Operation of financial institutions and ensuring financial sector’s continuity of operation by Bank of Russia from 4 through 30 April 2020
In accordance with Subclause ‘e’, Clause 4 of the Executive Order of the Russian President ‘On Measures to Ensure the Sanitary and Epidemiological Safety of the Population in Connection with the Spread of the Novel Coronavirus Infection (COVID-19)’, the mode of non-work days from 4 through 30 April 2020 is not applicable to financial service organisations insofar as it relates to urgent operations (these are primarily settlement and payment services).
Such organisations may include banks ensuring timely settlements for businesses and individuals and providing access to cash and other banking services, non-governmental pension funds, management companies, and specialised depositories accruing and paying pensions and managing pension savings and reserves, unit investment funds carrying out operations with assets and investment units of investment funds, insurers fulfilling their obligations under mandatory and voluntary health insurance agreements and compulsory motor third-party liability insurance agreements, as well as the exchange infrastructure (exchanges, clearing houses, depositories, and professional securities market participants ensuring access to and uninterrupted functioning of exchange trading, and securing settlements at the close of trading).
In order to maintain continuous access to critical services for businesses and households, banks and non-bank financial institutions shall organise the provision of these services first and foremost through digital platforms and remote channels. This shall be done given that the maximum possible number of employees shall switch to the remote mode of work.
To protect businesses’ and individuals’ interests, banks and the above non-bank financial institutions shall also ensure that critical financial services are rendered offline where it is impossible to conduct these operations through digital systems and remote channels. It is especially important to comply with the requirements for preventing the spread of the coronavirus infection.
In addition to employees directly rendering services to clients at duty offices and supporting the provision of remote services, the Bank of Russia recommends that financial institutions cut as much as possible the number of IT, accounting and back office specialists physically present at offices.
To notify their clients of offices’ schedule of operations, changes in service provision procedures, and the operation of online services, the Bank of Russia recommends that banks and non-bank financial institutions promptly update relevant information on their websites or communicate it to consumers and clients by any other means available.
The Bank of Russia holds that obligations under financial transactions due on non-work days shall be fulfilled by borrowers within time periods stipulated by relevant agreements.
The Bank of Russia also assumes that creditors acting in good faith will take into consideration whether debtors actually have opportunities to fulfil relevant obligations and can access remote services. If debtors lack access to remote services, creditors shall proceed from the mode of restrictive measures that are effective in a territorial entity of the Russian Federation and may impact clients’ possibilities to visit financial institutions’ offices for carrying out timely operations.
Financial institutions shall submit their reporting beginning on 6 April 2020 or the day specified in previous decisions approved by the Bank of Russia. Credit institutions will receive the information on the list of reporting forms further on.
The information on the list of reporting forms to be submitted by non-bank financial institutions, the periods and procedure for their submission to the Bank of Russia has been communicated to non-bank financial institutions through letters No. IN-015-44/25, dated 20 March 2020, No. 015-53/2037, dated 20 March 2020, No. 015-55/2060, dated 23 March 2020, and No. 015-54/2082, dated 20 March 2020.
From 4 through 30 April 2020, except Saturdays and Sundays, the Bank of Russia Payment System and the Faster Payments System will operate as normal, as on usual business days. Cash services will also be provided as normal to clients of the Bank of Russia (of credit institutions and the Federal Treasury).
The MIR Payment System and other payment systems in the Russian market will also function as normal.
Beginning on 6 April 2020, the functions for admitting participants and financial instruments to the financial market, as well as the function of control over financial instruments will be performed as normal, as on usual business days.
From 4 through 30 April 2020, except Saturdays and Sundays, official exchange rates of foreign currencies against the Russian ruble and official prices for precious metals will be established and published by the Bank of Russia as normal, as on usual business days, according to the procedure stipulated by Bank of Russia Ordinance No.
The Service for Consumer Protection and Financial Inclusion will consider applications received from financial service consumers as normal.
During this period, we will especially focus on prompt communication with financial service consumers regarding the issues of financial institutions’ operation and new legislative initiatives. To ensure proper communication, the Bank of Russia’s Call Centre
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