Large foreign IT companies were obliged to open branches in Russia

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Monitoring of the Federal Legislation dated 4.06.2008

Direction of the Central Bank of Russia No. 2008-U of May 13, 2008 on the Procedure of Calculation and Conveying of the Cost of Credit to the Borrower Natural Person

Defines the procedure for the credit organisation to calculate and convey to the borrower natural person the full cost of the credit granted under the credit contract or the bank account contract (in the case of crediting).

Order of the Ministry of Finance of the Russian Federation No. 48n of April 29, 2008 on the Endorsement of the Accounting Regulation PBU 11/2008 "Information on the Interconnected Parties"

Specifies the procedure of disclosing of information on the interconnected parties in the accounting reports of commercial organisations except for credit organisations.

Direction of the Central Bank of Russia No. 2010-U of May 14, 2008 on the Amendments to Item 5.1 of the Regulation of the Bank of Russia No. 254-P of March 26, 2004 on the Procedure for Credit Organisations to Generate Reserves for Possible Losses for the Cases of Loans, Debts in Loans and Similar Debts

The banks are obliged to disclose to the borrower natural persons the full cost of the credit (including all commission and fees) before concluding the credit contract or changing its terms if they result in the change of the cost of the credit.

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