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Microfinance sphere will be supervised by the Ministry of Finance
Practical Law UK Legal Update 0-504-5611 (Approx. 2 pages)
Microfinance sphere will be supervised by the Ministry of Finance
by White & Case LLP
| Published on 31 Jan 2011 • Russian Federation |
This article is part of the PLC Global Finance January 2011 e-mail update for the Russian Federation.
Speedread
On 27 December 2010, the Russian government issued Resolution No. 1149 "On Measures to Implement the Federal Law 'On Microfinance Activities and Microfinance Organisations'.". This entered into force on 4 January 2011.
On 27 December 2010, the Russian government issued Resolution No. 1149 "On Measures to Implement the Federal Law 'On Microfinance Activities and Microfinance Organisations'." The Resolution entered into force on 4 January 2011.
The Resolution vests the Ministry of Finance with the power to supervise microfinance activities. It is empowered to approve rules for maintaining a state register of microfinance entities, establish mandatory economic ratios and reporting forms for microfinance entities, and control their compliance with the Anti-Money Laundering Law.