ORDER OF THE CENTRAL BANK OF RUSSIA

of April 23, 1997 No. 02-195

About enforcement of the Provision "About features of registration of credit institutions with foreign investments and about procedure for receipt of preliminary permission of the Bank of Russia to increase in the authorized capital of the registered credit institution at the expense of means of nonresidents

Due to the approval of the Provision "About Features of Registration of Credit Institutions with Foreign Investments and about Procedure for Receipt of Preliminary Permission of the Bank of Russia to Increase in the Authorized Capital of the Registered Credit Institution at the expense of Means of Nonresidents" by the Board of directors of the Bank of Russia (N10 protocol of 4:04. 97) I order:

1. Enact the Provision since May 15, 1997.

2. Declare invalid since May 15, 1997 the letter of the Bank of Russia of April 8, 1993 of N14 "Conditions of Opening of Banks with Participation of Foreign Investments in the Territory of the Russian Federation".

3. Determine that the regulations of the Bank of Russia regulating activities of credit institutions extend to credit institutions with foreign investments taking into account features of the Provision.

4. To credit institutions to bring structure of the executive bodies into accord with the regulations containing in Items 29, 30 Provisions till December 31, 1997 with foreign investments;

To provide to territorial offices of the Bank of Russia till January 15, 1998 to Department of licensing of banking and auditor activity information on accomplishment by credit institutions with foreign investments of the requirement specified in paragraph one of item 4 of this Order.

5. Publish the Provision of the Bank of Russia "About features of registration of credit institutions with foreign investments and about procedure for receipt of preliminary permission of the Bank of Russia to increase in the authorized capital of the registered credit institution at the expense of means of nonresidents" in "the Bulletin of the Bank of Russia".

PROVISION OF THE CENTRAL BANK OF RUSSIA

of April 23, 1997 No. 437

About features of registration of credit institutions with foreign investments

It is enacted by the order of the Bank of Russia of April 23, 1997 No. 02-195

Chapter 1. General provisions

1. This Provision according to the Federal Law "About the Central Bank Russian Federation (Bank of Russia)", the Federal Law "About Banks and Banking Activity" determines features of registration of credit institutions with foreign investments.

2. In this Provision credit institutions with foreign investments are understood as credit organizatsiirezidenta which authorized capital is created with participation of means of nonresidents irrespective of their share in the authorized capital.

3. Ceased to be valid.

Chapter 2. Features of registration of credit institutions with foreign investments

4. The Bank of Russia issues preliminary permissions (further permissions) on creation of credit institutions with foreign investments.

Preliminary permission is understood as the basic consent of the Bank of Russia to participation of the specific nonresident in creation of credit institution - resident.

5. By consideration of question of issue of permission it is considered:

- level of use of quota of participation of the foreign capital in bank system of Russia;

- financial position and goodwill of nonresident founders;

- priority of filing of applications.

The Bank of Russia can take into account the size of foreign investments in bank system of the Russian Federation from the states of the location of founders, and also nature of the bilateral relations between the Russian Federation and the state of the location of each of founders.

Besides, by the Bank of Russia measures of special control concerning foreign investments in bank system of the Russian Federation from nonresident founders with place of registration in one of the states with preferential tax regime and lack of tariff methods of customs regulation or concerning investments from resident in which the share of such nonresident exceeds fifty percent can be taken.

6. For receipt of permission founders represent to central office of the Bank of Russia (Department of licensing of banking and auditor activity) the statement (petition) for issue of permission to creation of credit institution with foreign investments.

7. The statement shall contain specifying on nonresidents of expected founders of credit institution (the full official name for legal entities; surname, name, middle name for physical persons), their location, legal status (nationality (citizenship) for physical persons), the exact amount of expected participation of each nonresident in the authorized capital of credit institution (in numerical and percentage expression). In case of acquisition by the nonresident more than 10 percent of the authorized capital of the created credit institution - resident the statement shall contain information on founders of such legal entity - the nonresident with indication of their location and the short description of the direction them activities.

The application is signed by person authorized on it by meeting of founders of credit institution with foreign investments.

8. On the legal entity - the nonresident are applied to the statement specified in Item 6 of this provision:

a) constituent documents;

b) decision of authorized body of the legal entity on its participation in the authorized capital of credit institution in the territory of the Russian Federation;

c) the copy of the document (or the statement from it) confirming registration of the legal entity;

d) balances for three previous years of activities confirmed with audit opinion;

e) the written consent of the relevant regulatory authority of the country of its location * on participation in the authorized capital of credit institution in the territory of the Russian Federation or the conclusion of this body about lack of need of receipt of such consent, and on the foreign physical person is attached confirmation by the foreign bank, first-class according to the international banking practice (which short-term obligations have rating on classification of IBCA, Mood's or Standart and Poor AA is not lower, prime-1) of solvency of this person (capabilities to pay the share in the authorized capital).

The Bank of Russia can request the additional information necessary for decision making.

9. Permission to participation of nonresidents in the authorized capital of credit institution with foreign investments, except affiliated credit institution of foreign bank (resident), is the information letter of the Bank of Russia.

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