On 1 October 2020, the Bank of Russia assigned1 a status of a central counterparty and issued a banking licence to the non-bank credit institution Central Counterparty Clearing Centre MFB (joint-stock company) (CC Clearing Centre MFB (JSC)) and reissued its licence to perform clearing activities.
The status of a central counterparty was assigned to CC Clearing Centre MFB in line with transitional provisions of Federal Law No. 403-FZ2 concerning legal entities that had not been credit institutions and had acted as a central counterparty before the above-mentioned law became effective.
Joint-stock Company Clearing Centre MFB is the first legal entity complying with the above criteria that the Bank of Russia has issued a licence due to assigning the status of a central counterparty.
1 In accordance with Article 271 of Federal Law No. 7-FZ, dated 7 February 2011, ‘On Clearing, Clearing Activities, and the Central Counterparty’.
2 Federal Law No. 403-FZ, dated 29 December 2015, ‘On Amending Certain Laws of the Russian Federation’.