On Bank of Russia Instruction No. 158-I, dated 6 November 2014

The Bank of Russia issued Instruction No. 158-I, dated 6 November 2014, ‘On the Procedure for Authorised Representatives of the Central Bank of the Russian Federation (Bank of Russia) to Inspect Credit History Bureaus’ registered with the Ministry of Justice of the Russian Federation on 29 April 2015 under No. 37054 (hereinafter, Bank of Russia Instruction No. 158-I).

Bank of Russia Instruction No. 158-I is prepared to meet the requirements of Article 76⁵ of Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and Article 12 of Federal Law No. 218-FZ, dated 30 December 2004, ‘On Credit Histories’.

Bank of Russia Instruction No. 158-I determines:

procedure for authorised Bank of Russia representatives to inspect credit history bureaus;

frequency, terms and length of inspections of credit history bureaus;

reasons to hold an unscheduled inspection;

Bank of Russia officers authorised to inspect credit history bureaus and Bank of Russia officials authorised to request inspections;

requirements to the form and the content of the inspection report and other documents, and a procedure for authorised Bank of Russia representatives to submit the inspection report to the credit history bureau;

rights and responsibilities of authorised representatives of the Bank of Russia inspecting credit history bureaus;

responsibilities of credit history bureau during the inspection.

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