Financial market participant admission: function centralisation

The Bank of Russia has established Western and Eastern admission centres for financial organisations in Saint Petersburg and Yekaterinburg respectively. Both centres were established in the course of centralisation of the financial market admission function and are regional structural divisions of the Bank of Russia’s Department for Market Access and Activity Termination of Financial Institutions.

The admission centres will progressively take up registration and banking licensing-related functions of the Bank of Russia’s territorial divisions (except for registering credit institutions, examining documents and making decisions regarding the state registration of charters, amendments to charters and issuance of banking licences, which were previously transferred to the Department for Market Access and Activity Termination of Financial Institutions at the head office).

Thus, as of 11 August 2017, the Western financial institution admission centre has taken up said functions previously performed by the North-Western Main Branch of the Central Bank of the Russian Federation and its divisions (divisions — national banks), while the Eastern admission centre has taken up functions previously performed by the Ural Main Branch of the Central Bank of the Russian Federation and its divisions (divisions — national banks).

Credit institutions, other legal entities and individuals should take the above changes in to account in their interaction with the Bank of Russia regarding banking registration and licensing.

In order to assist financial market participants in the issues associated with the current changes in structural divisions’ authorities and guide financial market participants, the Bank of Russia has created the Financial Market Participant Admission section on its website under Informational and Analytical Materials — Banking Sector. Here, it posted a Guide on Changes in Registration and Banking Licensing-related Responsibilities of the Bank of Russia’s Divisions, a manual and usage samples.

As duties of the Bank of Russia’s main branches are transferred to the Western and Eastern admission centres, the Guide will be updated accordingly.