On Bank of Russia Ordinance No. 4067-U of 12 July 2016

The Bank of Russia published Ordinance No. 4067-U, dated 12 July 2016, ‘On Amending Bank of Russia Ordinance No. 3223-U, dated 1 April 2014, ‘On the Requirements for Heads of Risk Management, Internal Control and Internal Audit Services of a Credit Institution’ (hereinafter, the Bank of Russia Ordinance) registered with the Ministry of Justice of the Russian Federation No. 43152, dated 8 August 2016.

In particular, the Bank of Russia Ordinance:

specifies the procedure for assessing the qualification in risk management and (or) internal controls, and (or) auditing of a person with higher (not legal or economic) education appointed to a position of the head of service of a credit institution;

extends the period for a Bank of Russia structural division to submit to the credit institution a request to provide information about a person appointed to a position (dismissed from a position) of the head of service of a credit institution, from three to five days;

sets the requirement for a credit institution to submit to the Bank of Russia duly certified copies of documents on the basis of which it made an assessment of compliance of the said person with the qualification requirements established by Bank of Russia Ordinance No. No. 3223-U, dated 1 April 2014, ‘On the Requirements for Heads of Risk Management, Internal Control and Internal Audit Services of a Credit Institution’ and the requirements for business reputation stipulated by Clause 1 of Part 1 of Article 16 of the Federal Law ‘On Banks and Banking Activities’.

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

31.08.2016 00.00.00