New rules for CCCs’ admission to financial market come into force
New rules are aimed at enhancing the transparency of consumer credit cooperatives (CCCs) to their members. The amendments to the Federal Law ‘On Credit Cooperation’ become effective on 5 February 2025.
Before this date, the Bank of Russia kept the register of CCCs based on data from the Unified State Register of Legal Entities. Now, information will be entered into the register of CCCs only after a self-regulatory organisation in the financial market or the Bank of Russia, depending on a CCC’s level, has reviewed the CCC’s documents.
The regulator has established the procedure for keeping the register of CCCs and submitting documents for entering data therein. In addition, the organisation’s management will be assessed for compliance with qualification and business reputation requirements.
More details on the procedure for admission of CCCs to the financial market are available on the Bank of Russia website.