Russian Legislation Update - 10 February – 2 March 2014

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In This Issue:

- Banking

- Anti-Money Laundering

- Concession Agreements

- Public Procurement

- Employment/Foreign Citizens

- Court Practice: Bankruptcy

- Excerpt from Banking -

On 25 October 2013 the Bank of Russia approved Regulation No. 408-P “On the Procedure for Assessing Compliance with the Requirements to Qualification and Business Reputation…”

The Regulation was registered by the Ministry of Justice on 26 December 2013.

The Regulation was issued following the recent legislative changes (introduced by Federal Law No. 146-FZ of 2 July 2013) requiring bank’s managers, members of the board of directors, shareholders owning more than 10 percent of bank’s shares, controlling persons of such shareholders and managers of such shareholders/controlling persons to comply with certain requirements to qualification and/or business reputation, as applicable (for more details please see our Special Alert of September 2013 on Changes in Banking Laws, available on: www.whitecase.com).

The Regulation contains updated rules on the procedures for coordinating the appointment of bank’s managers with the Bank of Russia and notifying it of any appointment/selection and dismissal of managers and members of the board of directors. It also sets out the procedures for the Bank of Russia to check the business reputation of the banks’ shareholders, their controlling persons and managers of such shareholders/controlling persons (e.g., at the time when a bank is being established, when the consent of the Bank of Russia is sought for acquisition of a bank’s shares or when a bank’s charter capital is being increased).

Please see full publication below for more information.

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Topics:  Anti-Money Laundering, Commercial Bankruptcy, Foreign Banks, International Labor Laws, Legislative Agendas, Public Procurement Policies, Russia

Published In: Bankruptcy Updates, Finance & Banking Updates, Government Contracting Updates, Labor & Employment Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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