Aggregated News From Investment Management Regulators

CBR RU

Banking licence of JSC Texbank cancelled

By its Order No. OD-883, dated 14 May 2021, the Bank of Russia cancelled the banking licence of Cherkessk-based Joint-stock Company Texbank, or JSC Texbank (Registration No. 2756). The credit institution ranked 320th by assets in the Russian banking system.1

Changes to pawn loan agreement format

Beginning from 10 July 2021, a pawn loan agreement and a pawn ticket will be integrated into one document, a change both consumers and pawnshops will welcome. The relevant Bank of Russia ordinance has been submitted to the Ministry of Justice for registration.

Monitoring sectoral financial flows: economic growth continues

Sectoral financial flows dynamics point to a significant increase in business activity in early 2021 Q2 in the sectors focused on external and intermediate demand.

Operations of provisional administration to manage LLC Retail and Corporate Insurance Company Limited

The provisional administration1 of LLC RICS, (thereafter, the Company) has established facts suggesting that the Company’s former management and officials performed offence aimed at siphoning off corporate assets.

Bank of Russia Bulletin released

Bank of Russia Bulletin No. 26 (2266) of 13 May 2021 has been released.

Bank of Russia to publish economic profiles of Russian regions

Webpages of Bank of Russia regional branches will feature live information on social and economic developments in the constituent territories of the Russian Federation.

Russian financial market maintains stability in April

Non-residents continued their participation in the primary market of public debt.

Bank of Russia publishes first quarterly report on project financing of housing constriction

The publication of a new quarterly analytical report is related to an increased interest of the banking and construction sectors in a relatively new mechanism of project financing of housing constriction. It will supplement the monthly high-frequency information published on the Bank of Russia website.

Bank of Russia discourages M&A lending

With respect to loans to fund mergers and acquisitions, beginning on 1 October 2021, banks’ discretion about upgrading a quality category (upgrading category III to II) with phasing of additional provisions is conditional on positive operational performance of borrowers.

Bank of Russia suggests expanding list of actions recognised as market manipulation

The regulator intends to recognise as market manipulation such deliberate actions that mislead investors and create artificial activity with exchange-listed assets. This draft ordinance was prepared by the Bank of Russia.

Bank of Russia to simplify verification of information about insurance intermediaries on insurers’ websites

The regulator will set uniform requirements for the procedure to disclose information about intermediaries and oblige insurance companies to post respective information on their websites in the form of a separate file. This draft ordinance was prepared by the Bank of Russia.

Loan restructuring still relevant for businesses: Bank of Russia’s monitoring

Small and medium-sized enterprises (SMEs) applied for loan restructuring in April more often than in March: from 1 to 28 April 2021, 4.3 thousand applications were received compared to 4 thousand in the previous period, which was longer, from 25 February to 31 March. Overall, from 20 March 2020 to 28 April 2021, SMEs submitted 196.1 thousand applications to change the terms of loans. As a result, more than 100 thousand loan agreements worth 917.7 billion rubles were restructured.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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