On Bank of Russia Regulation No. 467-P dated 22 April 2015

The Bank of Russia has issued Regulation No. 467-P dated 22 April 2015 ‘On the Procedure for the Bank of Russia’s Accreditation of Foreign Credit Institution Representations and Foreign Nationals Employed by a Foreign Credit Institution Representation; and on the Procedure for Control Over a Foreign Credit Institution Representation’s Operations’ (further referred to as ’the Regulation’).

The Regulation establishes rules and procedures as follows:

The procedure for the Bank of Russia’s accreditation of foreign credit institution representations, extension or termination of such representation’s accreditation and document forms confirming the Bank of Russia’s relevant decision;

The personal accreditation procedure for foreign nationals employed by foreign credit institution representations, and document forms confirming such personal accreditation;

The procedure for control over a foreign credit institution representation’s operations, including requirements for the contents of reports on a representation’s operations;

The procedure for replacement of Representation Accreditation Certificates and individual ID cards of representations’ foreign employees.

This Regulation has been developed in accordance with Article 52 of Federal Law No. 86-FZ dated 10 July 2002 ‘On the Central Bank of the Russian Federation (Bank of Russia)’, Article 22 of Federal Law No. 395-1 dated 2 December 1990 ‘On Banks and Banking Activities’, Article 1 of Federal Law No. 160-FZ dated 9 July 1999 ‘On Foreign Investments in the Russian Federation’, Federal Law No. 12-FZ dated 3 February 2014 ‘On Amendments to Article 22 of the Federal Law On Banks and Banking Activities‘ and Article 1 of the Federal Law ‘On Foreign Investments in the Russian Federation’ and Federal Law No. 106-FZ dated 5 May 2014 ‘On Amendments to Certain Legislative Acts of the Russian Federation’.

These laws have been a legal framework for the Bank of Russia to set forth the procedure for accreditation of foreign credit institution representations, accreditation of foreign nationals employed by foreign credit institutions and the procedure for control over a foreign credit institution’s operations and visa support to foreign nationals employed by a foreign credit organization’s representation and their family members.

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16.09.2015 00.00.00