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Law on new legal framework for credit rating agencies’ activities and the Bank of Russia’s authority

July 14, 2015

Vladimir Putin signed Federal Law On the Activities of Credit Rating Agencies in the Russian Federation, On Amending Article 761 of the Federal Law On the Central Bank of the Russian Federation (Bank of Russia), and Declaring Ineffective Certain Provisions of the Russian Federation Legislative Acts.

The Federal Law establishes operational conditions for credit rating agencies, including the procedure for registration and deregistration of such agencies, requirements to founders, management structure and internal control, the status of rating analysts, as well as peculiarities of disclosing information about the activity of such credit rating agencies and requirements to the disclosure of credit ratings and forecasts.

The Federal Law also sets forth the procedure for approving, applying and revising by rating agencies of the methodology used in their ratings and cases of deviating from such methodology.

July 14, 2015