Belarusian Banks Prescribed Volume and Procedure for Information Disclosure

February 18, Minsk / Anna Kot - BELTA /. The Instruction on disclosure of information on the activities of a bank, a non-banking credit and financial institution, a banking group and a banking holding company has been approved in Belarus by the Resolution of the Board of the National Bank No. 19 of January 11, 2013, which will enter into force after its official publication. This was reported to a BELTA correspondent by the Information and Public Relations Department of the National Bank of Belarus.

The Instruction establishes the minimum volume and procedure for disclosing information on the activities of a bank, a non-banking credit and financial institution, a banking group and a banking holding company, the National Bank clarified.

"Compared to the previously effective instruction on the procedure for disclosing information by banks and non-banking credit and financial institutions, the novelty of this document is the establishment of requirements for disclosing information not only by banks and non-banking credit and financial institutions, but also by the parent organizations of banking groups and (or) banking holding companies about the activities and condition of such groups (holding companies)," the National Bank noted.

In addition, the Instruction systematizes the volume and procedure for publishing reports by banks and parent organizations of banking groups and (or) banking holding companies, prepared in accordance with national and international financial reporting standards, and cancels the requirement to disclose information on the full interest rate (due to the entry into force of amendments to the Banking Code, prohibiting banks from establishing additional payments and fees for loans, in addition to the interest rate). "It should also be noted that if previously the disclosure of information about the beneficial owners of a bank holding five or more percent of shares was carried out with the consent of such owners, now it is an unconditional obligation of the bank or the parent organization of the banking group (banking holding company)," the National Bank added.

The new instruction clarifies, delineates, and supplements the list of information posted by banks, parent organizations of banking groups, and banking holdings on their websites. This list includes the disclosure of information on the business plan (strategic development plan) of the bank (banking group, banking holding, if any), risk management strategy, principles and standards of professional ethics, conflict of interest exclusion policy, as well as the posting of press releases on changes in material information, etc. The deadlines for posting information on the websites of banks, parent organizations of banking groups, and banking holdings are also defined.

The document outlines the requirements for the volume and procedure, including the deadlines for submitting annual and interim (quarterly) financial statements on the activities of banks, consolidated annual financial statements, and consolidated interim financial statements on the activities of banking groups and banking holdings, prepared in accordance with national and international financial reporting standards, to the National Bank for publication in its periodic printed publication.

"The Instruction will contribute to increasing the transparency of banks, banking groups, and banking holdings, confidence in them from clients and shareholders, as well as improving supervision by the National Bank," the National Bank is confident. -0-