Banking

 

On 21 June 2012 the Central Bank issued Directive No. 2839-U amending its Regulation No. 337-P “On the Procedure and Criteria for Evaluation of Financial Standing of Legal Entities that are Founders (Participants) of Lending Organizations.”

The Directive was registered with the Ministry of Justice on 13 July 2012.

The Regulation sets forth the procedure and criteria for evaluating the financial standing of legal entities that acquire shares in a Russian lending organization (e.g., in the course of its establishment, as a result of an increase in its charter capital or as a result of a share purchase on the secondary market).

The changes introduced by the Directive allow acquirers who have a certain credit rating to submit fewer documents to the Central Bank for evaluation of their financial standing. The Directive also removes specific levels of ratings assigned by the national rating agencies, which are used for the above purposes, and provides that the list of such agencies and the minimum required levels of ratings shall be established by the Central Bank and published on its website (www.cbr.ru) and in the Central Bank Herald.

The Directive will enter into force on 5 August 2012.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

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