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Changes in Central Bank approval procedure for the Managers, Directors and Shareholders of the credit organizations.

Date: 20-02-2014
On January 31, 2014 the new Regulation No. 408-P of the Central Bank of Russia came into force.
By these regulation established a new procedure for the Central Bank to approve candidates for management positions at credit organizations and to attest to the business reputation of Board members and shareholders holding more that 10 % of the shares of the credit organization.

The Central Bank Regulation describes a new procedure for documents to be filed to the Central Bank for attesting regarding professional qualifications and the business reputation of management members of banks and other persons mentioned in the Federal Law "On Banks and Banking Activity". The new requirements for attesting to the business reputation extend to incumbent members of the management, directors and existing shareholders; this would allow the Central Bank of Russia to demand a deprivation of persons whose business reputation contradicts the regulatory requirements.

Should you need any assistance in more prompt explanations of the new Central Bank Regulation 408-P or in preparing the documents required under it, please do not hesitate to contact BBNP lawyers.
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