On Bank of Russia Ordinance No. 3647-U of 24 May 2015

On 24 May 2015, the Bank of Russia issued Ordinance No. 3647-U ‘On Amending Bank of Russia Instruction No. 135-I of 2 April 2010, ‘On the Bank of Russia Decision-Making Procedure Relating to the State Registration of Credit Institutions and the Licensing of Banking Operations’, registered with the Russian Ministry of Justice on 15 June 2015, registration No. is 37658 (hereinafter the Ordinance).

The Ordinance amends Bank of Russia Instruction No. 135-I, dated 2 April 2010, to specify the implementation of procedures (including the procedure of state registration of amendments to a charter of the credit institution) related to the increase of an authorised capital of the credit institution in case of:

exchange (conversion) of creditors’ claims on subordinated credits (deposits, loans) (bond loans) including claims on unpaid interest on such credits (deposits, loans) (bond loans) as well as claims on financial sanctions for defaults on subordinated credits (deposits, loans) (bond loans) for ordinary shares of the credit institution;

acquisition by the state corporation Agency for Deposit Insurance through cashless property of shares of the credit institution including privileged shares of a bank—member of the deposit insurance system by federal loan bonds based on the regulations of the Russian government.

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