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Extracts from register to replace paper certificates for MFOs

5 February 2021

After entering information about the company in the state register of microfinance organisations (MFOs), the Bank of Russia will now send it an extract from the register in electronic form instead of issuing a paper-based certificate. The format of such extracts is stipulated by the Bank of Russia ordinance.

To confirm its right to operate in the market, a microfinance organisation may present this extract to financial services consumers upon their request. This approach is already used for professional securities market participants, and it is proposed to extend it to other financial organisations.

Previously issued certificates will confirm that information about the MFO had been included in the register before 11 January 2021, unless a decision was made to exclude information about the company from the register.

Preview photo: Pixels Hunter / Shutterstock / Fotodom