Anti-crisis measures for professional securities market participants, management companies, non-governmental pension funds, and financial market infrastructures (in terms of information disclosure) in 2025

To minimise the impact of potential sanctions restrictions on financial institutions, the Bank of Russia plans to extend some measures ending in 2024. Given the adjustment of financial institutions to the operation in the current environment, the regulator does not find it reasonable to continue to apply certain measures.

Support measures to be cancelled

Temporary requirements for non-governmental pension funds (NPFs) and management companies (MCs) of NPFs in connection with the placement of bonds on behalf of owners of foreign bonds issued by foreign organisations or persons exercising rights thereunder. The measure is no longer relevant for NPFs due to the absence of bonds that have not been substituted in NPFs’ portfolio of pension reserves.

Support and restrictive measures to be extended¹

The right of professional securities market participants (PSMPs), NPFs, MCs, financial market infrastructures² not to disclose information set out in the decisions of the Bank of Russia Board of Directors, dated 22 December 2023 and 26 December 2023. The regulator intends to extend this measure to mitigate the effects of restrictions imposed by foreign countries and potential sanctions that may be introduced against the said financial market participants or their counterparties.

Temporary requirements for operations of managers related to opening C-type trust bank accounts and C-type depository accounts of a custodian. The regulator intends to extend the restrictive measure to ensure further compliance with Executive Order No. 95³ by managers.

Temporary requirements for MCs of closed-end unit investment funds separated (formed) from an open-end, exchange-traded or interval unit investment fund as stipulated in Article 5.4 of Federal Law No. 319-FZ, dated 14 July 2022, ‘On Amending Certain Laws of the Russian Federation’ as regards restrictions on the composition and structure of assets of these funds. The regulator intends to extend this measure to ensure that the said MCs do not violate the requirements of Bank of Russia Ordinance No. 4129-U, dated 5 September 2016, ‘On the Composition and Structure of Assets of Joint-stock Investment Funds and Unit Investment Funds’.

¹ Given the discussed extension of the Bank of Russia’s special powers to make such decisions provided for by Federal Law No. 46-FZ, dated 8 March 2022, ‘On Amending Certain Laws of the Russian Federation’, Federal Law No. 55-FZ, dated 14 March 2022, ‘On Amending Articles 6 and 7 of the Federal Law ‘On Amending the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and Certain Laws of the Russian Federation with Regard to the Specifics of Changing the Terms and Conditions of a Loan Agreement’ and Article 21 of the Federal Law ‘On Amending Certain Laws of the Russian Federation’.

² Trade organisers, clearing houses, non-bank credit institutions – central counterparties, non-bank credit institutions – central depositories, and investment platforms operators.

³ Executive Order of the President of the Russian Federation No. 95, dated 5 March 2022, ‘On the Temporary Procedure for Meeting Obligations to Certain Foreign Creditors’.