On Bank of Russia Ordinance No. 3982‑U, dated 21 March 2016

On Bank of Russia Ordinance No. 3982‑U, dated 21 March 2016, ‘On Amendments to Paragraphs 4.3 and 17.7 of Bank of Russia Instruction No. 135-I, Dated 2 April 2010, ‘On the Procedure for the Bank of Russia to Make Decisions on the State Registration and Licensing of Credit Institutions’

The Bank of Russia issued Ordinance No. 3982-U, dated 21 March 2016, ‘On Amendments to Paragraphs 4.3 и 17.7 of Bank of Russia Instruction No. 135-I, Dated 2 April 2010, ‘On the Procedure for the Bank of Russia to Make Decisions on the State Registration and Licensing of Credit Institutions’ (hereinafter, Bank of Russia Ordinance No. 3982-U), registered by the RF Ministry of Justice on 13 April 2016, Reg. No. 41783.

Ordinance No. 3982-U:

• Specifies the list of countries the national currencies of which are accepted for payment of a credit institution’ shares. The current list includes the People’s Republic of China;

• Specifies the list of banks wherewith credit institutions may open correspondent accounts (or use accounts already opened) or special savings accounts, for foreign-currency funds of a share acquirer to be credited into. In addition to banks holding Standard & Poor’s, Fitch Ratings and (or) Moody^’s Investors Service ratings, such accounts may be opened with banks holding a credit rating from at least one of the rating agencies to be selected by the Bank of Russia Board of Directors from the Bank of Russia’s Register of Credit Rating Agencies.

Once Bank of Russia Ordinance No. 3982-U becomes effective, the following Bank of Russia regulations will be deemed as null and void, in keeping with Bank of Russia Ordinance No. 4017-U, dated 13 May 2016, ‘On Revocation of Individual Bank of Russia Regulations’:

• Bank of Russia Ordinance No. 513-U, dated 19 March 1999, ‘On the Procedure for Payment of Credit Institutions’ Charter Capitals in Foreign Currency and for Accounting of the Corresponding Transactions’

• Bank of Russia Ordinance No. 564-U, dated 19 March 1999, ‘On Amendments to Bank of Russia Ordinance No. 513-U, Dated 19 March 1999, ‘On the Procedure for Payment of Credit Institutions’ Charter Capitals in Foreign Currency and for Accounting of the Corresponding Transactions’

• Bank of Russia Ordinance No. 864-U, dated 18 December 2000, ‘On Amendments to Bank of Russia Ordinance No. 513-U, Dated 19 March 1999, ‘On the Procedure for Payment of Credit Institutions’ Charter Capitals in Foreign Currency and for Accounting of the Corresponding Transactions’.

The reference to the Press Service is mandatory if you intend to use this material.

17.05.2016 00.00.00