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Restoration of business reputation

A person whose business reputation or qualification has been recognised as non-compliant with established requirements shall be entitled to file a complaint with the Bank of Russia Complaint Review Commission against decisions made by Bank of Russia officials on his/her non-compliance with the qualification requirements and/or the requirements for business reputation established by federal law.

The list of persons entitled to apply to the Commission is determined by Bank of Russia Ordinance No. 4666-U, dated 26 December 2017, ‘On the Procedure for Appealing Against a Person’s Recognition as Non-compliant with Qualification Requirements and/or Business Reputation Requirements’ (active hyperlink to the Ordinance).

The Commission shall make a decision on the compliance of the applicant’s business reputation or qualification with the requirements established by federal law if it is determined that he/she was not involved in the decisions or actions/inactions which served as the basis for his/her recognition as non-compliant with the established requirements.

Requirements for the form and contents of a complaint:

  • to specify information about the applicant that would allow his/her identification as well as the name and details of the document from which they became aware of the adoption of the disputed decision;
  • to provide the motivated explanation of the applicant’s disagreement with the disputed decision, including references to the documents attached to the application and to the statutory norms of the Russian Federation;
  • the complaint shall enclose documented evidence of the applicant’s non-involvement in decisions or actions/inactions that had negative implications for the activity of a financial institution.

After these issues are considered by the Bank of Russia, the person shall be entitled to take legal action in order to appeal against decisions on his/her business reputation or qualification.

Department responsible for publication: Department for Financial Institutions’ Market Access and Termination of Their Activities
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Last updated on: 20/03/2020