ATP's legal experts continue to contribute to the improvement of Russian legislation.

In December 2008 Yury Tuktarov, Dmitry Sobolev and Maria Karpacheva finalized work on new rules of information disclosure regarding domestic mortgage-backed securities.

The rules have been worked out with a primary goal of bringing the Russian MBS information disclosure in line with international standards. The improved regulation will definitely enable investors to timely assess risks of investing in Russian MBS and, thus, make the domestic market more attractive.

The new rules suggest that the issuer shall disclose the transaction structure and participants, and analysis of performance of the portfolio (pool of mortgage loans) which is the mortgage coverage of MBS.

Therewith an innovative information disclosure tool is introduced - a monthly report on the performance of obligations under the MBS. In the report the issuer makes public core analytical results on the portfolio performance and discloses proceeds received under the mortgage loans.

ATP has prepared the rules under the initiative of the International Financial Corporation (IFC) that currently implements the project for development of the primary mortgage market in Russia, and with discussion and personal contribute of Andrey Milutin (IFC), Kirill Milishnikov (IFC) and Olga Shishlyannikova (Centre for the Financial Market Development).

Currently the new rules are discussed by the market participants. You can contact ATP and express you opinion on the subject. 

• Amendments to the Regulation for information disclosure regading mortgage-backed securities (in Russian)
  
• New rules of information disclosure regarding mortgage-backed securities (in Russian)