On 4 October 2011 The Federal Service for Financial Markets (FSFM of Russia) by means of the Order No. 11-46/pz-n (the «Order») adopted the new Regulation on information disclosure by issuers of securities (the «Regulation»).

The new Regulation essentially specifies and clarifies information disclosure procedure, that should reduce the possibility of misinterpretation of disclosure requirements, and subsequently mitigate issuers’ risks of liability for non-disclosure, incomplete disclosure or for violation of the disclosure order and timing stipulated by federal laws and by other regulations adopted in accordance with those federal laws.