On Bank of Russia Ordinance No. 3646-U of 24 May 2015

On 24 May 2015, the Bank of Russia issued Ordinance No. 3646-U ‘On the Procedure for Credit History Bureaus to Check the Credit History Compliance of the User Not Included in the List of Entities Under Bank of Russia Control (Supervision) with the Condition of Existence of Credit History Makers’ Consent to the Receipt of Credit Reports’. The Ordinance was registered with Ministry of Justice of the Russian Federation on 19 June 2015, registration number is 37748.

The document is prepared in pursuance of requirements of Part 3.1 of Article 10 of Federal Law No. 218-FZ, dated 30 December 2004, ‘On Credit Histories’.

Among other things the document establishes:

an inspection procedure to make sure the user not listed as an entity under Bank of Russia supervision has originals of credit history makers’ consent to receive credit reports;

inspection schedule;

procedure for action the credit history bureaus shall take when consent originals are missing and when a credit history user refuses an inspection.

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02.07.2015 00.00.00