NO. 395-i of december 2, 1990 on banks and banking activities icon

NO. 395-i of december 2, 1990 on banks and banking activities



НазваниеNO. 395-i of december 2, 1990 on banks and banking activities
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FEDERAL LAW
NO. 395-I OF DECEMBER 2, 1990
ON BANKS AND BANKING ACTIVITIES
(with the Amendments and Additions of December 12, 1991, February 13, June 24, 1992, February 3, 1996, July 31, 1998, July 5, 8, 1999, June 19, August 7, 2001, March 21, 2002, June 30, December 8, 23, 2003, June 29, July 29, November 2, December 29, 30, 2004, July 21, 2005, February 2, May 3, July 27, December 18, 29, 2006, May 17, July 24, October 2, November 2, December 4, 2007, March 3, April 8, December 30, 2008, February 28, April 28, June 3, July 24, November 25, December 27, 2009, February 15, May 8, July 1, 23, 27, November 15, 2010, February 7, June 27, July 1, 11, November 21, December 3, 6, 2011, June 29, July 28, December 3, 29, 2012, March 14, May 7, June 28, July 2, 23, September 30, December 2, 21, 2013, February 3, May 5, June 28, July 21, October 4, November 4, December 1, 22, 29, 2014, April 20, June 29, July 13, December 14, 29, 2015)


Chapter I. General Provisions
Article 1. Main Definitions of the Present Federal Law

Credit organisation - a legal entity entitled to carry out banking operations envisaged in the present Federal Law to make profit as the main goal of their activities on the basis of special permission (a licence) of the Central Bank of the Russian Federation (Bank of Russia). A credit organisation shall be formed as an company on the basis of any form of ownership.

Bank - credit organisation that enjoys an exclusive right to carry out in the aggregate the following banking operations: attraction of monetary resources of legal entities and natural persons in the form of deposits, investing the mentioned resources in its own name and for its own benefit on a returnable basis through payments within specified deadlines, opening and keeping of bank accounts of natural persons and legal entities.

Non-bank credit institution:

1) a credit institution that shall be empowered to carry out exclusively bank operations mentioned in paragraphs 3 and 4 (only to the extent of bank accounts of legal entities in connection with the performance of transfers of money resources without opening bank accounts), as well as in Item 5 (only in connection with the performance of transfers of money resources without opening bank accounts) and Item 9 of the first part of Article 5 of the present Federal Law (hereinafter - non-bank credit institution that are empowered to perform transfers of money resources without opening bank accounts and other bank operations connected with them);

2) a credit institution that shall be empowered to carry out certain bank operations envisaged by the present Federal Law. Admissible combinations of bank operations for such a non-bank credit institution shall be laid down by the Bank of Russia.

3) credit organisation - the central counterparty exercising the functions in compliance with Federal Law No. 7-FZ of February 7, 2011 on Clearing, Clearing Activity and the Central Counterparty (hereinafter referred to as the Federal Law on Clearing, Clearing Activity and the Central Counterparty). Permissible combinations of banking operations for a non-bank credit organisation being the central counterparty (hereinafter referred to as the central counterparty) shall be established by the Bank of Russia.

Foreign bank - bank acknowledged as such under the legislation of the foreign state on the territory of which it is registered.
Article 2. Banking System of the Russian Federation and Legal Regulation of Banking Activities

The banking system of the Russian Federation shall include the Bank of Russia, credit organisations, and also representative offices of foreign banks.

Legal regulation of banking activities shall be provided under the Constitution of the Russian Federation, the present Federal Law, the Federal Law on the Central Bank of the Russian Federation (the Bank of Russia), other federal laws, normative acts of the Bank of Russia.
Article 3. Unions and Associations of Credit Organisations

Credit organisations may create, without pursuing the goal of making profit, unions and associations to protect and represent interests of their members, coordinate their activities, develop interregional and international links, satisfy their scientific, information-exchange, and professional interests, prepare recommendations on carrying out banking activities, and solve other common tasks of credit organisations. The unions and associations of credit organisations shall be prohibited from carrying out banking operations.

Unions and associations of credit organisations shall be created and regulated in compliance with the procedure established in the legislation of the Russian Federation for non-commercial organisations.

Unions and associations of credit organisations shall inform the Bank of Russia of their creation within one month of their registration.
Article 4. The Banking Group and the Bank Holding Group

For the purposes of the present Federal Law "banking group" means an association of legal entities (hereinafter referred to as "participants in the banking group") which is not a legal person and in which one legal entity or several legal entities are under the control or material influence of one credit organisation (hereinafter referred to as "the head credit organisation of the banking group").

