The update proposes simplified issuance procedures for both equities (share registration exemptions, pre-emptive rights acceleration) and fixed income (bond registration exemptions), with a primary focus on reducing barriers to securities issuance across multiple asset classes.
Mandatory inheritance: Equities as primary triggers Investment Services as the mandatory secondary parent tag, and the framework's emphasis on capital market efficiency and investor protections aligns with investment services regulation.
Specialism
This update concerns Russian securities issuance procedures and capital market regulation, which falls outside the payments compliance taxonomy scope of payment service providers, payment systems, and payment-specific regulatory frameworks.
While the proposal mentions disclosure and registry obligations, these relate to securities markets rather than payment services regulation, making this update fundamentally misaligned with the payments compliance horizon scanning mandate.
2026-02-19 09:26:18·arahman@vixio.com
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TITLE: Russia's Central Bank Proposes Simplified Securities Issuance Framework
BODY:
On February 17, 2026, the Bank of Russia (Central Bank of Russia) published a report proposing significant simplifications to securities issuance procedures on the Russian capital markets. The initiative aims to reduce barriers to market entry, lower compliance costs, and accelerate issuance timelines while maintaining investor protections and information disclosure requirements.
The Central Bank intends to retain direct registration authority only for securities presenting material risks to retail investors, delegating other approvals to market participants. Key proposals include exempting private joint-stock companies with no more than 50 shareholders from share registration requirements, though registry obligations remain. The timeframe for shareholders to exercise pre-emptive rights on additional share purchases would be reduced from 45 days to 15 working days, enabling issuers to respond more rapidly to favourable market conditions.
For bonds, the Central Bank proposes exempting simple fixed-income instruments with limited circulation periods from registration if annual borrowing volumes do not exceed 3 billion rubles. Structured bonds could be registered by exchanges for organised market placements or central depositories for over-the-counter transactions, provided parameters are standardised. The Central Bank would retain registration only for complex instruments falling outside established templates. Additionally, bonds designated for qualified investors with nominal values exceeding 3 million rubles would be exempt from registration. Exchanges would assume compliance verification responsibilities at the admission stage for traded securities.
The public consultation period closes on March 31, 2026. Stakeholders may submit comments and proposals to the Bank of Russia by this date.
**Reference:** Bank of Russia official website, February 17, 2026