Bank of Russia Set the Procedure for Keeping the State Register of Consumer Credit Cooperatives

Procedure for keeping the state register of consumer credit cooperatives (CCCs) was set in Bank of Russia Ordinance No.3898-U prepared in accordance with Federal Law No. 190-FZ, dated 18 July 2009, ‘On Credit Cooperation’ and published in Bank of Russia Bulletin No.10 of 5 February 2016.

According to the Ordinance, the register will contain information on CCCs such as full and short name, type and address as stated in the USRLE, primary public registration number and TIN, as well as information on membership in a self-regulatory organisation (SRO) and its name if applicable. If a CCC leaves SRO, the date and cause of termination of membership will be added to the register. Ordinance also states that if a consumer credit cooperative is wound up, the date and means of liquidation will be added to the register.

CCCs that are not members of SROs cannot raise funds by means of existing members (shareholders) or attracting new members.

Information contained in the register will be generally available on Bank of Russia website www.cbr.ru. Ordinance becomes effective 10 days after its official publication in the Bank of Russia Bulletin.