For the purposes of the present Federal Law "bank holding group" means an association of legal entities (hereinafter referred to as "participants in the bank holding group") which is not a legal person and which includes at least one credit organisation controlled by one legal entity not being a credit organisation (hereinafter referred to as "the head organisation of the bank holding group"), and also (if any) other legal entities (not being credit organisations) controlled or materially influenced by the head organisation of the bank holding group or incorporated in bank groups of credit organisations being participants in the bank holding group on the condition that the share of banking activity defined according to the methodology of the Bank of Russia in the operations of the bank holding group makes up at least 40 per cent. The share of banking activity in the operations of the bank holding group shall be computed as the ratio of the amount of assets and/or incomes of the credit organisations being participants in the bank holding group assessed according to the methodology established by the Bank of Russia and the aggregate amount of assets and/or incomes of the bank holding group computed with account taken of assets and/or incomes according to the accounting (financial) statements of these legal entities.

Control and material influence for the purposes of identifying the participants in a banking group (bank holding group) and drawing up the statements established by the present Federal Law shall be determined in accordance with the International Financial Reporting Standards (hereinafter referred to as "IFRSs") recognised on the territory of the Russian Federation.

For the purposes of organising the management of the activities of participants in a bank holding group and monitoring said activities the head organisation of the bank holding group is entitled to form a managing company of the bank holding group and vest therein the duties which according to the present Federal Law are vested in the head organisation of a bank holding group. The managing company of the bank holding group for the purposes of the present Federal Law is the business association whose main activity is to organise the management of activities of the participants in the bank holding group and monitor said activities. The head organisation of the bank holding group shall be in position to determine decisions of the managing company of the bank holding group on the matters falling within the competence of the meeting of its founders (participants), inter alia concerning its re-organisation and winding-up. The managing company of the bank holding group is not entitled to engage in insurance, banking, manufacturing and trade and also to pursue professional activities on a securities market, the management of investment companies, unit investment trusts and non-state pension funds.

The head credit organisation of a banking group or the head organisation of a bank holding group shall notify the Bank of Russia of the formation of the banking group or the bank holding group, the formation of the managing company of the bank holding group and of the powers conferred thereon. The procedure for such notification shall be established by the Bank of Russia.

If in the course of supervision over the activities of credit organisations the Bank of Russia detects the signs of participation of credit or other organisations in a banking group the Bank of Russia shall send a demand to the head credit organisation of the banking group for it to observe the provisions established by the present Federal Law. If in the course of supervision over the activities of credit organisation the Bank of Russia discovers the signs of their participation in a bank holding group the Bank of Russia shall notify the head organisation of the bank holding group that it fails to observe the provisions of the present Federal Law. Within 30 calendar days after receiving the Bank of Russia's notice the head organisation of the bank holding group shall notify the Bank of Russia of the formation of the bank holding group or send information to the Bank of Russia about the reasons of such non-notification.

If the head organisation of the bank holding group defaults on meeting the requirements set out in the present Federal Law and the Federal Law on the Central Bank of the Russian Federation (the Bank of Russia) then the Bank of Russia is entitled to impose a restriction in the procedure established by it on transactions of a credit organisation being a participant in the bank holding group with the head of organisation of the bank holding group or participants in the bank holding group for a term of up to six months or a ban on the realisation by a credit organisation being a participant in the bank holding group of the specific banking transactions envisaged by the banking transactions licence held by the credit organisation with the head organisation of the bank holding group or participants in the bank holding group for a term of up to one year.
Article 5. Banking Operations and Other Transactions of a Credit Organisation

Banking operations shall include:

1) attraction of monetary resources of natural persons and legal entities in the form of deposits (demand or fixed-term deposits);

2) investing attracted resources indicated in Item 1 of Part 1 of the present Article in its own name and on its own account;

3) opening and keeping banking accounts for natural persons and legal entities;

4) clearing transfers of money resources ordered by natural persons and legal entities, including those of correspondent banks, within their bank accounts;

5) collection of cash, bills, payment documents and cash services for natural persons and legal entities;

6) buying and selling of foreign currencies in cash and non-cash forms;

7) attraction of precious metals in the form of deposits and investing them;

8) providing bank guarantees.

9) performance of transfers of money resources without opening bank accounts, including electronic money resources (except for postal remittances).

