On Bank of Russia Ordinance No. 3635-U, dated 18 May 2015 

The Bank of Russia issued Bank of Russia Ordinance No. 3635-U, dated 18 May 2015, ‘On Amending Bank of Russia Instruction No. 148-I, Dated 27 December 2013, ‘On the Procedure for Issuing Securities of Credit Institutions on the Territory of the Russian Federation’ registered by the Ministry of Justice of the Russian Federation on 28 July 2015, registration No. 38242 (hereinafter, the Ordinance).

The Ordinance deals with special considerations relating to the procedure of registration for issues of ordinary shares placed by a credit institution by exchange or conversion of its creditors’ claims on subordinated debt (deposits, loans, bond loans), including unpaid interest on such debt (deposits, loans, bond loans), as well as on financial penalties for default on obligation with respect to subordinated debt (deposits, loans, bond loans), relating to issues of preference shares and bonds of credit institutions payable by federal loan bonds.

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03.08.2015 00.00.00