The Central Bank of Russia is considering changing the approach to the definition of insider information to reduce the burden on credit organizations, said Deputy Chairman of the Bank of Russia Yury Isaev.

“Now it is simply additional difficulties for credit organizations. It seems expedient to us to still look at what is insider, what is not insider, and, maybe, to refuse nomination for insider information on a number of indicators that do not critically affect the cost of financial products,” Isaev told reporters on the sidelines of the annual meeting of credit organizations with the Central Bank leadership, organized by the Association of Banks of Russia.

He noted that the list of these indicators is still under discussion. “We are conducting such an experiment. I think it will take some time. Probably a month, maybe it will take to assess whether it works in principle or not,” the deputy chairman said.

The Central Bank is also considering the possibility of abolishing the requirement to disclose mandatory information for banks, leaving only the voluntary part.

“We are now also arguing inside, what information could be removed from the mandatory information, thus giving credit organizations the opportunity to reduce this list of insider information,” Isaev said.

“This is such a complicated story. In fact, we can say we have just started to form this market in terms of the impact of insider information, responsibility for its disclosure, to take it on the takeoff and immediately land it would be difficult enough,” he added.

According to him, there is no talk of a complete refusal to disclose insider information. “I would not agree to take it (the law on insider information – IF note) and cancel it especially in our conditions. This is a very important tool, which is not only necessary for the regulator, but will eventually become very important for market participants,” emphasized the deputy chairman of the Central Bank.