PLC Global Finance update for July 2010: Russian Federation
Practical Law UK Articles 9-502-8853 (Approx. 2 pages)
PLC Global Finance update for July 2010: Russian Federation
by White & Case LLP
| Published on 29 Jul 2010 • Russian Federation |
The Russian Federation update for July 2010 for the PLC Global Finance multi-jurisdictional monthly e-mail.
Financial institutions
The law encouraging microfinance in Russia has been signed
On 2 July 2010, the President signed Federal Law No. 151-FZ "On Microfinance Activities and Microfinance Organisations."
The Law will enter into force on 4 January 2011.
The Law seeks to encourage development of small and medium businesses. It provides for a legal framework for microfinance activities of non-banking entities. Microfinance entities will be included in a special state register and will be able to grant loans for up to RUB1 million (about US$33,300).
Banks will need to disclose commissions on operations through their ATMs from October 2010
On 1 July 2010 the President signed Federal Law No. 148-FZ amending the Law on Banks.
The Law will enter into force on 4 October 2010.
According to the Law, a bank that owns an ATM must inform bank cardholders on its commission fees on ATM operations. The information must be displayed on the ATM screen (before an operation) and reflected in a receipt (after the operation).