and significantly speed up the timing of securities issuance.
The Bank of Russia proposes to transfer its functions for registering issues of structured bonds with standard terms to the exchange if the securities are placed on an organized market, and to depositories and registrars if on the over-the-counter market. The regulator will retain only more complex issues that do not fit within the standard parameters.
The second set of changes concerns the stock market. Non-public joint-stock companies with no more than 50 shareholders will no longer need to register share issues – it will be sufficient to keep an account of securities with a registrar. The regulator also intends to reduce the main period for exercising the shareholders’ preemptive right to acquire additional shares from 45 days to 15 working days. This will allow issuers to respond more flexibly and promptly to favorable market conditions in order to attract capital.
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