On Bank of Russia Ordinance No. 4168-U, dated 27 October 2016 

The Bank of Russia issued Ordinance No. 4168-U, dated 27 October 2016, ‘On the Procedure for Determining Misreporting by Microfinance Organisations to the Bank of Russia and its Materiality Qualifiers’ (hereinafter referred to as Ordinance No. 4168-U), registered with the Ministry of Justice of the Russian Federation on 17 March 2017 under No. 46008.

Reporting of microfinance organisations shall be recognised considerably unreliable based on one or more criteria stipulated in Ordinance No. 4168-U.

Should a microfinance organisation repeatedly misreport, the Bank of Russia shall be entitled to decide on striking the information on the legal entity off the state register of microfinance organisations.

Ordinance No. 4168-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.

27.03.2017 00.00.00