On Bank of Russia Ordinance No. 3975-U, dated 9 March 2016

The Bank of Russia issued Ordinance No. 3975-U, dated 9 March 2016, ‘On Amending Bank of Russia Regulation No. 275-P, Dated 11 August 2005, ’On the Procedure for Issuing a Bank of Russia Banking Licence to a Credit Institution against which the Bankruptcy Proceedings are Closed Due to the Settlement of its Obligations by Founders (Members) or a Third Party (Third Parties)’ registered by the Ministry of Justice of the Russian Federation on 4 April 2016, registration No. 41652 (hereinafter, the Ordinance).

The Ordinance has been issued due to the enactment of Federal Law No. 186-FZ, dated 29 June 2015, ’On Amending Certain Laws of the Russian Federation’ amending Article 189⁹³ of the Federal Law ’On Insolvency (Bankruptcy)’ to specify grounds for the Bank of Russia to take a decision to issue a banking licence to a credit institution in the event that the obligations of the credit institution have been fulfilled at the expense of funds of its founders (members) or a third party (third parties) in the course of a receivership.

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