Partnership financing: new rules for registering participants in experiment
The Bank of Russia Ordinance sets the procedure for maintaining a special register, after inclusion in which organisations become participants in the partnership financing experiment.
To be included in the register, organisations, which are not banks or non-bank financial institutions, will need to submit applications accompanied by charters, documented confirmations of available own funds, information about their shareholders/members, as well as CEOs. For banks and non-bank financial institutions, only an application is required.
The Ordinance will enter into force on 16 September 2023. Organisations wishing to participate in the experiment will be able to submit their applications and required documents to the Bank of Russia. The timeframe set for considering applications is 30 business days.
Once the first participant in the experiment has been registered, the Bank of Russia will make the register available on its website and update it daily.
The Bank of Russia has previously published documents regulating the accounting procedures applied to participants in the partnership financing experiment, namely credit institutions and non-bank financial institutions.
First, please LoginComment After ~