The Draft Order of the Federal Service for Financial Markets (the “FSFM”) “On Approving the Regulations on the Procedure and Time Periods for Storing Documents in Joint-Stock Companies”, dated 2 March 2011 (the “Draft Order”), has reached the review stage. The Draft Order is intended to replace the current FSFM Order of 16 July 2003, and it proposes the following changes:

  • shareholders' agreements and judicial acts regarding corporate disputes must be retained and stored for at least three years; and
  • different time periods may apply for storage of documents containing information which is subject to publication or disclosure in accordance with the Federal Law “On Joint-Stock Companies” and other federal laws. More specifically:
    • the quarterly reports of issuers of securities must be stored for at least five years; 
    • information on material facts given in accordance with the mandatory disclosure requirements must be stored for at least three years; and
    • other documents containing information that is subject to publication or disclosure in accordance with the Federal Law “On Joint-Stock Companies” and other federal laws must be stored for at least one year.

Even if the Draft Order is adopted in its present version (which envisages comparatively short periods of storage), companies will nevertheless be able to provide for longer periods of storage for their documents in their internal corporate policy rules and regulations.

[Draft Order of the Federal Service for Financial Markets “On Approving the Regulations on the Procedure and Time Periods for Storing Documents in Joint-Stock Companies”, dated 2 March 2011]