Translation. Region: Russian Federation –
Source: Central Bank of Russia
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Came into force on January 11, 2016 Federal Law of July 13, 2015 No. 223-FZ "On self-regulatory organizations in the financial market and on amendments to Articles 2 and 6 of the Federal Law "On Amendments to Certain Legislative Acts of the Russian Federation" (hereinafter referred to as the Law), which regulates the procedure for obtaining the status of a self-regulatory organization in the financial market (hereinafter referred to as SRO), requirements for governing bodies, basic and internal standards for the activities of SROs, as well as relations arising between financial organizations and SROs.
According to Article 26 of the Law, the Bank of Russia maintains a unified register in the financial market, which contains the name of the SRO, the date of the decision on inclusion in the register, the types of activities in relation to which the SRO carries out self-regulation, the TIN, OGRN, address, and a list of SRO members.
According to Article 33 of the Law, self-regulatory organizations uniting credit consumer cooperatives were included in the unified register of self-regulatory organizations in the financial market from the date of entry into force of the Law and were assigned the status of SRO.
The law provides for the obligation for financial organizations listed in Part 1 of Article 3 of the Law to become a member of one of the self-regulatory organizations within one hundred and eighty days from the date the non-profit organization receives the status of a self-regulatory organization in the financial market in relation to the type of activity carried out by the financial organization.
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