Bank of Russia lays out procedure for financial institutions to report on controlling persons

A new Bank of Russia ordinance¹ establishes the form, procedure and deadlines for credit institutions, insurance companies and non-governmental pension funds to submit to the Bank of Russia information on their controlling persons, as well as procedures for the Bank of Russia to maintain the lists of persons controlling these financial institutions.

The ordinance defines the procedure for credit institutions, insurance companies and non-governmental pension funds to fulfil the statutorily required obligations.² It becomes effective 10 calendar days from the date of publication. Information on controlling persons should be initially submitted to the Bank of Russia by the above-mentioned financial institutions no later than 60 calendar days after the effective date of the ordinance.

Responses to typical questions coming in to the Bank of Russia regarding the application of the law are posted on the Bank of Russia website.

Starting from 25 July, information exchange participants’ personal accounts will offer forms for users to provide documents on the controlling persons of financial institutions (personal account section ‘Reporting / Access Procedures / 3030 Information on the List of Controlling Persons of the Financial Institution’).

In accordance with the provisions of the law, within three calendar days from the date of receipt of information on controlling persons the Bank of Russia will post the list of such persons on the Bank of Russia website. This list contains, among other things, a directory of codes of grounds based on which persons are considered compliant with the characteristics of controlling persons as defined in Federal Law No. 127-FZ, dated 26 October 2002, ‘On Insolvency (Bankruptcy)’ (Excel workbook sheet).

¹ Bank of Russia Ordinance No. 5814-U, dated 9 June 2021, 'On the Form, Procedure and Timeframes for Credit Institutions, Insurance Companies and Non-governmental Pension Funds to Submit to the Bank of Russia Information on Their Controlling Persons and on the Procedure for the Bank of Russia to Maintain the Lists of Persons Controlling Credit Institutions, Insurance Companies and Non-governmental Pension Funds’, registered by the RF Ministry of Justice on 9 July 2021.

² Federal Law No. 23-FZ, dated 24 February 2021, 'On Amending Certain Laws of the Russian Federation with Regard to Ensuring the Responsibility of Controlling Persons of a Financial Institution’, which became effective on 1 July 2021.

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15.07.2021 17.35.00