The monetary market
Bankers have obliged to report to the future investors
the Central bank of Russia has published in a new wording the instruction about an order of release and registration of securities of commercial banks. At the moment of preparation of number the text has not arrived yet in official mailing, nevertheless, according to the experts interrogated by us, changes and the additions brought in the document, should fill the blanks admitted by the instruction - the predecessor (#8) operating throughout last one and a half years, and also to strengthen control of the Central Bank of Russia over a share issue of commercial banks.
Since February, 15th all Russian commercial banks should make prospectuses of issue of securities under the form which provides inclusion of data on the largest shareholders possessing more 5 % of voices (and also, in the turn, about the largest shareholders of shareholders). Besides, in the issue prospectus banks should inform data on councillors of directors, the sizes of packages of actions belonging to them, on their participation in other organisations with instructions of posts (in order to avoid cross possession of share holdings). The document, on a plan of authors, should give to the investor representation about an order of formation of an authorised capital stock of bank and about heads of structure in which he has dared to put up money. The similar information was given till now only to antimonopoly committee which usually confirms prospectuses of issue of banks after the Central Bank of Russia.
Besides, now the Central bank of Russia has obliged commercial banks to give to any potential investor the issue report containing, along with traditional, the data set forth above under the first requirement. If prospectus at bank employees “ it will not appear near at hand “ the client has the right to address in the Central Bank of Russia with the complaint to the incorrect reference. If infringements appear not a single instance, the Central Bank of Russia can suspend a course of subscription campaign of commercial bank.
as has declared on a press - the conference devoted to introduction in action of a new order of release and registration of actions of commercial banks, the head of department of securities of the Central Bank of Russia Andrey Kozlov, its founders aspired to protect at least in bank sector interests of the investor, as much as possible having facilitated it access to all information necessary for acceptance of the correct decision at a choice of object of investments. Andrey Kozlov has noticed that in the West all completeness of moral and financial responsibility at bankruptcy of this or that financial structure lies on the investor as that always has possibility to receive the exhaustive information on the enterprise or on the bank which actions he buys. In Russia the moral responsibility part before the inhabitants in eager rivalry tempted with huge advertising dividends, lies on state structures. Thus, the Central Bank of Russia has decided to bring the feasible contribution to protection of the investor, urging it to demand in banks the detailed prospectus of the issue assured by the head of bank, its chief accountant and auditor firm.
the new instruction, along with the positions toughening control, contains a pleasant surprise and for bankers. Until recently during subscription campaign the means received during placing of bank actions and bonds, accumulated on the special blocked account in the Central Bank of Russia. Since February, 15th it is a rule does not extend on release of bonds as the given securities are the direct financial obligation of bank. The instruction also has considered wishes of the bankers complaining about an ambiguity of procedure of capitalisation unallotted in dividends of profit of shareholders of bank. The document contains the special section devoted to accounting registration of refinancing of a part of profit of bank.
the document contains some restrictions in a part of an order of formation of an authorised capital stock of bank at primary placing of actions. Earlier founders of bank were allowed to carry out payments cars, the equipment, other material assets. Henceforth at the first share issue of bank payments in an authorised capital stock are supposed exclusively by roubles, currency or the premises belonging to founders on the property rights. However, realisation of payments “ the four-wheel friend “ it is not forbidden at the subsequent dovnesenii a share in the bank capital.
Explaining to the correspondent a position of Bank of Russia concerning those commercial banks which have submitted to the Central Bank of Russia till February, 15th of this year prospectuses of issues under the old form, Andrey Kozlov has noticed that “ draconian measures will not follow “ but each case will be separately considered. If the issue prospectus has already been considered by management of securities of the Central Bank of Russia, and then “ has got stuck “ let us assume, in antimonopoly committee, the Central Bank of Russia will address in committee with inquiry and most likely recognises as valid the prospectus of bank made on old norms.
in the nearest release we will begin the publication of the new document, important both for emitters, and for investors.
ELENA - MAKOVSKY