On Bank of Russia Ordinance No. 4118-U, dated 30 August 2016

On 30 August 2016, the Bank of Russia issued Ordinance No. 4118-U ‘On Amending Bank of Russia Ordinance No. 3219-U, Dated 31 March 2014, ‘On the Procedure for the Bank of Russia to Take a Decision on the State Registration of Amendments Introduced to the Charter of a Bank and the Issue of a Banking Licence Due to the Receipt of the Bank’s Request on Change in its Status to that of a Non-bank Credit Institution’ registered with the Ministry of Justice of the Russian Federation on 21 September 2016, registration No. 43740.

Bank of Russia Ordinance No. 4118-U brings Bank of Russia Ordinance No. 3219-U, dated 31 March 2014, in line with provisions of Article 11.2 of the Federal Law ‘On Banks and Banking Activities’ as regards requirements to the capital amount for non-bank credit institutions (hereinafter, NCI) — 90 million rubles.

Also, Bank of Russia Ordinance No. 4118-U amends Bank of Russia Ordinance No. 3219-U, dated 31 March 2014, with provisions relating to the confirmation of compliance with requirements set in Part 1 of Article 16 of the Federal Law ‘On Banks and Banking Activities’, persons functioning as credit institution’s managers, chief accountant, deputy chief accountants, as well as individuals temporarily functioning as managers, chief accountant (deputy chief accountants) of a credit institution, or who are entrusted with certain duties of the said officials which envisage the right to dispose of funds deposited in credit institution’s accounts opened with the Bank of Russia (in the event of NCO type change from payment NCO to settlement NCO or to NCO involved in deposit and credit operations).

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