RF Government approves amendments to the threshold value of the assets of credit institutions, which are subject to antimonopoly control if this value is exceeded

On 24 December 2009 the Russian Government approved in Resolution No. 1083 (hereinafter – “Resolution No. 1083”) amendments to Resolution No. 335 of the Russian Government dated 30 May 2007 and established a new threshold value for the assets of credit institutions. If this value is exceeded, the credit institution will be subject to antimonopoly controls performed in accordance with Federal Law No. 135-FZ dated 26 July 2006 “On Protection of Competition”.

Resolution No. 1083 introduces amendments to Resolution No. 335 of the Russian Government dated 30 May 2007 “On Establishing the Threshold Value of the Assets of Credit Institutions for the Purposes of Performing Antimonopoly Controls” (hereinafter – “Resolution No. 335”).

Pursuant to these amendments, if the most recent balance sheet data indicate that the value of the assets of a credit institution exceeds RUB 25 billion, the preliminary consent of the Federal Antimonopoly Service is required prior to the establishment of a commercial organisation, the authorised capital of which will include the contribution of the shares (interests) and/or property of said credit institution [1].

In addition, if the most recent balance sheet data indicate that the value of the assets of a credit institution exceeds RUB 25 billion, the preliminary consent of the Federal Antimonopoly Service is required prior to the performance of transactions with the shares (interests), assets of this credit institution or rights with respect to this credit institution [2].

Resolution No. 1083 also states that the Federal Antimonopoly Service must be notified with respect to the merger or acquisition of credit institutions no later than 45 days after the date of the merger or acquisition, if the most recent balance sheets of said credit institutions indicate that the aggregate value of the assets of these credit institutions does not exceed RUB 24 billion.

Resolution No. 1083 also sets a threshold value of assets based on the most recent balance sheet of a credit institution at RUB 2 billion. If this value is exceeded, the Federal Antimonopoly Service should be notified with respect to the performance of transactions or other actions indicated in article 30 of the Federal Law “On Protection of Competition” no later than 45 days after the date of such transactions or other actions.

Please, note that Resolution No. 1083 had not been officially published as at 11 January 2010 and that the Resolution will come into force within seven days of the date of its first official publication. We will duly notify you on the date of the entry into force of Resolution No. 1083.