Bank of Russia expands list of cases in which credit institutions are required to submit business plans
The Bank of Russia has issued an ordinance comprising an exhaustive list of cases in which credit institutions are required to submit business plans to the regulator. The document also stipulates the deadlines for preparing a business plan, the requirements for its content and form and the criteria for its assessment by the Bank of Russia.
The key innovations in the ordinance are that the requirement to submit a business plan becomes applicable to such cases as the reorganisation of a credit institution through a merger or acquisition, the assignment to a bank holding a universal licence of the status of a bank with a basic licence or vice versa, and the change of the status of a microfinance organisation to the status of a bank holding a basic licence or a non-bank credit institution.
In addition, the minimum period of a business plan has been extended from two to three full calendar years.
The document was drawn up to replace Bank of Russia Ordinance No.
The new rules for business plan assessment will be applied by the regulator to business plans approved by credit institutions after the effective date of the ordinance.