A special recording procedure for certain securities will be in effect until the end of 2025

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28.02.2025
BANK OF RUSSIA AGAIN LEFT THE KEY RATE AT 21%

On February 14, 2025, the Bank of Russia decided to keep the key rate at 21% per annum. 

The achieved tightness of monetary conditions creates the necessary prerequisites for resuming the disinflation process and returning inflation to the target in 2026. The Central Bank of the Russian Federation will assess the advisability of raising the key rate taking into account the speed and sustainability of the decline in inflation. According to the Bank of Russia's forecast, annual inflation will decrease to 7-8% in 2025 and return to 4% in 2026. 
The next meeting of the Board of Directors of the Bank of Russia on the key rate is scheduled for March 21, 2025.
27.02.2025
ON THE APPLICATION OF RESTRICTIONS WHEN MAKING TRANSACTIONS WITH SHARES OF ECONOMICALLY SIGNIFICANT ORGANISATIONS

The Bank of Russia has clarified the procedure for applying temporary restrictive measures when making transactions with shares (shares in the authorised capital) of economically significant organisations. 

This also applies to restrictions for foreign holding companies when they exercise corporate rights in relation to the said organisations.
26.02.2025
AUDITORS AND ACCOUNTING COMPANIES SHOULD PROVIDE REPORTS OF SUSPICIOUS TRANSACTIONS TO ROSFINMONITORING UNDER NEW RULES

Entities providing accounting or legal services, audit organisations and individual auditors, lawyers and notaries (and other persons) must notify Rosfinmonitoring of suspicious transactions of persons engaged in digital currency mining and mining pool organisers in order to counteract the legalisation (laundering) of proceeds from crime and the financing of terrorism.

25.02.2025
APPOINTMENT OF OFFICIALS OF FINANCIAL COMPANIES: DEADLINES FOR NOTIFYING THE BANK OF RUSSIA HAVE BEEN ADJUSTED

The deadlines for providing notifications to the Bank of Russia about appointment to a position, as well as about dismissal from a position (about temporary performance of duties and termination thereof) of some officials holding positions in a financial company have been adjusted. They are synchronised with the provisions of relevant federal laws.

24.02.2025
A LIST OF INFORMATION THAT NON-CREDIT FINANCIAL INSTITUTIONS HAVE THE RIGHT NOT TO DISCLOSE UNTIL THE END OF 2025 HAS BEEN DETERMINED

The Central Bank has defined a list of information that non-state pension funds, joint stock investment funds and management companies of mutual funds, non-state pension funds or mutual funds have the right not to disclose until December 31, 2025.

Thus, management companies and joint stock investment funds have the right not to disclose information about the name of a specialised mutual fund depository, a joint stock investment fund, a person maintaining the register of owners of mutual fund investment units, a registrar of shares of a joint stock investment fund, as well as links to the websites of these persons and entities. 
Non-state pension funds have the right not to publish information that constitutes a conflict of interest if its disclosure will lead (may lead) to the introduction of restrictive measures in relation to the non-state pension fund and (or) other persons, and also if restrictive measures are in force in relation to the said persons. Such information includes the type of asset, full and/or abbreviated name, registration number of the person liable for the asset; information and methods of the use of it; subject of the transaction and information on the parties to the transaction.
21.02.2025
COMPANIES UNDER SANCTIONS WILL BE ABLE TO APPLY IN ADVANCE FOR THE INCLUDING OF THEIR SUBSIDIARIES INTO THE LIST OF LEGAL ENTITIES, ACCESS TO INFORMATION ON WHICH IS RESTRICTED

The corresponding amendments were made recently to Decision of the RF Government No. 1625 of September 16, 2022, which defines cases when access to information (data) contained in the State Register of Legal Entities and the Unified State Register of Legal Entities may be restricted. 

Such cases include, in particular, the including of a person into the list of persons subject to restrictive measures imposed by foreign states, or with respect to which such restrictive measures may be introduced. 
The amendments envisage that an application for the including of a subsidiary into the specified list after its state registration may be submitted to the Ministry of Finance by the founder legal entity subject to sanctions, before providing the documents required for state registration of a legal entity to the Federal Tax Service.
20.02.2025
PROCEDURE HAS BEEN DEVELOPED FOR SENDING ORDERS TO THE ADMINISTRATOR OF FINANCIAL AND COMMODITY INDICATORS TO ELIMINATE VIOLATIONS

Rules have been developed for the Bank of Russia to send mandatory orders in connection with the non-compliance of shareholders (participants) of the administrator of financial and commodity indicators with the requirements established by law, as well as in the event of non-compliance with the qualification requirements or requirements for the business reputation of the management body of the administrator and its officials.

