On the Financial System Specifics of the Republic of Crimea and the Federal City of Sevastopol for a Transition Period and the Protection of Interests of Individual Bank Depositors
Following the entry into effect on 2 April Federal Law No.
1. Banks registered in the Republic of Crimea and (or) the federal city of Sevastopol, banks that work in the Republic of Crimea and (or) the federal city of Sevastopol are to send to the Bank of Russia:
no later than 17 April 2014 Notification of Business Continuation until 1 January 2015 stipulated by point 2 of part 1 of Article 3 of the above FederalLaw. This Notification is sent to the Bank of Russia Regional Branch for the Krasnodar Territory under Bank of Russia Order No. OD-562, dated 4 April 2014, which, among others, specifies notification forms;
no later than 2 May 2014 information and documents stipulated by point 5 of part 1 of Article 3 of the FederalLaw, dated 2 April. The information and documents are to be sent to the Bank of Russia Division for the Republic of Crimea or to the Bank of Russia Division for the City of Sevastopol, depending on the location of a bank or its separate structural division, under Bank of Russia Order No. OD-563, dated 4 April 2014, which, among others, specifies methods of sending information.
2. Non-bank financial institutions that make funds transfers without opening a bank account and financial institutions acting as exchange offices registered in the Republic of Crimea or the federal city of Sevastopol are to send to the Bank of Russia:
no later than 17 April 2014 Notification of Business Continuation until 1 January 2015 stipulated by point 2 of part 1 of Article 15 of the above FederalLaw. This Notification is sent to the Bank of Russia Regional Branch for the Krasnodar Territory under Bank of Russia Order No. OD-562, dated 4 April 2014. Notification forms are specified by the Order.
3. The Bank of Russia by its Order No. OD-525 of 3 April and Order No. OD-559 of 4 April defines:
the procedure for requesting from banks, their branches, subsidiaries, other structural divisions (hereinafter referred to as separate structural divisions) located in the Republic of Crimea and (or) the federal city of Sevastopol a register of liabilities to creditors and depositors (hereinafter referred to as a request, register). The fulfillment of this request is one of indispensable conditions of their business continuation in the Republic of Crimea and (or) the federal city of Sevastopol;
official publications for reporting by the independent non-commercial organization Depositor Protection Fund offers on the acquisition of deposit claims.
Bank of Russia Order No. OD-525 stipulates that a request can also be filed in cases the Bank of Russia receives customer complaints against the activities of a bank, its separate structural division, and identifies facts pointing to threats created by them to creditor and depositor interests.
4. Business of bank separate structural divisions that work in the Republic of Crimea and (or) in the federal city of Sevastopol may be terminated in accordance with Bank of Russia Order No. OD-561 of 4 April 2014.
A decision on business termination of bank separate structural divisions that work in the Republic of Crimea and (or) in the federal city of Sevastopol is made by the Bank of Russia Banking Supervision Committee.
The grounds for business termination of bank separate structural divisions are specified by Article 7 of Federal Law No.
A decision taken by the Bank of Russia on business termination of a bank separate structural division that works in the Republic of Crimea or the federal city of Sevastopol serves as a reason for acquiring by non-commercial organization Depositor Protection Fund claims on deposits placed with a separate division for compensation payments to depositors under Article 7 of Federal Law No.
Offers by the independent non-commercial organization Depositor Protection Fund on the acquisition of deposit claims shall be published in the Bank of Russia Bulletin, newspapers Crimean News, Crimean Pravda, Sevastopol News, Glory to Sevastopol.
All the above Bank of Russia orders are placed on the Bank of Russia site in Section Additional Materials, subdivision Information for Crimeans and Sevastopol residents.
The reference to the Press Service is mandatory if you intend to use this material.
07.04.2014 00.00.00