Bank of Russia sets requirements for securities eligible for operations of banks with a basic licence

The Bank of Russia’s draft ordinance expands the list of securities stipulated in the law ‘On Banks and Banking Activities’ eligible for transactions and trades carried out by banks with a basic licence (securities included in the top tier quotation list of a trade organiser in which the Bank of Russia is a shareholder). Such securities are expected to primarily comprise securities issued by banks with a basic licence, as well as securities bought before the bank’s status was changed which do not meet the requirements of the law ‘On Banks and Banking Activities’ or ceased to meet these requirements during the period when they were held in the bank’s portfolio. This will allow banks to sell them within the set timeframe. Furthermore, the list of eligible securities may comprise Bank of Russia bonds placed with credit institutions as part of monetary policy implementation.

The draft Bank of Russia ordinance ‘On the Requirements for Securities Eligible for Transactions and Trades of Banks with a Basic Licence in the Securities Market’ is currently undergoing an independent anti-corruption review.