Russian business is entering into open confrontation with the Bank of Russia over the tightening of requirements for initial public offerings. "Delovaya Rossiya" has sent an official appeal to the regulator demanding the easing of a number of innovations which, in the opinion of entrepreneurs, put an end to stock market listings for a significant portion of issuers.
The key point of protest is the mandatory signature of a financial advisor in the securities prospectus. The business association insists on making this requirement voluntary, leaving responsibility for the accuracy of information with the issuer and its management under current legislation.
Why the new rule is stifling the market
Let me remind you that in early August, the Central Bank tightened the rules for admitting securities to organized trading. Companies are now required to attract at least two independent analysts to assess fair value, and after listing — to obtain ratings from at least two credit agencies. But the most painful requirement turned out to be the joint liability of the financial advisor for the content of the prospectus.
As Alexey Lazutin, chairman of the "Delovaya Rossiya" subcommittee on public capital markets, rightly notes, placement organizers willing to take on such responsibility practically do not exist for small and medium-sized issuers. Economically, joint liability is extremely disadvantageous, so in practice advisors will simply refuse the role of signatory. This will make stock market listings impossible for companies planning to raise less than 1–2 billion rubles.
In my view, the regulator, seeking to protect investors, has created a barrier that will primarily hit the market itself. Instead of improving the quality of information disclosure, we risk getting stagnation of the primary market and issuers retreating into gray financing schemes.
In search of new issuers
It is telling that in parallel with this dispute, exchanges are trying to expand the funnel of companies. The Moscow Exchange has announced plans to attract Russian video game developers to the stock market — there are more than 150 such studios in the country, and a separate council may be created for them in the "Innovation and Investment Market" sector.
This is a move in the right direction: expanding the circle of issuers through new industries is the only way to revive the market. But it will only make sense if the regulator revises its overly strict requirements.
While the Russian market seeks balance, giants are preparing for listings overseas. Anthropic is valued at nearly $1 trillion and has already filed a confidential IPO application, including in the prospectus a section on risks associated with negative public attitudes toward AI. China's DeepSeek has begun preparations for its stock market debut, planning to raise funds for building data centers and creating its own chip. And SpaceX, valued at $1.77 trillion, has lowered the minimum threshold for retail investor participation from $500,000 to $2,000 — though experts see this not as concern for individual investors, but as a search for liquidity for large holders at the peak.
The global market shows: IPO is a complex but necessary mechanism. The Russian regulator should remember that excessive pressure on issuers leads not to transparency, but to the absence of deals. Easing requirements is not a concession to business, but an investment in the future of the stock market.