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Operations of non-bank financial institutions from 30 March through 3 April 2020

27 March 2020
Press release

Pursuant to the Executive Order of the Russian President ‘On Declaring Non-Work Days in the Russian Federation’, the Bank of Russia informs parties concerned of the following.

The Bank of Russia recommends that from 30 March through 3 April 2020 all non-bank financial institutions operate in the mode similar to the one of New Year holidays, make up a list of their duty offices (if needed), and publish information on their work schedule on their websites.

As regards submission of reporting to the Bank of Russia, the procedure should be as follows: if the last day of the period for submitting reports and other information to the Bank of Russia (except cases when information is required in compliance with supervisory orders and inquiries) falls on the above period of time, 10 April 2020 shall be deemed to be the last day for submitting the reporting.

The Bank of Russia recommends that professional securities market participants perform client orders in remote mode if clients apply to them at their discretion.

Securities holders’ registrars are recommended to support issuers’ corporate actions that may not be suspended.

The Bank of Russia recommends that non-governmental pension funds ensure the provision of all remote services to customers, including the possibility to submit applications and other documents. In addition, the Bank of Russia considers that non-governmental pension funds must ensure that all pensions due are paid to citizens or consider the possibility to pay them ahead of schedule, before the start of the above period.

The Bank of Russia recommends that management companies of investment funds, unit investment funds and non-governmental pension funds ensure the provision of all remote services to clients, including the possibility to submit requests for purchasing, redeeming and exchanging investment units, as well as other documents.

Specialised depositories of investment funds, unit investment funds and non-governmental pension funds are recommended to ensure the provision of all remote services to clients.

The Bank of Russia recommends that insurers organise the functioning of their call centres and the provision of remote services, which include socially important services, such as OSAGO (compulsory motor third-party liability insurance), OMS (mandatory health insurance) and DMS (voluntary health insurance).

Microfinance institutions are recommended to ensure the provision of all remote services to clients and the functioning of their online service systems.

Microfinance institutions are also recommended to inform their borrowers that if the due date falls on the non-work days, it is extended to the nearest business day. Such payment on the nearest business day shall be deemed to be timely, without charging any additional interest or forfeit (fine, penalty) or imposing any other sanctions under loan agreements.

Those microfinance institutions that do not have their own websites are recommended to publish information on their work schedule from 30 March through 3 April 2020 on the website of the self-regulating organisation.

The reference to the Press Service is mandatory if you intend to use this material.