meta_id 3205790

On June 30, 2025, the Central Bank of the Russian Federation (Bank of Russia) issued an information letter outlining planned changes to reporting requirements for securities market participants holding broker licences. The Bank of Russia is reducing regulatory burden on brokers by revising the approach to compilation and submission of Form 0420454, "Calculation of the Broker Short-Term Liquidity Ratio," established under Bank of Russia Instruction No. 7119-U dated June 30, 2025. Effective January 1, 2027, brokers will no longer be required to submit breakdowns 1–4 as part of Form 0420454 on a quarterly and annual basis. However, brokers must continue submitting breakdowns 1–4 upon request from the Bank of Russia, issued under Article 44, paragraph 7 of the Federal Law on the Securities Market (No. 39-FZ, April 22, 1996), or when the short-term liquidity ratio does not comply with—or recovers compliance with—the minimum permissible numerical value. The Bank of Russia will refrain from applying enforcement measures under Article 76.5 of the Federal Law on the Central Bank of the Russian Federation (No. 86-FZ, July 10, 2002) to brokers that fail to submit breakdowns 1–4 as part of Form 0420454 on a quarterly basis for the second through fourth quarters of 2026 and on an annual basis for 2026. This transition period allows brokers to adjust their reporting procedures before the new requirements take effect. The information letter will be published on the Bank of Russia's official website.