The Central Bank recommended that investment platforms fully disclose data on the return on investment
The Central Bank recommended that investment platforms fully disclose data on the return on investments and unfulfilled obligations. Such information should increase the transparency of the market, which investors are most interested in. Despite the fact that proposals are advisory in nature, lawyers expect the platforms will observe them.
April 9 Bank of Russia released Recommendations for investment platforms prescribing to quickly disclose information about the results of placements and attraction, including data on the return on investment, as well as indicators for unfulfilled obligations. In particular, this applies to information about the expired debt of borrowers in the division of terms (up to 90 days or more than 90 days), which is recommended to be formed at the end of the quarter and publish no later than one calendar month after the reporting date. It is also proposed to disclose information about the actual return on investment.
At present, the investment platforms for the year publish information about the volumes and the number of placements, the participation of investors in them, as well as the volume of obligations unfulfilled in the reporting year. According to Kommersant, the volume of unfulfilled obligations in 2024 amounted to 1.56 billion rubles – 5.4% of the total placement. In 2023, the share of unfulfilled obligations was estimated at less than 2%.
As of April 9, 2025, 97 organizations are included in the register of investment platforms, which maintains the Central Bank. At the same time, most of them are specialized companies, but registrar and brokerage companies are also present in the register. They offer customers the opportunity to participate in the placement of loans (crowdlanding) and a limited circle of securities (crowdinvesting). According to the Central Bank, for 2024, the volume of placements on such platforms amounted to 54.2 billion rubles. At the same time, the number of registered investors-philosops at the beginning of 2025 exceeded 172 thousand people.
The recommendations of the Bank of Russia relate to one of the investments in the Law on Investments and the most currently used methods of investing – by providing a loan, said Inna Inficiency, senior lawyer Alumni Partners.
The implementation of the measures proposed by the regulator meets the interests of investors, but is unlikely to contribute to the growth of the attractiveness of a significant part of the platforms, said Anna Barabash, general director of Enterprise Legal Solutions.
“The higher the share of unfulfilled obligations and the lower the actual profitability, the lower the probability that the potential investor will make a choice in favor of a particular platform, as this can indirectly indicate the low quality of the projects proposed for investing,” she explained. “The provision of investment platforms of information recommended by the Bank of Russia will allow the investor to conclude about investment attractiveness, creditworthiness and reliability of the borrower in the case when the rules of the investment platform do not provide for the rating of borrowers,” Inna inevitant said.
For investors, the benefits are obvious, experts say. The expanded amount of information that will become available to them will allow “more in detail to evaluate the risks of investment and ultimately more deliberately make decisions on investing through the platform,” says Mrs. Inevitant.
Investments, analysts believe, new recommendations of the Central Bank may cause inconvenience. As noted by the Finams FG analyst Leonid Delitsyn, “the reporting and disclosure of information always create additional expenses for the platforms and will contribute to the consolidation of the market.” At the same time, according to him, « new players will no longer be able to attract investors unreasonably high promises of income. »
However, Mr. Delitsyn believes that the Kraudlanding market “got out of the early phase” of development, and one of the largest Jetlend platforms even held an IPO on the St. Petersburg Exchange (see “Kommersant” from March 26). The companies managed to place less than half of the additional ministry, nevertheless, according to Leonid Delitsyn, “platforms specializing in crowding in the world are now anywhere else in the world, are now not public companies.”
The interviewed representatives of investment platforms quickly did not respond to Kommersant’s request.
