On Bank of Russia Ordinance No. 3279-U dated 11 June 2014 

The Bank of Russia issued Ordinance No. 3279-U, dated 11 June 2014, ‘On the Amendments to Bank of Russia Ordinance No. 2330-U, dated 11 November 2009, ‘On the Procedure for Prohibiting Banks from Taking Household Deposits and Opening Household Accounts’ registered with the Ministry of Justice of the Russian Federation on 15 July 2014.

The Ordinance is worked out with the view of conforming Bank of Russia Ordinance No. 2330-U, dated 11 November 2009, to the provisions of Article 48 of the Federal Law ‘On the Insurance of Household Deposits in Banks of the Russian Federation’ (hereinafter, the Federal Law) amended by Federal Law No. 335-FZ, dated 2 December 2013, ‘On the Amendments to the Federal Law ‘On the Insurance of Household Deposits in Banks of the Russian Federation’, the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and on Invalidation of Individual Provisions of Legislative Acts of the Russian Federation’ with effect from 3 April 2014.

The Ordinance provides for:

— excluding the provision on the right of the Bank of Russia for prohibiting banks from taking household deposits and opening household accounts (hereinafter, the prohibition) stipulated by the previous version of Article 48 of the Federal Law;

— changing the term for the Bank of Russia to communicate the prohibition to the state corporation Deposit Insurance Agency from one working day to one calendar day;

— the provision on responsibility of the bank subject to the prohibition to place information on the termination of its right to take household deposits in the bank’s premises accessible to customers, its branches and internal structural divisions, on the bank’s website on the Internet and on responsibility to communicate the prohibition to its branches, representative offices and internal structural divisions;

— the procedure for the Bank of Russia to place and remove information on the prohibition with regard to the bank on the Bank of Russia official website on the Internet alongside with the Bank of Russia information notice in compliance with Part 3 of Article 48 of the Federal Law.

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22.07.2014 00.00.00