Russia marks 20 years since public cos started disclosing information through agencies

MOSCOW. Oct 16 (Interfax) - The system of information disclosure on the Russian stock market created on the basis of information agencies celebrates its 20th anniversary this month, including Interfax.

The first statement from an issuer on the Interfax wire was filed on October 15, 2003 by the now defunct Bryansk-based company JSC Univermag Bezhitsky, which disclosed information about its shareholder meeting, dates of record and a planned share issue.

More than 100,000 material facts are now disclosed on agencies' wires and websites annually, and financial statements are published by 6,706 companies, including 636 public joint-stock companies, respectively 70% and 80% of which work with Interfax, data from e-disclosure.ru showed.

All information on agencies' portals is available to users free of charge, in the form of a newswire and database. Issuers have their own pages on these portals on which they post reports, consolidated financial statements, issuing documents, lists of affiliated parties and charters.

"Using the channels of agencies, which can deliver information directly to stock market participants, made it possible to publish companies' news fast, in a convenient form and on several platforms at once. Prior to this, material facts were submitted on floppy discs to the [former] Federal Securities Market Commission of Russia and appeared on the FSMC's disclosure server with a huge delay; company reports were posted with a lag of up to six months," the head of Interfax's Information Disclosure Service, Dmitry Olenkov recalled.

"The Russian disclosure system was based on the experience of developed markets, where current information had long been disclosed in real time through the most accessible channels for investors - through the mass media and in electronic form," Olenkov said.

Agencies accredited by the Central Bank of Russia for information disclosure on the stock market compete among themselves to offer issuers the most convenient, varied and affordable services. Interfax, for example, allows companies to disclose information through a "single window" so that data can also be immediately received by the National Settlement Depository and the Moscow Exchange, and use an automated form to prepare financial and ESG statements. Companies can supplement statements with graphs, tables and diagrams, as well as use a service that enables joint-stock companies to inform shareholders as required by the law on joint-stock companies.

Agencies accredited by the Central Bank are subject to requirements regarding information security, reliability of infrastructure and compliance with legislation.