The Central Bank of the Russian Federation has proposed new criteria for the participation of non-state pension funds in initial public offerings of Russian companies, Vedomosti reported.

Under the regulator's proposal, pension funds could invest in IPOs the value of which exceeds 50 billion Russian rubles and would be allowed to acquire up to 5% of the total number of offered shares. In addition, the issuer of the shares will have to hold an investment grade rating, the newspaper noted.

Some analysts and market players cited by the newspaper believe that the changes have been proposed to allow pension funds to take part in some specific IPO deal planned for 2019.

As part of the proposal, the central bank also wants to allow pension funds to invest into certain bonds offered by municipal issuers without a credit rating, newspaper noted.

Comments on the central bank's proposal will be accepted until Dec. 23, and the new rules are expected to come into force in the first quarter of 2019, Vedomosti said.

As of Dec. 19, US$1 was equivalent to 68.40 Russian rubles.