MOSCOW, July 22 Russian President Vladimir Putin signed a law aimed at optimizing the regulatory burden on participants in the Russian financial market. The corresponding document is posted on the portal for the official publication of legal acts.
The document, in particular, exempts non-bank credit organizations that are not a central counterparty or central depository from preparing individual financial statements in accordance with IFRS. At the same time, the State Duma took into account the comments of the Russian government and excluded from the text of the document provisions that exempted non-credit financial organizations from preparing such reports. 
The law also excludes the obligation of issuers to provide interested parties with copies of a registered decision on the issue of securities if an electronic version of such a decision is posted on the issuer’s website on the Internet in the public domain or disclosed in the manner prescribed by securities legislation.
And applicants for licenses in the financial market are exempt from the obligation to submit to the Bank of Russia documents that are available to the Central Bank within the framework of interdepartmental electronic interaction. Also, the period for sending notifications to the Central Bank by financial market participants about the election (dismissal) of members of the board of directors (supervisory board), and about the appointment (dismissal) of individual officials is increasing from three to seven working days — from one to three working days.
At the same time, the powers of the Central Bank are also being clarified, including in terms of requesting information from the Russian Ministry of Internal Affairs about the presence or absence of a criminal record of candidates for the positions of managers and chief accountants of banks, as well as non-bank credit organizations. And the depository, which records the rights to securities of foreign issuers admitted for public placement or circulation in the Russian Federation, will have to provide their owner with services related to the receipt of income and other payments on them.
The law comes into force on the day of its official publication, with the exception of provisions for which other deadlines are established. Thus, a year after such publication, the obligation of the register holder to provide a registered person, upon his request, once a year, free of charge, with information about the securities accounted for in the personal account opened for him and transactions on it.
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