Management companies start posting info on Interfax wire
Mutual investment fund management companies and corporate funds have started posting reports on their operations on the Interfax disclosure system, www.e-disclosure.ru , as required by the Federal Financial Market Service‘s Provision which came into force on September 9, 2005.The Provision obliges open mutual investment funds‘ management companies, after formation, to post reports on the value of net assets and the estimated value of the investment share for each working day on the wire of an authorized news agency. Similar reports on interval and closed-end funds are to be posted monthly and at the end of the interval to buy out or acquire the shares.
The disclosure will contain information on the value of net asserts and the value of mutual funds as of the current date, and the previous date, as well as the percentage by which the figures have increased over the period. This statement is to be published no later than the next day from which it was determined.
Reports by management companies and funds are disclosed by Interfax on the www.e-disclosure.ru website, freely accessible to all concerned, and are delivered, free of charge, to the RTS and MICEX trading floors, to the system of Internet brokers and to all Interfax information users on the financial market.
The disclosure system (www.e-disclosure.ru) informs the market about landmark events at 6,660 major Russian companies. Some 250 reports about board and shareholder meetings, securities‘ issues, dividend payments and other corporate events are posted on the website daily.
The requirement for mandatory disclosure of information by issuer companies on the wires of authorized information agencies, among them Interfax, was enforced by the stock market regulator in October 2003.
Interfax‘s www.e-disclosure.ru project has been highly appraised by the business community. In February 2005 it won the Financial Olympus award as best project of the year and, in May 2005, Interfax was acknowledged by the National Association of Participants in the Stock Market for its role in making the Russian stock market more transparent and in creating a disclosure system of landmark events at issuer companies.