Banking and finance

A dealer's and forex dealer's lines of business are expanding

On 23 March 2024, Federal Law No. 50-FZ was published, which provides for changes in the operations of dealers and forex dealers.

Receiving funds from type “S” accounts of a foreign nominal holder and a foreign payment agent

19 March 2024, the Russian President's Decree No. 198 was published, which permits holders of Russian securities to receive funds from type "S" accounts of a foreign nominal holder and a foreign payment agent.

A new means of payment in international settlements

On 11 March, Federal Law No. 45-FZ came into force whereby it is permitted to use digital rights as a means of payment in foreign trade.

A new procedure for conducting audits of issuers and participants in corporate relationships

A new procedure that is established in Regulation No. 210-I, came into force on 11 March and governs how the Central Bank of Russia audits issuers and participants in corporate relationships.

Measures to ensure economic sovereignty and economic security have been specified

New amendments to Federal Law No. 127-FZ “On measures impacting (counteracting) hostile actions of the United States of America and other foreign states” dated 4 June 2018 have come into force.

Strengthening control over the activities of payment agents On 1 October 2023 amendments to Federal Law No. 103-FZ “On activities carried out by payment agents involving the receipt of payment from individuals” came into force.

The digital rouble is being introduced in Russia On 1 August 2023, Federal Laws No. 339-FZ and No. 340-FZ came into force, which determine the legal grounds for the digital rouble to be used in settlements as a new form of Russian national currency.

The Russian Central Bank has introduced a procedure for maintaining a register of controlling persons for credit institutions, insurance companies and public pension funds Pepeliaev Group advises that on 26 July 2021 the Russian Central Bank’s Instruction No. 5814-U dated 9 June 2021 came into legal force regarding the form, procedure and deadlines for submitting information to the Bank of Russia about controlling persons of financial institutions, and the procedure for the Bank of Russia to maintain the list of such persons.

Broadening information exchange between the Bank of Russia and the Russian Federal Tax Service The Russian Ministry of Finance has prepared amendments to the Tax Code the adoption of which may result in a significant increase of the volume of information transferred to the tax authorities concerning the transactions of bank clients.

The Russian Supreme Court has provided explanations concerning the performance by an individual debtor of his/her obligations under credit agreements and loan agreements in the period when measures aimed at fighting the spread of the new coronavirus infec

On 30 April 2020 the Praesidium of the Russian Supreme Court approved its Review No. 2 of certain issues of case law associated with the application of the legislation and measures on preventing the spread of the new coronavirus infection (COVID-19) in the Russian Federation (“Review No. 2”).

ESCROW: new opportunities

Pepeliaev Group advises that, starting from 1 June 2018, the Law on Financial Transactions[ has come into force, which considerably has expanded the opportunities of using the escrow mechanism.

New requirements for mandatory disclosure of information by professional participants in the securities market Law firm Pepeliaev Group advises that, on 13 February 2016, the Bank of Russia published a Directive determining the types of information that must be compulsorily published on the official website of a professional participant, and the timeframes for such information to be published and to be accessible on the site.