On forms, timeframes and procedure for microfinance and microcredit companies to report to the Bank of Russia

The Bank of Russia issued Ordinance No. 4383-U, dated 24 May 2017 ‘On the Forms, Timeframes and Procedure for Microfinance and Microcredit Companies to Compile and Submit Reports to the Bank of Russia, the Procedure and Timeframes for Disclosing the Accounting (Financial) Statements and the Auditor’s Report by a Microfinance Company’, registered with the Ministry of Justice of the Russian Federation under No. 47512 on 25 July 2017 (hereinafter referred to as Ordinance No. 4383-U).

Ordinance No. 4383-U is based on amendments to Federal Law No. 151-FZ, dated 2 July 2010, ‘On Microfinance Activities and Microfinance Organisations’ with regards to division of microfinance organisations into microfinance and microcredit companies and obliging microfinance companies to audit and disclose their accounting (financial) statements, as well as the auditor’s report on the annual accounting (financial) statements.

Ordinance No. 4383-U introduces the following reporting forms for microfinance organisations:

• — 0420840 ‘Statement of microfinance activity of a microfinance company’;
• — 0420846 ‘Statement of microfinance activity of a microcredit company’;
• — 0420847 ‘Statement of weighted average effective interest rate on consumer microloans’;
• — 0420841 ‘Statement of management personnel of a microfinance organisation’;
• — 0420848 ‘Statement of approval by the authorised body of a microfinance company of the general shareholders’ meeting agenda to approve an audit firm (auditor)’;
• — 0420849 ‘Statement of a microfinance company on the audit firm (auditor)’;
• — 0420839 ‘Statement of persons entrusted with identification by a microfinance company’.

Starting from the day when Ordinance No. 4383-U becomes effective, Bank of Russia Ordinance No. 3979-U, dated 11 March 2016, ‘On the Form, Timeframes and Procedure for Compiling and Submitting to the Bank of Russia Documents Containing Statements of Microfinance Activity and Statement of the Management Personnel of a Microfinance Organisation’ shall be invalidated.

Ordinance No. 4383-U shall become effective ten days after the official publication.

The reference to the Press Service is mandatory if you intend to use this material.

11.08.2017 00.00.00