Improving the Legal Framework

One of the Bank’s core competencies is having a good understanding of different segments of the financial services market and the specifics of servicing various corporate and retail customers. We can draw on our expertise in this field to contribute to discussions of draft laws and regulations relating to all aspects of financial services. We can also help develop a legal framework that balances the interests of the Bank and its customers with those of industry regulators.

Examples of this in 2011 include the preparation by Sberbank of substantial proposals on how to improve draft federal laws, which ultimately made their way into the final versions of the respective legal acts, including, amongst others:

  • Federal Law dated 27 June 2011 No. 161-FZ On the National Payment System and the Federal Law dated 27 June 2011 No. 162-FZ On Amending Certain Legal Acts of the Russian Federation in Connection with the Adoption of the Federal Law On the National Payment System;
  • Federal Law dated 8 November 2011 No. 308-FZ On Amending the Federal Law On Combating the Legalisation (Laundering) of Proceeds of Crime and the Financing of Terrorism;
  • The Administrative Offences Code of the Russian Federation;
  • Federal Law dated 25 July 2011 No. 261-FZ On Amending the Federal Law On Personal Data;
  • Federal Law dated 6 December 2011 No. 405-FZ On Amending Certain Legal Acts of the Russian Federation with regard to the Enhancement of the Procedure of Foreclosure on Collateral.

Moreover, Sberbank developed draft Federal Law No. 492506-5 FZ On Repealing Article 15.2 of the Administrative Offences Code of the Russian Federation. The draft law envisages a reduction in the administrative burden on financial institutions associated with the discharge of public functions to oversee customer compliance with cash handling procedures. The draft was supported by members of the State Duma and the Russian Government, and was officially introduced into the State Duma of the Federal Assembly of the Russian Federation. In March 2012, the draft was adopted by the State Duma and approved by the Federation Council.

A major result from this initiative of significance to all financial institutions in Russia was the issuing of Instruction No. 2750-U by the Bank of Russia. Effective from 1 January 2012, the document repeals the requirement for banks to oversee customer compliance with established cash transaction and handling procedures.

    History

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