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. Last Updated: 07/27/2016

Central Bank Moving to Bring More Clarity to Banking Sector

The Central Bank is taking steps to bring more transparency to banks and speed up the process of obtaining information about them.

A major part of the effort will be a new Internet site that will post information on industry events such as large securities transactions and quarterly securities reports within five days of their occurrence, a bank official said.

Banks will be required as of Nov. 1 to disclose details about such transactions and other major events to a newly formed Central Bank agency, said Dmitry Budakov, director of the bank's department that oversees activities of credit organizations on the market.

The agency, the Association for Protection of Investors' Information Rights, will also place on the site f f information released by the Central Bank itself such as bank securities registrations and licenses, he said.

Much of the information is already available, but interested parties have to go through a lengthy process to get it, Budakov said.

It usually takes two to three weeks for the data to reach the interested party, by which time it becomes all but irrelevant.

Under the new plan, banks will have to report to the Central Bank within four days after concluding an operation and the agency will then have one day in which to post it on the Internet.

Also in an effort to increase market transparency, the National Association of Stock Market Participants, NAUFOR, has opened a site containing information about stock traders.

The site f f includes the size of each company's own capital and the investments the companies hold in market instruments, debts payable and receivable and data on banks where the company has accounts.