19.02.2025
METHODOLOGY FOR PROTECTING BANKING APPLICATIONS HAS BEEN ESTABLISHED

Recommendations have been issued for protecting application software of automated systems and applications of credit and non-credit financial institutions. They are intended for software developers, for applicants for product certification, as well as for certification bodies, testing laboratories and organisations that independently conduct conformity assessments, engaged in software certification for compliance with information security requirements, including requirements for vulnerability analysis and control over the absence of undeclared capabilities.

18.02.2025
FEDERAL TAX SERVICE HAS PROVIDED CLARIFICATION ON THE ISSUE OF INDICATING THE COUNTRY CODE OF AN INTERNATIONAL COMPANY IN THE REPORT AND NOTIFICATION ON FOREIGN ACCOUNTS OF NON-RESIDENT LEGAL ENTITIES

From July 1, 2024, the obligation has been established for resident legal entities that are part of the same international group of companies with non-residents to submit Reports and Notifications to the tax authorities on foreign accounts of such non-resident legal entities at the place of their registration. 

An international company redomiciled in the Unified State Register of Legal Entities in connection with a change in the personal law of a foreign legal entity is recognised as a non-resident. 
Thus, if such an international company is a member of an international group of companies, it should be reflected in the Report as part of non-resident participants, and in the corresponding column "Digital Code of the Country of Registration (Incorporation)" of the Report and Notification, the code "643" should be indicated, as provided for by the All-Russia Classifier of Countries of the World for the Russian Federation.
17.02.2025
RULES FOR THE SAFE USE OF QR CODES FOR PAYMENTS AND TRANSFERS
The Bank of Russia has developed a standard for unifying the types and methods of secure use of QR codes in money transfers. 
It systematizes threats that may arise at each stage of the operation depending on the types of QR codes, and presents typical methods of protection against these threats. There are separate security measures for depositing and withdrawing money from an ATM using a QR code. 
The standard is of a recommendatory nature.
14.02.2025
TRANSFER OF FUNDS FROM TYPE ‘C’ ACCOUNTS IN THE EVENT OF BANKRUPTCY OF BANKS AND PARTICIPANTS IN THE SECURITIES MARKET HAS BEEN REGULATED

The Decree on the temporary procedure for fulfilling obligations to certain foreign creditors has been adjusted. 

It is established that in the event of bankruptcy of a bank with which a type "C" account has been opened, funds from such account are not included into the bankruptcy estate. The temporary administration will have to transfer them to a credit institution determined by the Central Bank. 
It has also been established that in the event of bankruptcy of an organisation that carries out professional activities in the securities market and with which a type "C" account has been opened, funds from such account should be transferred to a similar organisation determined by the Central Bank.
13.02.2025
PROCEDURE FOR NOTIFICATION OF NON-RESIDENTS' FOREIGN ACCOUNTS - CLARIFICATIONS ARE PROVIDED FOR ORGANISATIONS INCLUDED INTO A GROUP OF COMPANIES

From July 1, 2024, Russian companies included in the same international group of companies (IGC) with non-residents must notify tax authorities of non-residents' accounts in foreign banks and file reports on the flow of funds. These requirements do not apply if they are fulfilled by the parent company of the IGC or a participant in the IGC, and also if more than 50% of the group's assets are located abroad, the resident does not participate in the capital or does not control non-residents in any other way, and non-residents do not participate in the capital of the resident or do not control its activities in any other way. 

The requirements for submitting notifications about opening accounts (deposits) apply only to accounts (deposits) opened from July 1, 2024. The requirements for submitting notifications about closing accounts (deposits) and about changing account (deposit) details apply to all accounts (deposits) that are closed or details of which are changed from July 1, 2024.
12.02.2025
PROGRAM FOR CREATING SHAREHOLDER VALUE OF PUBLIC JOINT STOCK COMPANIES WILL HELP INCREASE THE INVESTMENT ATTRACTIVENESS OF ISSUERS

A program for creating shareholder value of public joint stock companies has been adopted. Its main characteristics are given. The short-term goal is to support the best market practices of issuers by preserving the values of corporate culture, the long-term goal is to increase the investment attractiveness of issuers to increase their shareholder value. 

