On Bank of Russia Ordinance No. 3639-U of 19 May 2015

The Bank of Russia issued Ordinance No. 3639-U, dated 19 May 2015, ‘On the Procedure for the Disclosure by the Credit Institution of Information on Qualification and Work Experience of Board of Directors (Supervisory Board) Members of the Credit Institution, Persons in the Capacity of Sole Executive Body, Its Deputies, Members of Collective Executive Body, Chief Accountant, Deputy Chief Accountant of the Credit Institution and Also Head, Chief Accountant of the Credit Institution Branch on the Official Website of the Credit Institution’ registered with the Ministry of Justice of the Russian Federation No. 37695 (hereinafter the Ordinance), dated 17 June 2015.

The Ordinance envisages the disclosure of additional information to meet the requirements established by federal laws alongside the data subject to compulsory disclosure pursuant to Federal Law No. 334-FZ, dated 4 November 2014, ‘On Amending Article 8 of Federal Law ‘On Banks and Banking Activity’.

The Ordinance specifies the procedure and terms for the disclosure of information including the case when the information submitted and/or disclosed earlier was changed, actions the credit institution should take to respond to technical, software and other failures which might result in the cessation (limitation) of access of the interested persons to the said information as well as establishes the duty of the credit institution to disclose the fact of non-submission by the Board of Directors (Supervisory Board) of information subject to disclosure.

Pursuant to the Ordinance the procedure for submission by the above-mentioned persons to the credit institution of the information subject to disclosure is established by the credit institution’s internal documents.

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