Issuer companies place 4,213 reports with Interfaxdisclosure system in 3 months
Russian issuers have placed 4,213 announcements on the newswires of authorized information agencies in the three months since the enforcement of a resolution of the Federal Securities Commission introducing a new system for disclosing information.Issuers started to use large information agencies directly working with financial markets via electronic information dissemination channels, including Interfax, to disclose information beginning on October 13, 2003.
Over 2,500 issuers and other entities disclosing information on the securities‘ market under the Federal Securities Commission resolution have been registered in the system since then.
In order to improve the service provided both to issuers and to consumers, Interfax launched a new website for disclosing information in January 2004.
In addition to a corporate newswire the website at www.e-disclosure.ru carries full methodological recommendations and information about the operation of the system, advance announcements of seminars held on the subject and other useful data.
"Subscribers to our newswire have responded positively to the innovation of the Russian Federal Securities Commission and regard it as an important step toward increasing the transparency of issuer companies," said Dmitri Olenkov, head of the project and deputy general director of Interfax-CNA. "Thanks to the new disclosure system, information about companies has become more accessible. The list of companies has changed qualitatively. Information that was absent from open sources before has become available," he said.
Interfax and AK&M won an open contest held by the Federal Securities Commission in 2001 to select an institution for publishing securities information.
The regulations on information disclosure by securities issuers approved by the Federal Securities Commission resolution N.03-32/ps on October 13, 2003 require that major facts about securities issues be reported on newswires.