On Bank of Russia Ordinance No. 3392-U, dated 25 September 2014

The Bank of Russia issued Ordinance No. 3392-U, dated 25 September 2014, ‘On Requirements for the Standards and Rules of Self-regulating Organisations of Actuaries, and the Code of Professional Ethics’, registered by the Ministry of Justice of the Russian Federation on 20 October 2014 under No. 34367 (hereinafter the Bank of Russia Ordinance).

The Bank of Russia Ordinance shall set in compliance with point 3 of part 2 of Article 8 of Federal Law No. 293-FZ, dated 2 November 2013, ‘On Actuarial Activities in the Russian Federation’ (hereinafter the Law on Actuarial Activities) requirements for the standards and rules of self-regulating organisations of actuaries, and the code of professional ethics to establish conditions for a unified approach to the development and adoption by self-regulating organisations of actuaries standards that ensure highly professional and unbiased actuarial activities, the prevention of a conflict of interest and unfair competition among their members. The Bank of Russia Ordinance shall also specify requirements for the contents of the standards and rules of self-regulating organisations of actuaries, taking into account the subjects of mandatory actuarial valuation stipulated by Article 3 of the Law on Actuarial Activities.

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23.10.2014 00.00.00