The opening by credit organisations of bank accounts for individual businessmen and legal entities, with the exception of for state power bodies and local self-management bodies, shall be carried out on the grounds of certificates of state registration of natural persons as individual businessmen, certificates of state registration of legal entities, and also certificates of registration with a tax body.

Besides the banking operations listed in Part 1 of the present Article, a credit organisation shall have the right to carry out the following transactions:

1) issue of guarantees for third persons envisaging fulfillment of monetary obligations;

2) purchase of the right to demand fulfillment of monetary obligations from third persons;

3) trusteeship operations for monetary and other property under agreements with natural persons and legal entities;

4) carrying out operations with precious metals and precious stones in compliance with legislation of the Russian Federation;

5) leasing dedicated space and safes in it to natural persons and legal entities for keeping documents and valuables;

6) leasing operations;

7) rendering consulting and information services.

A credit organisation shall enjoy the right to carry out other transactions in compliance with legislation of the Russian Federation.

All banking operations and other transactions shall be effected in roubles and, if there is a respective licence of the Bank of Russia, also in foreign currencies. The rules for carrying out banking operations, including those of their material and technical support, shall be determined by the Bank of Russia in compliance with federal laws.

A credit organisation shall be prohibited from carrying out production, trade, and insurance activities. The cited restrictions shall not extend to making agreements which are derivative financial documents and provide either for the duty of a party to an agreement to transfer commodities to the other party, or the duty of a party to an agreement under the terms defined while making the agreement, if the other party makes a claim, to purchase or sell commodities, in case the obligation to supply them is terminated without discharging it in kind, as well as making agreements for the purpose of exercising the functions of the central contractor and operator of commodity supplies in compliance with the Federal Law on Clearing, Clearing Activity and the Central Counterparty. Neither shall the mentioned restrictions apply to the sale of assets acquired by credit organisations in order to support their operations, nor to the sale of assets being disposed of by a credit organisation when a claim is made to the subject of pledge if a debtor defaults on an obligation secured by a pledge of assets, or received by the credit organisation under a contract as the compensation for release from obligation.

Transfers of money resources without opening bank accounts, except for transfers of electronic money resources shall be carried out on the instructions of natural persons.
Article 6. Activities of a Credit Organisation in the Securities Market

Under a licence for banking operations, issued by the Bank of Russia, a bank is entitled to issue, buy, sell, register, keep, and carry out other operations with securities used as payment documents, with securities used to certify the attraction of monetary resources to deposits and bank accounts, with other securities not requiring a special licence in compliance with federal laws, as well as entitled to act as trustee for the mentioned securities under an agreement with natural persons and legal entities.

A credit organisation shall be entitled to carry out professional activities on the market of securities in compliance with federal laws.
Article 7. Official Name of the Credit Institution

The credit institution shall have the full official name and enjoy the right to have an abridged official name in the Russian language. The credit institution has also the right to have a full official name and (or) an abridged official name in the languages of the peoples of the Russian Federation and (or) in foreign languages.

The official name of the credit institution in the Russian language and in the languages of the peoples of the Russian Federation may contain foreign borrowings in the Russian transcription or in the transcriptions of languages of the peoples of the Russian Federation, with the exception of the terms and abbreviations reflecting the credit institution's organisational-legal form.

The credit institution's official name shall contain an indication of the character of its activity by the use of the words, "bank", or, "non-bank credit institution".

Other demands made on the official name of the credit institution shall be established in the Civil Code of the Russian Federation.

When considering an application for the state registration of the credit institution, the Bank of Russia is obliged to prohibit the use of the credit institution's official name, if the supposed official name is already contained in the Book for the State Registration of Credit Institutions. The use in the credit institution's official name of the words, "Russia", "Russian Federation", "state", "federal", and, "central", as well as of the words and phrases based on them, is admissible in accordance with the procedure established in the federal laws.

Not a single legal entity in the Russian Federation, with the exception of a legal entity which has received from the Bank of Russia a licence for the performance of banking transactions, may use in its official name the words, "bank", or, "credit institution", or in any other way indicate the fact that the given legal entity possesses the right to perform banking transactions.
Article 8. Disclosure of Information on Managing Bodies of a Credit Institution and the Activities of a Credit Institution, a Banking Group or a Banking Holding

A credit organisation has the duty to disclose the following information about its activities in the forms, procedure and within the term established by the Bank of Russia:

1) annually: annual accounting (financial) statements and an auditor's report concerning them, information on assumed risks, the procedures for assessing them as well as for risk and capital management.

