Comfortable business environment

Our Government Relations (GR) services are focused on driving improvements to Russian legislation on financial markets, actively consulting with stakeholders within the regulatory framework and representing our clients’ interests before regulators and government bodies.

Why does this matter?

Why does this matter?

To grow your business successfully, internal drive is important, but so too is promoting an attractive and predictable external business environment, favourable legislation for your industry, and engaging in constructive dialogue with market regulators and government bodies.

For over 25 years, Horizon has worked in the financial market to build up partnerships with key regulatory and supervisory bodies and a wide range of international organisations. Our experts represent the interests of issuers on the Expert Council on Information Transparency at the Bank of Russia, the Expert Council on Corporate Governance at the Bank of Russia, and the Issuers Committee of the Moscow Exchange. This allows us to be at the heart of the latest developments and initiatives and effectively address our clients’ GR needs.

What does this mean for your business?

What does this mean for your business?

  • You will always be up to date with relevant legislation and even proposed bills that could impact your company and industry
  • Your initiatives and consolidated views regarding topical issues will be effectively and swiftly communicated to professional market participants, markets infrastructure providers, and government bodies
  • We offer a full spectrum of GR support for your business

Our approach

How do we do this?

We effectively address our clients’ GR needs at all levels.


We carry out monitoring and analysis

We will track and analyse financial market regulation bills passing through legislature


We promote initiatives and defend interests

We will pitch your initiatives to improve Russian stock market regulations to dedicated committees.


We foster open dialogue

We examine draft bills offered to market participants for open discussion


We consolidate views

We will foster dialogue between issuers and the international expert community on the regulation of financial markets

Our achievements

Important laws and regulations shaped by our specialists have been adopted over recent years. We have carried out extensive work to establish associations of Russian companies, and have also participated in the activities of the UK-Russia Corporate Governance Working Group.

As the Federal Law On the Central Depository was passing through legislature, we protected holders of American Depositary Receipts (ADRs) listed by Russian issuers from the imposition of discriminatory requirements and softened the regulator’s position on the need to disclose the ultimate beneficiary (ADR holder) for dividend payment purposes. Through extensive consultations and communication with the regulator, we were able to remove a significant barrier for all Russian issuers with ADRs traded internationally.


We completed a major effort to establish associations of Russian issuers to shape consolidated views on topical issues regarding the stock market and investor relations, and communicate them to regulators. We thus formed the MICEX Stock Exchange Share Issuers Committee in 2013, and Horizon experts continue to sit on this committee to this day. A list of proposals for the development of the Russian stock market was passed to the Financial Markets Service of the Bank of Russia.


Participation in the UK-Russia Corporate Governance Working Group. A white paper on the international experience in rolling out ESG standards and its applicability to the Russian context was developed in partnership with Forum Analytical Centre on commission from the Central Bank of Russia.

Other services

ESG consulting

Integration of best sustainable development practices

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IR consulting

Establishing new levels of trust with the investment community

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Corporate finance

Representing your interests in financial transactions on the Russian and international markets

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