Insurance of Individual Bank Deposits

 

On 4 June 2012 the Central Bank issued Directive No. 2827-U amending its Regulation No. 345-P. The Directive was registered with the Ministry of Justice on 14 June 2012.

Under Russian law, banks that participate (or plan to participate) in the system of mandatory insurance of individual bank deposits are to disclose information on persons that significantly impact (directly or indirectly) decisions of the bank’s governing bodies. Such information is to be posted on the Central Bank’s website or on the bank’s website.

According to the amendments the banks will also have to post information on the total share (percentage) held by the minority shareholders (i.e. those who own less than 1% of the bank’s shares (participation interests)) and the total share (percentage) of publicly traded shares.

The Directive entered into force on 9 July 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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