Possible application of certain types of credit ratings for investment of pension savings

The Bank of Russia’s Board of Directors in its 15 December 2017 meeting decided to include non-financial company credit ratings on the national rating scale for the Russian Federation into credit ratings in the classification of Rating Agency Expert RA referred to in the 29 June 2017 Bank of Russia Board of Directors’ decision (information notice of 3 July 2017, posted on the Bank of Russia website: ‘On Establishing Long-term Credit Ratings for Investment of Pension Savings and Military’s Housing Support’) made to apply Bank of Russia Regulation No. 580-P, dated 1 March 2017, ‘On Additional Restrictions on Investing Pension Savings Placed with Non-governmental Pension Funds Providing Mandatory Pension Insurance; on Cases When a Management Company Acting as a Trustee of Pension Savings Is Entitled to Execute Repo Agreements; on Requirements Aimed at Risk Mitigation the Observance Whereof Entitles the Management Company to Execute Derivative Contracts; on Additional Requirements for Credit Institutions Which Servicemen Pension and Housing Savings are Placed with; and on the Additional Requirement for the Management Company to Finance Funded Pension under Pension Savings Trust Management Agreement’.

This decision is to be applied as of the day it is published on the Bank of Russia website.

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