Bank of Russia assigns status of central counterparty and issues licence to CC Clearing Centre MFB

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’.