On 2 July 2013 the President signed Federal Law No. 146-FZ amending the Law on Banks and Banking Activity, the Law on the Bank of Russia and a number of other Russian laws. Following the Strategy for the Development of the Russian Banking Sector through 2015, the amendments aim to:
- improve the legal framework for admitting capital into the Russian banking sector (the consent of the Central Bank will now be required in case of an acquisition of more than 10% of shares in a bank (decreased from a 20% threshold), as well as requirements as to the business reputation of acquirers have been introduced);
- tighten the requirements for bank managers (the requirements relating to the business reputation of managers have been elaborated, and a new rule has been introduced, which requires that the compensation of a bank manager is dependent on the operating results of the bank)...
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