On Bank of Russia Ordinance No. 3219-U dated 31 March 2014

The Bank of Russia issued Ordinance No. 3219-U dated 31 March 2014 ‘On the Procedure for the Bank of Russia to Take a Decision on the State Registration of Amendments Introduced to the Charter of a Credit Institution and the Issue of a Banking Licence Due to a Change in the Status of a Bank to Non-Bank Credit Institution or Due to a Change in Type of Non-Bank Credit Institution’ registered with the Ministry of Justice of the Russian Federation on 30 May 2014, registration No. 32508 (the Ordinance).

The Ordinance is a new revision of Bank of Russia Ordinance No. 1807-U dated 27 March 2007 ‘On the Procedure for the Bank of Russia to Take a Decision on the State Registration of Amendments Introduced to the Charter of a Bank and the Issue of a Banking Licence Due to the Receipt of the Bank’s Request on Change in its Status to that of a Non-Bank Credit Institution’ recognised as void.

The Ordinance regulates the issues of cooperation between the Bank of Russia and credit institutions when amending the Charter of credit institutions in case of changes in their status.

The Ordinance takes into account the change in the organisational structure of the Bank of Russia resulting from the establishment of the Systemically Important Banks Supervision Department and specifies the document flow pattern in case of change in the status of a systemically important credit institution. Besides, this credit institution is enabled to receive registration documents not only by regular mail or in the territorial division of the Bank of Russia at its location, but also in the Bank of Russia (Credit Institutions Licensing & Financial Rehabilitation Department).

Besides, banks changing their status to that of settlement non-bank institutions are not required to provide provisions on the settlement procedure alongside with documents for the state registration to the Bank of Russia.

Besides, the Ordinance specifies the provisions on providing the set of documents electronically to the Bank of Russia, it stipulates that in this case the licence issued to the credit institution is presented both electronically and in paper form.

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09.06.2014 00.00.00