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Financial sector’s operation from 30 October through 7 November 2021

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Pursuant to Executive Order of the Russian President No. 595, dated 20 October 2021, ‘On Non- Work Days in the Russian Federation in October—November 2021’, the Bank of Russia informs the parties concerned of the following.

Credit and non-bank financial institutions are recommended to determine their business schedule from 30 October through 7 November 2021 on their own, taking into account their clients’ interests. In particular, they are advised to maintain the accessibility of remote services. To notify their clients of offices’ schedule of operation, changes in service provision procedures, and the functioning of online systems, the Bank of Russia recommends that credit and non-bank financial institutions promptly publish relevant information on their websites and at client service points, as well as communicate it to clients by any other means available.

Should credit and non-bank financial institutions make the decision to operate on the above non- work days, they should comply will all the legal requirements that are mandatory for compliance during business days.

The Bank of Russia recommends that non-bank financial institutions, if they make the decision to operate on the non-work days from 1 through 3 November 2021, including to conduct transactions at exchanges, ensure the conditions making it possible to provide all necessary services offered to their clients during business days. To the extent envisaged by Russian laws, where non-bank financial institutions’ operation requires the engagement of a specialised depository of investment funds, unit investment funds and non-governmental pension funds, the specialised depository should ensure the functioning of all necessary systems to provide relevant services to clients.

In order to support continuous access to critical services for businesses and households, the Bank of Russia notifies insurers that they should maintain the continuity of insurance services, including such socially important insurance services as personal insurance (compulsory health insurance, life insurance, and accident and disease insurance) and compulsory motor third-party liability insurance and take measures to support remote communication with insurants, the insured, affected persons, and beneficiaries, including by organising the functioning of remote platforms supporting the claim handling process.

Obligations under financial transactions due on the non-work days from 1 through 3 November 2021 shall be fulfilled by borrowers within time periods stipulated by relevant agreements.

The Bank of Russia holds that creditors acting in good faith will take into consideration whether debtors actually have opportunities to fulfil relevant obligations and can access remote services or visit a financial institution’s office to timely perform required operations, including as regards consequences of a failure to comply with relevant agreements.

In November 2021, the reporting forms of credit institutions required by Bank of Russia Ordinance No. 4927-U,1 the reporting forms and information of payment system operators, payment infrastructure operators and funds transfer operators required by Bank of Russia Ordinance No. 5142-U,2 Bank of Russia Ordinance No. 5110-U,3 Bank of Russia Ordinance No. 3304-U,4 Bank of Russia Ordinance No. 2831-U,5 Bank of Russia Regulation No. 423-P,6 Bank of Russia Ordinance No. 5429-U,7 notices of their participation (termination of participation) in a foreign payment system required by Bank of Russia Ordinance No. 5323-U,8 notices and reporting of bank holding companies required by Bank of Russia Ordinance No. 3780-U,9 Bank of Russia Ordinance No. 3777-U10 and Bank of Russia Ordinance No. 4619-U,11 should be submitted to the Bank of Russia as usual, including on the non-work days from 1 through 3 November 2021.  Where periods for submitting reporting and other information are calculated in business days, the days from 1 through 3 November 2021 are calculated to determine respective deadlines.

As regards reporting and information to be submitted to the Bank of Russia by non-bank financial institutions, 8 November should be deemed to be the deadline where the last date for submitting reporting and other information to the Bank of Russia falls within the period from 1 through 3 November 2021. Where periods for submitting reporting and other information by non-bank financial institutions are calculated in business days, the days from 1 through 3 November 2021 are not calculated to determine respective deadlines.

In the case that senior officials (head of senior officials of executive authorities) of the constituent territories of the Russian Federation make a decision pursuant to Clause 2 of Executive Order of the Russian President No. 595, dated 20 October 2021, ‘On Non-Work Days in the Russian Federation in October—November 2021’ on additional non-work days before 30 October 2021 and/or on the extension of non-work days after 7 November 2021 for credit and non-bank financial institutions operating in the relevant constituent territories, the above institutions should be governed by the procedure stipulated in this information notice.

As regards reporting and information to be submitted by credit and non-bank financial institutions registered in the relevant constituent territories of the Russian Federation, such institutions should be governed by this information notice in terms of calculating additional non-work days for determining the deadlines.

On 1, 2, 3 and 5 November 2021, the Bank of Russia Payment System will operate according to the schedule.

1 Bank of Russia Ordinance No. 4927-U, dated 8 October 2018, ‘On the List, Forms and Procedure for Compiling and Submitting Credit Institutions’ Reporting Forms to the Central Bank of the Russian Federation’ (as amended).
2 Bank of Russia Ordinance No. 5142-U, dated 13 May 2019, ‘On the Form and Timeframe for Submission to the Bank of Russia of Payment System Reports by Payment System Operators and the Methodology for Their Preparation’.
3 Bank of Russia Ordinance No. 5110-U, dated 1 April 2019, ‘On the Form and Timeframe for Submitting to the Bank of Russia Statements of a Payment Infrastructure Operator and a Payment System Operator on Incidents that Occurred (were Identified) during the Provision of Payment Infrastructure Services and on Indicators of the Smooth Functioning of the Payment System, and the Methodology for Compiling Such Statements’.
4 Bank of Russia Ordinance No. 3304-U, dated 27 June 2014, ‘On Reporting by Payment System Operators on Payment Systems Used to Make Funds Transfers in Organised Trading’.
5 Bank of Russia Ordinance No. 2831-U, dated 9 June 2012, ‘On Reporting by Payment System Operators, Payment Infrastructure Operators, Funds Transfer Operators on Information Protection During Funds Transfers’.
6 Bank of Russia Regulation No. 423-P, dated 12 June 2014, ‘On the Security Deposits of Payment System Operators Other than Nationally Important Payment Systems’.
7 Bank of Russia Ordinance No. 5429-U, dated 6 April 2020, ‘On the Procedure for the Bank of Russia to Maintain the List of Payment Application Providers, List of Foreign Providers of Payment Services, List of Information Exchange Operators, and List of Bank Payment Agents Engaged in Payment Aggregator Operations; on the Procedure, Forms, Composition, and Timeframe for Funds Transfer Operators and Payment System Operators to Provide Information for the Maintenance of the Specified Lists’.
8 Bank of Russia Ordinance No. 5323-U, dated 21 November 2019, ‘On the Form of Notifying the Bank of Russia by Funds Transfer Operators about their Participation (Termination of Participation) in a Foreign Payment System and on the Procedure for Compiling and Submitting Such Notification’.
9 Bank of Russia Ordinance No. 3780-U, dated 9 September 2015, ‘On the Procedure for Notifying the Bank of Russia of the Establishment of a Bank Holding Company, the Formation of the Management Company of a Bank Holding Company and its Powers Granted’.
10 Bank of Russia Ordinance No. 3777-U, dated 9 September 2015, ‘On Compiling and Submitting Financial Statements and Other Information on Bank Holding Company Risks to the Bank of Russia’.
11 Bank of Russia Ordinance No. 4619-U, dated 27 November 2017, ‘On the Procedure and Timeframe for Bank Holding Companies to Disclose and Submit Consolidated Financial Statements’.

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, please see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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