How to avoid errors when submitting documents for acquisition of equity instruments of financial institutions: regulator's recommendations
The Bank of Russia has prepared recommendations for legal entities and individuals who submit requests to the regulator to purchase equity instruments of financial institutions and establish control over the participants of such organisations. The recommendations cover the most common issues and ways to resolve them.
The Bank of Russia reminds that the request consideration deadline (30 days) is calculated from the date of receipt by the Bank of Russia of all duly executed and certified documents. Therefore, following the recommendations will not only help avoid mistakes but also speed up the review process.
Typical errors made by legal entities include: the absence of information about the persons controlling the acquirer organisation, incorrectly filled out or not submitted acquirer questionnaires, the absence of information about previously sent documents, and other errors.
Individuals submitting requests often incorrectly compile a chart of a group of persons, there is no approval of the transaction by the Federal Antimonopoly Service (FAS), a questionnaire is not submitted or contains incomplete or incorrect information, and other errors.