Banking and finance


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.
Changes to the procedure for persons to be acknowledged to be qualified investors
Pepeliaev Group advises that 26 June 2015 saw the entry into force of the Bank of Russia's Instruction No. 3629- U dated 29 April 2015 'On recognising persons to be qualified investors and on the procedure for keeping a register of persons acknowledged to be qualified investors'.
Interest on a monetary obligation (Article 317.1 of the Russian Civil Code) Pepeliaev Group advises that starting from 1 June 2015 article 317.1 of the Civil Code regarding interest on a monetary obligation has come into effect 
Bankruptcy of individuals as a new factor for credits to be issued Pepeliaev Group advises that on 1 July 2015 the amendments to the Bankruptcy Law will be enacted in connection with rehabilitation procedures being implemented for debtors who are individuals. Lending institutions should consider the implications of these new provisions being enacted when granting loans to individuals.
Changes in the rules for admitting foreign securities to the Russian financial markets
Pepeliaev Group advises you that the Russian Federal Law No. 218-FZ “On Amending Certain Legislative Acts of the Russian Federation” came into effect on August 2, 2014.  The Law simplifies the procedure for foreign securities to be admitted to the Russian financial markets.
Сhanges to the regulation of operations on foreign accounts (deposits) of Russian residents
Pepeliaev Group advises that Federal Law No. 218-FZ dated 21 July 2014 has expanded the list of cases when funds may be credited to foreign accounts of Russian residents and has provided for an obligation on the part of individuals who are Russian residents to provide reports to the tax authority concerning operations on foreign accounts.
Creating a national system of payment cards and other amendments to legislation regarding payment services

Pepeliaev Group advises that on 5 May 2014 amendments to Federal Law No. 161-FZ 'On a national payment system' were published and came into force. This significantly affects the procedure under which payment systems are organised and function within the Russian Federation. 


New Central Bank Approval Procedure for the Management, Directors and Shareholders of Credit Organizations
Pepeliaev Group advises that the new Regulation No. 408-P  of the Central Bank of Russia (“CBR”) comes into force on January 31, 2014. This establishes a new procedure for the CBR to approve candidates for management positions at banks, as well as to attest to the business reputation of Board members and shareholders holding more that 10% of the shares in the bank in question.