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. Last Updated: 07/27/2016

RECENT LEGISTATION:




Central Bank depositary. Central Bank Regulation No. 4-P of Nov. 21, 1997, "On Organizing the Depositary Registration in the Bank of Russia." According to this regulation, the depositary of the Central Bank of Russia (the "depositary") is designated for storage of certificates of securities and conducting depositary registration of securities owned by the Central Bank and its agents, and conducting the registration of encumbrances of such securities. The regulation defines the members of the system of depositary registration: the depositary of the Central Bank; the departments of the Central Bank that conduct methodological, technical and systems support of functioning of the system of depositary registration of the Central Bank; departments of the Central Bank conducting operations with securities ("internal agents"), and "external agents." The regulation establishes that the following organizations may act as external agents: bodies of federal executive power of the RF; bodies of executive power of the subjects of the RF; governments of foreign states; international financial organizations; and public international institutions. The regulation defines the organization and principles of the system of depositary registration in the Central Bank, the technology of depositary registration and the functions of the depositary, which include, among others: organizing and conducting of depositary registration of internal agents' operations with securities, and organizing the storage and registration of the rights on securities of liquidated credit organizations or depositaries.


Real estate registration. Resolution of the Government of the Russian Federation No. 1378 of Nov. 1, 1997, "On Measures for Realization of the Federal Law 'On the State Registration of the Rights on Real Estate and Real Estate Transactions.'" The resolution establishes that the authorized federal body of executive power in the system of state registration of rights on real estate and real estate transactions will be the Justice Ministry. The resolution also defines that prior to creating the institutions of justice for the state registration of rights on real estate and real estate transactions in the subjects of the RF, the authorized federal bodies of executive power providing observance of the "Rules for Keeping the Unified State Register of Rights on Real Estate and Real Estate Transactions" by the bodies of technical inventarization and housing bodies on land resources and land management will be the State Committee on Land Resources and Land Management; the authorized federal bodies for state and municipal property management will be the State Property Ministry. The resolution creates a commission to work out measures connected with the new law. The commission will include representatives of the aforementioned bodies of federal executive power and of the Economics Ministry, the Finance Ministry and the State Tax Service. The federal bodies of executive power are required by this resolution to prepare drafts of the legislative acts connected with the aforementioned activity. The bodies of executive power of the subjects of the RF are recommended to provide the creation of the Unified System of Information on Real Estate.


Interbank payments. Central Bank Regulation No. 5-P of Nov. 25, 1997, "On Conducting Payments with Credit Organizations in the Russian Federation." The regulation establishes rules for conducting payments in currency of the RF which is applicable to credit organizations resident in the RF and to their branches located on the territory of the RF. The regulation establishes that payments between credit organization and branches may be conducted through: (i) the payment network of the Central Bank; (ii) credit organizations through correspondent accounts "Loro" and "Nostro"; (iii) non-bank credit organizations conducting payment operations; (iv) internal payment system of the bank. The regulation provides the specifics for conducting payment operations by branches of credit organizations on the territory of the RF. The regulation defines that the following types of accounts may be opened by a credit organization for its branch: (i) a correspondent subaccount in the department of payment network of the Central Bank; (ii) correspondent accounts in other credit organizations and their branches; (iii) accounts for interbranch payments in the head credit organization and in any of its branches. The regulation establishes the procedure for opening, closing and conducting payment operations with each of the aforementioned types of accounts.


Source: White & Case