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Amendments to legislation in the banking sector

July 3, 2013

Vladimir Putin signed Federal Law On Amendments to Certain Legislative Acts of the Russian Federation.

The federal law is aimed at bringing disclosure practices of banks and banking associations in line with current international practices.

The federal law specifies requirements for individual bank reporting, as well as for consolidated financial statements by banking groups.

The federal law contains requirements concerning the reputation of board members, management bodies, the chief accountant, as well as the founders (partners) of credit organisations that have more than a 10 percent stake in a bank.

The federal law introduces the obligation for credit institutions to create a system of risk and capital management, as well as one for remunerating employees consistent with the nature and extent of transactions executed, and the degree and combination of risks taken.

The federal law also specifies and expands the Bank of Russia’s powers with respect to regulating the activities of lending institutions, and monitoring their compliance with the Russian Federation’s legislation and the Bank of Russia’s directives.

July 3, 2013