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There are a number of legal Acts regulating the stock market, banking and investments. The principal legal Act for the stock market and securities is the Federal law on the securities market of April 22, 1996, and the Federal law on protection of rights and legitimate interests of investors on the securities market of March 5, 1999. Investment funds are regulated by the Federal law on the investment funds of November 29, 2001.
In Russia the regulation of banking, insurance and investment is carried out by Central Bank of Russia. Until September 1, 2013, The Federal Service for Financial Markets of the Russian Federation (FSFM) (formerly the Federal Commission for Securities and Stock Market) was the state agency responsible for the regulation of stock market and investment business.
Russian law as it stands at the moment regulates collective investment schemes organized in the form of a joint stock investment fund or in the form of a unit trust.
A joint stock investment fund is, generally speaking, a joint stock company whose exclusive activity is investments. The name of an investment company must contain the words “joint stock investment fund” or “investment fund”. A joint stock investment fund is regulated by general legislation on joint stock companies with amendments and exceptions applicable to the investment companies.
A joint stock investment fund must be licensed by the Central Bank. At the time of filing an application for the license the fund must have own capital in the amount aligning with the Central Bank Directives, of no less than RUR 5 million (approximately €54,000). The fund’s property used for its own purposes and assets to be invested must be accounted for separately. Investment assets must be held in trust by a management company. The management can be a limited liability or a joint stock company and it must be licensed by the Central Bank. The fund’s activity must comply with the investment mandate approved, normally, by the meeting of stockholders, and be registered with the Central Bank. This form of investment, however, is rather unpopular.
A unit trust does not comprise a legal entity. The participants of a unit trust pool their contributions into a property complex held in trust by a management company. The participants lose ownership over their contributions, and the trust’s property is owned jointly by all trust members. The management company acts in its name but it must make it known that it acts as a trustee, otherwise the participants will be personal liable.
Again a management company and the trustee of a unit trust, must be authorised by the Central Bank.
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The Central Bank of the Russian Federation is the regulatory body for banking and it is authorised to issue and withdraw licenses to provide banking services. The main legal act is the federal law on banks and banking of December 2, 1990.
A bank can be incorporated in the form of a limited liability or a joint-stock company or in other forms established by company law. Banks are entitled to accept money from individuals or legal entities on deposits, operate these funds in its name and at its own expense, open accounts. Russian law provides different arrangements for the non-banking credit institutions that can provide certain banking operations.
Banking names
The name of a credit institution must contain the words “bank” or “non-banking credit institution”. The Central Bank may prohibit the use of a particular name if such name is already in the Book of State Registration of Credit Institutions.
A credit institution must publish its balance sheet quarterly; it must a
Barrier tariffs
Since 2013, Russian banks apply so-called “barrier tariffs” as a measure against money laundering. Such tariffs apply to the operations and persons banks find suspicious. The measure is, by far, dubious, and application of such tariffs may be challenged in court.
Change of control and directors
The Central Bank must be notified about an acquisition in the ownership or trust by one legal entity or individual or a group of legal entities and/or individuals of more than 5 per cent shares in a credit institution. Prior consent from the Central Bank is required for acquisition of more than 20 per cent of shares. Founders of a bank may not exit within three years after incorporation.
Candidates for the following positions in a credit institution must comply with certain special requirements to qualification established by law and the Central Bank’s regulations:
• a member of the board of directors;
• a chief executive and a deputy chief executive;
• a chief accountant and a deputy chief accountant;
• a head, a chief accountant and their deputies of branches.
A credit institution must notify the Central Bank in writing regarding a prospective appointment to the above mentioned positions in advance. The Central Bank is entitled to prohibit such appointment upon grounds established by law. A credit institution must also notify the Central Bank about each dismissal from these positions.
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Control over insurance is provided by the Federal Service of Insurance Supervision of the Ministry of Finance (FSIS). The principal legal act is the Federal law on the organization of insurance in the Russian Federation of November 27, 1992. Insurance companies are formed as limited liability or joint stock companies or in other forms of commercial organisations. Insurance companies must be authorised by the FSIS and be included in the register of insurers.
The name of an insurance company must identify the company’s activity and include words like “insurance”, “reinsurance”, “mutual insurance” or “insurance broker”. The head and the chief accountant of the insurer must have an economics or financial education and two years work experience in insurance. The actuary must have mathematical or economics education and an actuarial diploma in actuary. The head and the chief accountant of an insurance company must be citizens of the Russian Federation.
Insurance companies of which more than 49 per cent of shareholders are foreign entities or individuals and subsidiaries of foreign insurance companies may not provide the following insurances:
• life insurance;
• obligatory State insurance (e.g. mandatory health insurance);
• property insurance, related to supply goods and services for the state needs;
• property insurance for state and municipal organisations.
Solvency requirements
The minimal charter capital of an insurance company depends on the kind of insurance the company is involved in and is between RUR 60 million (€653,700) and RUR 480 million (€5,229,600).
Insurers must comply with the solvency requirement established by law as related to reserves, an assets structure, reinsurance quotas, obligations against own capital ratio, etc. Also, in some cases (e.g. life insurance, health insurance) insurance company activities shall be limited to only one type of insurance.
Please note that new requirements and rules for establishing financial sustainability come into force on on July 1, 2021. Under those requirements and the rules for calculation of assets and liabilities, inter alia, it is set that the allowed total amount of securities, loans and alike assets shall not exceed 40 percent of the Insurance Company total asset value.
Taxation