MOSCOW, July 1 From July 1, the Bank of Russia extends until the end of 2023 the right of banks not to disclose sensitive information, but with minor modifications to disclose part data.
Credit institutions now have the right not to disclose information sensitive to sanctions risk until December 31, 2023. Earlier, the Central Bank announced that it allowed the extension of restrictions to 2024.
However, from July 1, 2023, banks and other organizations will disclose information about the fact of reorganization, as well as partially information about material facts affecting the financial and economic activities of a credit institution being reorganized in the form of a merger, takeover and transformation.
In addition, on June 30, the period during which organizations required to disclose consolidated financial statements (IFRS) for 2022 and the first quarter of 2023 had the right to refuse such disclosure expired.
In March last year, the Bank of Russia decided to temporarily reduce the volume of publication of financial statements of credit institutions. Thus, banks were not supposed to publish financial statements in accordance with Russian standards, as well as additional disclosures to them. At the end of November, the Central Bank announced that banks would begin to disclose financial statements in a limited format from January 1, which they did in the first half of the year.
At the same time, banks still have the right not to disclose data on the ownership structure, members of management bodies and other officials, on controlling persons, as well as full information on material facts affecting financial and economic activities in the event of a merger, accession and transformations. The regulator itself will not publish such information on its official website.