On Bank of Russia Ordinance No. 4003-U, dated 25 April 2016

The Bank of Russia issued Ordinance No. 4003-U, dated 25 April 2016, ‘On Amending Bank of Russia Ordinance No. 3222-U, Dated 1 April 2014, ‘On the Procedure for the Bank of Russia to Make a Decision on a Non-bank Credit Institution Becoming a Bank’, registered by the RF Ministry of Justice on 27 May 2016, Reg. No. 42310 (hereinafter, the Ordinance).

The Ordinance supplements Bank of Russia Ordinance No. 3222-U, dated 1 April 2014, ‘On the Procedure for the Bank of Russia to Make a Decision on a Non-bank Credit Institution Becoming a Bank’, with provisions on the mandatory compliance with the requirements of Clause 1 of Part 1 of Article 16 of the Federal Law ‘On Banks and Banking Activities’ by individuals sitting in the boards of directors (supervisory boards), holding the positions of the head, chief accountant and deputy chief accountant of a credit institution, and also by individuals acting as the head, chief accountant (deputy chief accountant) of a credit institution, or by individuals assigned with certain duties of the indicated officials to manage credit institution’s funds on its accounts with the Bank of Russia, — so that a non-bank credit institution may become a bank.

It is hereby also established that for a non-bank credit institution (after a change in its status) to get the right to collect cash, promissory notes, payment and settlement documents, and to engage in the provision of cash services to individuals and legal entities, such institution may submit to the Bank of Russia (within the set of respective documents) agreements with provisions on their coming into effect from the date of the state registration of the amendments to the charter of the non-bank credit institution (new version of the charter).

The provisions of the Ordinance will apply to non-bank credit institutions acquiring the status of banks and the above-listed officials of such non-bank credit institutions.

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