Requirements for owners, management bodies and staff of financial market participants
Requirements established for the executives, heads and owners of financial institutions seek to bar access to management for non-qualified and unscrupulous persons who may influence corporate activities, and also to protect the rights and legitimate interests of financial market participants, their clients and partners.
The Bank of Russia monitors compliance with the requirements for qualification and business reputation. These requirements are mandatory for compliance by the following persons:
— executives and heads of financial institutions
- Members of Boards of Directors (Supervisory Boards)
- Members of collegial executive bodies
- Sole executive bodies
- Deputies of sole executive bodies
- Chief accountants
- Deputy chief accountants
- Heads of branches
- Chief accountants of branches
- Individuals acting as the above-mentioned persons
- Individuals entitled to dispose of monetary funds (for credit institutions) in accounts with the Bank of Russia
- Candidates for the above-mentioned positions
— officials of financial institutions
- Heads of Internal Control Services
- Chief Risk Officers
- Heads of Internal Audit Services
- Special officials in charge of the implementation of internal control rules as part of AML/FT/CFPWMD
- Individuals acting as the above-mentioned officials
- Candidates for the above-mentioned positions
— owners of financial institutions (FI)
- Holders of 10% or more of shares (stakes) in a FI (including, within a group of persons) — major owners
- Controllers of major owners
- Persons buying 10% or more of shares (stakes) in a FI (buyers) and persons installing control over major owners, sole executive bodies of the mentioned persons.
Buyers, major owners and controllers of major owners shall comply with the requirements for business reputation and for financial standing.
Department responsible for publication: Department for Market Access and Activity Termination of Financial Institutions
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Last updated on: 10.09.2020