On 19 June 2009 the Central Bank issued Regulation No. 337-P "On the Procedure and Criteria for Evaluation of Financial Standing of Legal Entities that are Founders (Participants) of Credit Organisations." The Regulation entered into force on 10 August 2009 and invalidated Central Bank Regulation No. 218-P, dated 19 March 2003, on the same matter.

The Regulation sets out the procedure and criteria for evaluating the financial standing of legal entities that acquire shares in a Russian credit organisation (for example, in the course of its establishment, as a result of an increase in its charter capital or as a result of a share purchases on the secondary market).

In particular, it requires that where more than 20% of the credit organisation's shares are acquired on the secondary market, the acquirer's net assets should be no less than a part of the credit organisation's net worth (capital) corresponding to the amount of the acquired shares.

Further, it provides that if the acquirer has a certain credit rating it may submit fewer documents to the Central Bank for it to evaluate its financial standing.

On 19 June 2009, the Central Bank issued Regulation No. 338-P "On the Procedure and Criteria for Evaluation of Financial Standing of Individuals that are Founders (Participants) of Credit Organisations." The Regulation entered into force on 10 August 2009 and invalidated Central Bank Regulation No. 268-P, dated 19 April 2005, on the same matter.

Similar to Regulation No. 338-P with respect to legal entities, this Regulation sets out the procedure and criteria for evaluating the financial standing of individuals who acquire shares in a Russian credit organisation.

In particular, it extends the scope of the individual's income and property that may be used to purchase shares with the income or property of his/her spouse, which constitutes their common property. It also provides that the amount of the individual's income should be reduced by the amount of their investments in shares of credit organisations.

On 18 July 2009, the President signed Federal Law No. 190-FZ "On Credit Co-operation." The Law (save certain provisions) entered into force on 4 August 2009 and invalidated Federal Law No. 117-FZ "On Credit Consumer Co-operatives of Individuals," dated 7 August 2001.

The Law improves the legal framework for the activities of credit consumer co-operatives acting in the sphere of non-banking financing. Credit co-operatives are non-commercial organisations established for providing financial aid to their members who are individuals and/or legal entities. The new Law regulates their establishment, reorganisation, liquidation, membership, and their management and assets.

As of 5 August 2010, credit co-operatives will be obliged to comply with a number of financial ratios set by the Law (for example, the amount of their reserve fund, the maximum amount of funds that may be received from a single member and from non-members, and a maximum amount of funds that may be lent to a single member).

As of 5 August 2011, credit co-operatives will be obliged to join self-regulatory associations of credit co-operatives within three months of their establishment. These associations will pay compensation to members of credit co-operatives if the co-operative lacks sufficient funds to perform obligations towards its members.

Credit co-operatives' activities will be controlled by their self-regulatory associations and a federal executive body authorised by the Government, as specified by the Law.

Credit co-operatives must amend their foundation documents in accordance with the Law by 4 August 2010.

On 17 July 2009 the President signed Federal Law No. 163-FZ amending the Anti-Money Laundering Law. The Law entered into force on 2 August 2009.

The Law was adopted in connection with the Federal Law "On Credit Co-operation" (see above). The Law adds credit consumer co-operatives to the list of organisations carrying out activities with their clients' monetary funds and other assets, which are obliged to perform a number of anti-money laundering duties (for example, identify their clients, develop rules of internal control and report on certain operations to the Federal Service for Financial Monitoring).