2) If interim accounting (financial) statements have been verified then said statements shall be disclosed together with the auditor's report of an audit organisation.

At the request of a natural person or legal entity the credit organisation shall provide a copy of the banking transactions licence, a copy of the permits (licences) which had been issued thereto, if the need for said documents is envisaged by federal laws, and also the accounting (financial) statements for the current year.

The credit organisation is accountable in accordance with the present Federal law and other federal laws for misleading a natural person or legal entity by means of defaulting on provision of information or of providing unreliable or incomplete information.

The head credit organisation of a banking group shall disclose the following:

1) annually: the annual consolidated financial statements and an auditor's report concerning them, information on assumed risks, the procedures for assessing them as well as for risk and capital management;

2) on a quarterly basis: interim consolidated financial statements, information on assumed risks, the procedures for assessing them as well as for risk and capital management. If interim consolidated financial statements have been verified said statements shall be disclosed together with the auditor's report of an audit organisation.

The forms of, and the procedure and term for, disclosure by the head credit organisation of the banking group of information on assumed risks, the procedures for assessing them as well as for risk and capital management shall be defined by the Bank of Russia. The procedure and due dates for the head credit organisation of the banking group to disclose consolidated financial statements and an auditor's report concerning them shall be defined by the Bank of Russia.

Every year the head organisation of a bank holding group shall disclose consolidated financial statements and an auditor's report concerning them. The procedure and term for the head organisation of the bank holding group to disclose consolidated financial statements and an auditor's report concerning them shall be defined by the Bank of Russia.

A credit organisation holding group a licence of the Bank of Russia to attract natural persons' funds as deposits shall disclose information on interest rates under bank deposit contracts with natural persons (for the credit organisation as a whole without the disclosure of information on specific natural persons) and information on the credit organisation's liabilities relating to natural persons' deposits. The procedure for disclosing such information shall be established by the Bank of Russia.

A credit organisation is bound to disclose information about the transactions involving the assignment of monetary claims to mortgage agents or specialised companies, including those certified by letters of hypothecation. The composition of such information, the procedure for and time of its disclosure shall be established by regulatory acts of the Bank of Russia.

A credit institution shall be obliged to disclose the following information on the qualification and work record of members of the board of directors (supervisory board) of the credit institution, persons holding positions of a sole executive body, its deputies, members of a collective executive body, chief accountant, deputy chief accountant of the credit institution and head and chief accountant of a branch of the credit institution to general public on its official website, according to the procedure established by regulatory legal acts of the Bank of Russia:

1) surname, name and patronymic (if any);

2) name of the position (specifying dates of approval by the Bank of Russia and assignment to the position - for persons holding the positions of a sole executive body, its deputies, members of a collective executive body, chief accountant, deputy chief accountant of the credit institution and head and chief accountant of a branch of the credit institution, and date of election - for members of the board of directors (supervisory board) of the credit institution);

3) information on professional education (specifying the name of the educational institution, the year of graduation, qualification, specialty and/or major), continuing professional education, specifying the program and the date of its mastering and information on academic degree and the date of its awarding, on academic title and the date of its awarding;

4) information on professional activities over the five years preceding the date of the assignment (election) to the position, specifying the places of employment and the positions held (including membership in the board of directors (supervisory board) of a legal entity), dates of assignment (election) and dismissal (discharge from the position) and description of professional duties.

If a member of the board of directors (supervisory board) of the credit institution fails to provide details contained in the information envisaged by part 9 of this Article to the credit institution, the credit institution shall be obliged to disclose information on such failure by such person, according to the same procedure.

If, after disclosure of the information envisaged by Part 9 of this Article, the details contained in it change, the information on the fact shall be disclosed through the same procedure within a term not exceeding three days following the day of receipt of its documentary proof.

In case of violation of the procedure and the terms for disclosure of information envisaged by Part 9 of this Article, the credit institution and the officials of the credit institution shall bear liability established by the legislation of the Russian Federation.

A credit organisation and parent credit organisation are bound to disclose to an indefinite circle of persons on their official sites on the Internet in the procedure and at the time which are established by the Bank of Russia information about the financial instruments to be included into an estimation of the own assets (capital) of a credit organisation and banking group, in particular about all the conditions and terms of their issuance, redemption, conversion, of other operations with them and about major changes of the given instruments.
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