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Report: Russian regulator to partially classify reporting of banking groups

The Russian central bank plans to limit the scope of reporting information submitted by banking groups that is publicly disclosed by the regulator, Kommersant reported May 14.

The reporting information whose disclosure will be limited includes financial indicators of leasing, insurance, asset management companies, as well as other participants that form banking groups.

The central bank says that its decision is aimed at bringing the scope of disclosed information in line with international financial reporting standards and international practice. However, experts cited by the newspaper believe that the plans are aimed at classifying data on assets of banking groups that could or have been undergoing financial recovery procedures. Another reason could be an attempt by the central bank to hide information on the members of banking groups subject to or at risk of sanctions, the newspaper noted.

Kommersant also said in a separate same-day report that the central bank will widen the scope of information that it shares with Russia's Federal Tax Service on banks, insurers and other companies it supervises.

Until now, the central bank forwarded reporting information it received from companies only at the request of tax authorities and with consent from financial institutions. Under the new rules, such consent will no longer be required and the central bank will automatically provide the Federal Tax Service with all reporting data that it receives from supervised companies, including information received on a daily basis, the news report noted.