Public Services Portal now enables users to check business reputation and right to work in financial market

The Bank of Russia has started to provide new services in the federal state information system, ‘Unified Portal of Public and Municipal Services (Functions)’ (UPPS). The objective is to lower administrative barriers and improve online communication services for parties concerned.

The Bank of Russia's databases on business reputation will be maintained in accordance with Articles 75 and 76.7 of Federal Law No. 86-FZ, dated 10.07.2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’. Now, applicants will be able to find out promptly whether these databases contain information about them. To do so, having verified UPPS accounts, applicants should make a request on the relevant page of the Public Services Portal. Applicants will receive an automatically created response from the regulator. Previously, applicants had to send a written request to the Bank of Russia with copies of the required ID documents attached and would only receive a response after consideration of the request and only in hard copy.

In addition, market participants can now check on the UPPS whether a particular person (e.g. a counterparty) is entitled to operate in the financial market. This can be done by obtaining a record from the registers of financial market participants.