Financial sector’s operation on 4–7 May 2021

Pursuant to the Executive Order of the Russian President No. 242, dated 23 April 2021, ‘On Non-Work Days in the Russian Federation in May 2021’, the Bank of Russia informs the parties concerned of the following.

Credit and non-bank financial institutions are recommended to determine their business schedule on 4–7 May 2021 on their own, taking into account their clients’ interests. To notify their clients of offices’ schedule of operation, changes in service provision procedures, and the functioning of online systems, the Bank of Russia recommends that credit and non-bank financial institutions promptly publish relevant information on their websites and at client service points, as well as communicate it to consumers and clients by any other means available.

Should credit and non-bank financial institutions make the decision to operate on the above non-work days, they should comply will all the legal requirements that are mandatory for compliance during business days.

The Bank of Russia recommends that credit institutions, if they make the decision to operate on the non-works days from 4 through 7 May 2021, including to conduct transactions at exchanges, provide their clients with all the necessary services that are offered during business days. To the extent envisaged by Russian laws, where non-bank financial institutions’ operation requires the engagement of a specialised depository of investment funds, unit investment funds and non-governmental pension funds, the specialised depository should ensure the functioning of all necessary systems to provide relevant services to clients.

Obligations under financial transactions due on the non-work days from 4 through 7 May 2021 are to be fulfilled by borrowers within time periods stipulated by relevant agreements.

The Bank of Russia holds that creditors acting in good faith will take into consideration whether debtors actually have opportunities to fulfil relevant obligations and can access remote services or visit a financial institution’s office to timely perform required operations, including as regards consequences of a failure to comply with relevant agreements.

In May, credit institutions should submit the reporting forms required by Bank of Russia Ordinance No. 4927-U¹ on calendar days that are not weekends or official holidays recognised as such by Russian laws. The period for credit institutions to submit the reporting forms required by Bank of Russia Ordinance No. 4927-U to the Bank of Russia starts on 4 May 2021 (weekends and official holidays are not calculated to determine the deadline for reporting submission).

In May, bank holding companies should submit notices and reporting required according to Bank of Russia Ordinance No. 3780-U,² Bank of Russia Ordinance No. 3777-U,³ and Bank of Russia Ordinance No. 4619-U⁴ to the Bank of Russia on calendar days that are not weekends or official holidays recognised as such by Russian laws. The period for submitting notices and reporting to the Bank of Russia in accordance with Bank of Russia Ordinance No. 3780-U, Bank of Russia Ordinance No. 3777-U, and Bank of Russia Ordinance No. 4619-U starts on 4 May 2021 (weekends and official holidays are not calculated to determine the deadline for reporting submission).

In May, payment system operators, payment infrastructure operators and funds transfer operators should submit the reporting forms and information required by Bank of Russia Ordinance No. 5142-U,⁵ Bank of Russia Ordinance No. 5110-U,⁶ Bank of Russia Ordinance No. 3304-U,⁷ Bank of Russia Ordinance No. 2831-U,⁸ Bank of Russia Regulation No. 423-P,⁹ and Bank of Russia Ordinance No. 5429-U¹⁰ and notices on their participation (termination of participation) in a foreign payment system required by Bank of Russia Ordinance No. 5323-U¹¹ (hereinafter, data) on calendar days that are not weekends or official holidays recognised as such by Russian laws. The period for submitting the said data to the Bank of Russia starts on 4 May 2021 (weekends and official holidays are not calculated to determine the deadline for reporting submission).

As regards reporting and information to be submitted to the Bank of Russia by non-bank financial institutions, 11 May should be deemed to be the deadline where the last date for submitting reporting and other information to the Bank of Russia falls within the period from 4 through 7 May 2021. Where periods for submitting reporting and other information by non-bank financial institutions are calculated in business days, the days from 4 through 7 May 2021 are not calculated to determine respective deadlines.

From 4 through 7 May, the Bank of Russia Payment System will operate according to the schedule.

¹ Bank of Russia Ordinance No. 4927-U, dated 8 October 2018, ‘On the List, Forms and Procedure for Compiling and Submitting Credit Institutions’ Reporting Forms to the Central Bank of the Russian Federation’ (as amended).

² Bank of Russia Ordinance No. 3780-U, dated 9 September 2015, ‘On the Procedure for Notifying the Bank of Russia of the Establishment of a Bank Holding Company, the Formation of the Management Company of a Bank Holding Company and its Powers Granted’ .

³ Bank of Russia Ordinance No. 3777-U, dated 9 September 2015, ‘On Compiling and Submitting Financial Statements and Other Information on Bank Holding Company Risks to the Bank of Russia’.

⁴ Bank of Russia Ordinance No. 4619-U, dated 27 November 2017, ‘On the Procedure and Timeframe for Bank Holding Companies to Disclose and Submit Consolidated Financial Statements’.

⁵ Bank of Russia Ordinance No. 5142-U, dated 13 May 2019, ‘On the Form and Timeframe for Submission to the Bank of Russia of Payment System Reports by Payment System Operators and the Methodology for Their Preparation’.

⁶ Bank of Russia Ordinance No. 5110-U, dated 1 April 2019, ‘On the Form and Timeframe for Submitting to the Bank of Russia Statements of a Payment Infrastructure Operator and a Payment System Operator on Incidents that Occurred (were Identified) during the Provision of Payment Infrastructure Services and on Indicators of the Smooth Functioning of the Payment System, and the Methodology for Compiling Such Statements’.

⁷ Bank of Russia Ordinance No. 3304-U, dated 27 June 2014, ‘On Reporting by Payment System Operators on Payment Systems Used to Make Funds Transfers in Organised Trading’.

⁸ Bank of Russia Ordinance No. 2831-U, dated 9 June 2012, ‘On Reporting by Payment System Operators, Payment Infrastructure Operators, Funds Transfer Operators on Information Protection During Funds Transfers’.

⁹ Bank of Russia Regulation No. 423-P, dated 12 June 2014, ‘On the Security Deposits of Payment System Operators Other than Nationally Important Payment Systems’.

¹⁰ Bank of Russia Ordinance No. 5429-U, dated 6 April 2020, ‘On the Procedure for the Bank of Russia to Maintain the List of Payment Application Providers, List of Foreign Providers of Payment Services, List of Information Exchange Operators, and List of Bank Payment Agents Engaged in Payment Aggregator Operations; on the Procedure, Forms, Composition, and Timeframe for Funds Transfer Operators and Payment System Operators to Provide Information for the Maintenance of the Specified Lists’.

¹¹ Bank of Russia Ordinance No. 5323-U, dated 21 November 2019, ‘On the Form of Notifying the Bank of Russia by Funds Transfer Operators about their Participation (Termination of Participation) in a Foreign Payment System and on the Procedure for Compiling and Submitting Such Notification’.

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27.04.2021 14.25.00