The Central Bank of Russia formed a list of insider information to be published at its official website
The Direction of the Central Bank of Russia from October 31, 2011, #2723-u “On Insider Informatrion of the Bank of Russia”, defines a list of insider information to be published since January 1, 2012, at the Central Bank’s official website.
The list was developed following the Federal Law from July 27, 2010, #224-FZ “On Counterworking Wrongful Usage of Insider Information1 and Market manipulation, and on Introducing Amendments to Specific Legislative Act of the Russian Federation”. It is Article 8 of this Law that provides obligation to disclose insider information in the Internet.
Somewhere in the list there is rather vague wording, while banks are afraid that open publication of insider information will impair clients’ trust in them. However, publication of the information listed in the new act will help the banks to become more transparent to the citizens and other clients. So, the lew legislative changes are quite positive.
1 According to the Law, “insider information” is precise and concrete information not known before and able to impact significantly prices of financial tools, foreign currencies, and goods.