On Bank of Russia Ordinance No. 3287-U dated 20 June 2014

The Bank of Russia issued Ordinance No. 3287-U, dated 20 June 2014, ‘On Introducing Amendments to Bank of Russia Regulation No. 345-P, dated 27 October 2009, ‘On the Procedure for Disclosing Information on the Bank of Russia Website on Parties Exerting Material (Direct or Indirect) Influence on Decisions Taken by the Management Bodies of the Banks Participating in the System of the Insurance of Household Deposits with Russian Banks’ registered with the Ministry of Justice of the Russian Federation on 22 July 2014, Registration No. 33198 (hereinafter, the Ordinance).

The Ordinance introduces amendments to Bank of Russia Regulation No. 345-P, dated 27 October 2009, ‘On the Procedure for Disclosing Information on the Bank of Russia Website on Parties Exerting Material (Direct or Indirect) Influence on Decisions Taken by the Management Bodies of the Banks Participating in the System of the Insurance of Household Deposits with Russian Banks’ (hereinafter, Regulation No. 345-P), including those connected with enactment on 3 April 2014 of Federal Law No. 335-FZ, dated 2 December 2013 ‘On Introducing Amendments to the Federal Law ‘On the Insurance of Household Deposits with Russian Banks’, the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and Recognising Invalid Certain Provisions of Legislative Acts of the Russian Federation’ (hereinafter, the Law).

Amendments introduced to Regulation No. 345-P are connected with transforming an indicator showing the compliance of the bank participating in the deposit insurance system with the Bank of Russia procedure for disclosing information on the entities controlling or exerting significant influence on the bank to the public into a separate indicator, earlier it used to be included in the group of the bank’s financial stability indicators,.

The Ordinance also provides for amendments aimed at improving the procedure for disclosing information to the public on entities controlling or exerting significant influence on the bank. In particular, the procedure for composing a list of entities controlling or exerting significant influence on the bank, and for composing the scheme of interactions between the banks and the entities controlling or exerting significant influence on the bank, in the part of reflecting signs of control and significant influence is clarified in compliance with IFRS.

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04.08.2014 00.00.00