© 2008. pepeliaev, goltsblat & partners. all rights reserved. foreign banks in russia: legal...
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© 2008. Pepeliaev, Goltsblat & Partners. All rights reserved.
Foreign banks in Russia:legal regulation
Lidia GorshkovaHead of Banking Practice
28 September 2008
© 2008. Pepeliaev, Goltsblat & Partners. All rights reserved.
Principal regulatory acts
Federal Law No. 86-FZ dated 10 July 2002 "On the Central Bank of the Russian Federation (the Bank of Russia)"
Federal Law No. 395-I dated 2 December 1990 “On Banks and Banking"
Regulation of the Bank of Russia No. 109-I dated 14 January 2004 "On decision-making by the Bank of Russia on state registration of credit institutions and issuing of banking licences"
Regulations of the Bank of Russia No. 437 dated 23 April 1997 "On the specific of registration of foreign-invested credit institutions"
Regulation of the Central Bank of Russia No. 130-I dated 21 February 2007 "On seeking preliminary consent from the Bank of Russia to acquisition and (or) obtaining of shares (stakes) in a credit institution in fiduciary management"
Regulations on establishment and activities of representative offices of foreign credit institutions in the Russian Federation (approved by Order of the Bank of Russia No. 02-437 dated 7 October 1997)
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Possible forms of establishment
Representative Office
Branches
Foreign-invested credit institutions
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Establishment of a representative office
Subject to approval by the Bank of Russia Permit term is for 3 years (provided activities commenced within 6
months) Restrictions on headcount and control over activities by the Bank
of Russia Possible termination of the representative office by the Bank of
Russia without stating the reason Possible extension of the Permit Criteria for success:
goodwill financial soundnessbilateral relations
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Foreign-invested subsidiary banks
Establishment
Preliminary approval by the Bank of Russia (LOI)
Permit term is 1 year Minimum €5 mln charter
capital
Acquisition
No special (discriminatory) requirements
Subject to approval by the Bank of Russia for acquisition of more than 20%, notice of acquisition of more than 1%
Subject to approval by the Russian Federal Antimonopoly Service for acquisition of more than 25% of the shares and more than a 1/3 stake in the charter capital provided company assets are more than RR3 bln ($120 mln)
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Admission for foreign bank branches
Envisaged by the legislation as a part of the Russian banking system
Source of long-term investment given lack of funding in the real economy
Possible regulation and control by the Bank of Russia, including special admission and business parameters
Mandatory regulation in the following spheres: licensing supervision (including parent banks) deposit insurance system corporate compliance taxation etc.
© 2008. Pepeliaev, Goltsblat & Partners. All rights reserved.© 2008. Pepeliaev, Goltsblat & Partners. All rights reserved.
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