Our progress / MIFC News

05.07.2022 18:55 / TASS

The State Duma adopted a law on tax support measures for citizens and businesses The State Duma adopted in the third, final reading a law on a set of measures for tax support of citizens and businesses in the face of sanctions pressure. The document was initiated by the government of the Russian Federation.

05.07.2022 18:51 / TASS

The State Duma adopted a law on the merger of the PFR and the FSS The State Duma at a plenary session on Tuesday adopted in the third reading a bill on the creation of a unified Pension and Social Insurance Fund (Social Fund of Russia), as well as a package of related initiatives, including amendments to the Tax and Budget Codes of the Russian Federation.

05.07.2022 18:41 / TASS

Duma passes IPO/SPO bill in second reading The State Duma adopted in the second reading a bill aimed at developing the institution of public placement of securities on the Russian financial market. The document, which amends the law "On combating the misuse of insider information and market manipulation," was initiated by a group of deputies and senators headed by Anatoly Aksakov, chairman of the State Duma committee on the financial market.

17.05.2022 16:18 / TASS

Central Bank to launch cybersecurity education course  The Bank of Russia will launch an educational course on cybersecurity in the 2023-2024 academic year at the Higher School of Economics (NRU HSE), announced Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at Junior Pay Tech Forum 2022.

19.04.2022 16:49 / The Bank of Russia

Russian issuers to close foreign depositary receipt programmes A ban on issuing and trading in foreign depositary receipts for Russian issuers’ shares will come into effect on 27 April 2022.

15.04.2022 16:36 / TASS

The Central Bank of Russia rolls out new support measures for the financial sector The Central Bank has prepared a new series of measures to support the Russian financial sector, the regulator said in a release. The CB allowed banks until the end of the year to postpone the formation of reserves for possible losses in respect of assets that have been blocked abroad.

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Microfinance: Ready, Set, Go!

26.07.2016 15:18 / The Bank of Russia

Microfinance companies can now apply to the Bank of Russia for licenses, according to the newly enacted Regulation 3984. To protect investor rights, the capital minimum is set at RUB 70M, so that only major and stable companies may apply.

Microfinance company capital is calculated according to Regulation 4037 (enacted 25 July 2016).

Both regulations are tied to amendments to the Microfinance Act, establishing two types of microfinance enterprises - microfinance (MFC) and microcredit (MCC) - to allow proportionate risk oriented regulation.

MFCs will continue to operate under a maximum loan limit of RUB 1M, with the same funding procedures.

All other companies are microcredit with no right to raise investment from non-founders, with the loan limit twice lower than before, RUB 500k. These microfinance organizations must add 'microcredit comapny' to their name by 29 March 2017.

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