This decision of the National Securities and Stock Market Commission (NSSMC) is aimed at updating and systematizing the directories used by capital market participants for reporting and transaction classification. The document effectively adapts the regulator’s technical tools to current legislative requirements, particularly regarding the regulation of investment firms’ activities and financial instrument transactions. The amendments cover a wide range of issues, from expanding the list of contractual relations to updating the credit rating scale and the classification of assets in exchange lists.
### Structure and Key Amendments
The decision introduces comprehensive amendments to six key NSSMC directories:
* **Directory 15:** The list of agreement types has been expanded; in particular, new categories of services (consulting, underwriting, foreign exchange operations, etc.) and transactions by executives performed without the involvement of an investment firm have been added.
* **Directory 19:** References to legislative articles concerning the dates of actions have been updated.
* **Directory 26:** The classification of assets in the exchange list has been significantly expanded, with added detailing for various types of markets (regulated markets, multilateral trading facilities) and admission statuses (admission, cancellation, suspension).
* **Directory 36:** A new ground for the termination of activities by a depository institution has been added — a licensing authority’s decision to terminate a license.
* **Directory 43:** The credit rating scale (from uaAAA to uaD) has been completely updated to comply with current standards for assessing issuers’ ability to fulfill obligations.
* **Directory 51:** The list of cases for submitting notifications on the ownership of voting shares has been updated in accordance with the new versions of the Law “On Joint-Stock Companies.”
### Important Provisions for Practical Application
For professional market participants, the following aspects are the most critical:
1. **Reporting Detail:** The expansion of Directory 15 requires investment firms to clearly reflect new types of agreements in their reporting, which will allow the regulator to better monitor specific types of services.
2. **Asset Classification:** The new version of Directory 26 requires exchanges and trading organizers to accurately encode assets depending on the type of platform, which is important for market transparency.
3. **Corporate Governance:** The update to Directory 51 directly affects the procedure for disclosing information on stock transactions, which requires joint-stock companies and their executives to be diligent when submitting notifications to the Commission.
4. **Credit Ratings:** The updated scale (Directory 43) is fundamental for risk assessment and must be used by all entities working with rated instruments.
**Note:** As this act introduces amendments to the regulatory framework governing capital market activities (in particular, regarding joint-stock companies and licensing conditions), professional participants must urgently bring their internal accounting and reporting systems into compliance with the new indicator codes.