The subjects, expected economic effects, and objectives of the program have been identified. The procedure for forming the list of participants has been established. The implementation deadlines and success criteria have been established.
11.02.2025
REQUIREMENTS FOR LABELLING OF CERTAIN TYPES OF CANNED PRODUCTS IN THE EAEU HAVE BEEN DEFINED

The EAEU member states must independently establish the date of introduction and the procedure for labelling certain types of canned products on their territory, notifying the EEC of such date no later than 6 months before it occurs.

The concept of canned goods has been established. A list of goods subject to labelling is provided. Requirements for identification means have been established. The need to mark the remaining goods and the period of time for unmarked goods to remain in circulation are determined by the legislation of the member state. Products with a net weight of 30 g or less and food for kids under one year of age are not marked.
10.02.2025
REPORTS ON THE RECEIPT OF DIGITAL CURRENCY CAN BE SUBMITTED VIA PERSONAL ACCOUNTS

A new function has appeared in the taxpayer's personal accounts. Using the online service, you can send information about receiving digital currency to the tax authority. Taxpayers who are engaged in digital currency mining must report to the authorised body on the mined currency no later than the 20th day of the month following the month in which the digital currency was received. 

The new functionality will be available when logging into personal accounts using a certified electronic signature. Individual entrepreneurs and legal entities will be able to submit information if they are included in the Register of Miners and Operators.
07.02.2025
FINANCIAL MARKET DEVELOPMENT FOR 2025-2027: GUIDELINES HAVE BEEN DEFINED

The priority task is to develop long-term savings and investment instruments for citizens. 

It is planned to improve the mechanism of individual investment accounts and long-term savings programs, as well as to develop sales channels for citizens of standard securities market instruments with a low level of risk.
The Bank of Russia intends to use the instrument of macroprudential surcharges on foreign currency loans. Surcharges can be established, including for foreign currency loans of exporters. 
It envisages the development of the capital market, increasing financial accessibility, introducing new digital and payment technologies, and developing international payments and settlements.
06.02.2025
RULES FOR CONDUCTING CONTROL MEASURES IN RELATION TO FINANCIAL COMPANIES HAVE BEEN UPDATED

The Bank of Russia has updated the procedure for conducting control measures in relation to supervised organisations. It applies to branches of foreign banks. The responsibilities of companies to be fulfilled following the results of the audit have been clarified.

05.02.2025
PROCEDURE FOR CONDUCTING CASH TRANSACTIONS WITH CASH CURRENCY HAS BEEN UPDATED

The issues of conducting cash transactions with foreign currency in authorised banks in Russia have been re-regulated. The actions of cashiers, requirements for accepting and issuing currency, for working with questionable banknotes, etc., have been clarified.

04.02.2025
PROCEDURE FOR THE WORK OF THE COMMISSION FOR REVIEWING CASES OF HARM CAUSED BY ARTIFICIAL INTELLIGENCE TECHNOLOGIES HAS BEEN REGULATED

Insurance of damage caused to life, health or property of other persons within the framework of the experimental legal regime in the area of digital innovations became mandatory from January 5, 2025. If, during the implementation of the regime, as a result of the use of solutions developed using artificial intelligence technologies, harm is caused to the life, health or property of a person or the property of a legal entity, then the regulatory body must create a commission to establish the circumstances under which such harm was caused. 

In this regard, the procedure for forming a commission, the rules for considering cases of harm, the procedure for preparing conclusions and the form of the conclusion have been approved. 
The conclusion may serve as the basis for a decision by the authorised body to suspend the status of a subject of the experimental legal regime.
03.02.2025
PROCEDURE FOR PROVIDING INFORMATION FROM THE REGISTER OF CRYPTOCURRENCY MINERS HAS BEEN CLARIFIED

In Russia, registers of persons mining digital currency and operators of mining infrastructure have been created. A notification of the entry of information into them serves as confirmation. No other documents should be attached to it. 

The information entered into the registers shall not be published. It is provided to government agencies, courts, the Central Bank, territorial grid organisations and the system operator of electric power systems through the Interdepartmental electronic interaction system (SMEV). Confirmation of the presence of information in the registers is a response from the Federal Tax Service sent to a request from an authorised body using the Interdepartmental electronic interaction system.

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