Banking and finance
Alerts
06July2015
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'.
03July2015
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
02February2015
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.
15August2014
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.
29July2014
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.
16May2014
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.
31January2014
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.