PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of November 11, 2024 No. 416

About activities for financing under concession of monetary claim (factoring)

For the purpose of enhancement of state regulation of activities of the commercial organizations for financing under concession of monetary claim (factoring):

1. Determine that:

1.1. the commercial organizations have the right to sign contracts of financing under concession of monetary claim (agreements of factoring) under which they in total to the creditor (creditors) provide financing in the amount exceeding 3000 basic sizes for calendar year and at the time of concession of requirements the delay of execution of monetary commitments of the debtor before the initial creditor constitutes no more than 180 days, on condition of inclusion in the register of the factoring organizations (further - the register);

1.2. activities for the conclusion of the agreements specified in subitem 1.1 of this Item by the commercial organizations which are not included in the register are illegal and are forbidden;

1.3. the commercial organizations included in the register (further - the factoring organizations), are the faces performing financial transactions;

1.4. The National Bank realizes state policy in the sphere of the relations arising in case of the conclusion of the agreements specified in subitem 1.1 of this Item and establishes:

procedure for creation and maintaining register;

procedure for inclusion of the commercial organization in the register, introduction in it of changes, procedure and bases of exception of the factoring organization of the register;

requirements to goodwill of founders (participants), owners of property, beneficial and other owners of the factoring organizations;

requirements to goodwill and qualification of the head of the factoring organization, person fulfilling its duties more than four months, the official designated from among heads of the factoring organization by the actionee of rules of internal control (further - the official responsible for accomplishment of rules of internal control) whose competence includes implementation of measures for prevention of legalization of income gained in the criminal way, financings of terrorist activities and financing of distribution of weapons of mass destruction (further - POD/FT), the employee of the factoring organization who according to its local legal acts performs measures of internal control in the sphere of POD/FT (further - the responsible official in the sphere of POD/FT);

amount and procedure for disclosure by the factoring organizations of information on beneficial and other owners and the financial condition;

requirements to rules of implementation of activities for financing under concession of monetary claim (factoring);

form, amount, contents of the reporting and (or) other information on activities for financing under concession of monetary claim (factoring), and also for the purposes of POD/FT, procedure and terms of their creation and submission by the factoring organizations to National Bank;

amount and procedure for disclosure by the factoring organizations of information on the performed activities for financing under concession of monetary claim (factoring) by placement of such information on the website (the websites) on the global computer Internet, the registered (registered) in State register information networks, systems and resources of national segment of the global computer Internet placed in the territory of the Republic of Belarus;

the maximum term during which the position of the head of the factoring organization can be vacant;

requirements to the organization and functioning of risk management system of the factoring organization, connected with implementation of activities for financing under concession of monetary claim (factoring);

1.5. The National Bank has the right to establish:

evaluation procedure National Bank of financial stability of the factoring organizations;

financial standard rates and their sizes, obligatory for observance by the factoring organizations, including concerning equity, indicators of financial activities;

cases, sizes and procedure for forming and use of reserves by the factoring organizations;

1.6. the factoring organizations are sources of forming of credit stories;

1.7. the factoring organization shall:

observe the requirements established by National Bank according to paragraphs the sixth or ninth subitem 1.4 of this Item;

have authorized capital in the amount of at least 125 thousand Belarusian rubles;

appoint the head of the factoring organization before the termination of the term established by National Bank during which such position can be vacant;

have risk management system, connected with implementation of activities for financing under the concession of monetary claim (factoring) conforming to requirements of National Bank;

observe the sizes of financial standard rates, including concerning equity, indicators of financial activities, in case of establishment of these standard rates by National Bank;

create reserves, cases, the size and procedure for forming and which uses are established by National Bank;

carry out assessment of solvency of the creditor and (or) debtor concerning which obligations financing under concession of monetary claim (factoring), according to the procedure established by the local legal act of the factoring organization is performed;

designate the official responsible for accomplishment of rules of internal control, the responsible official (responsible officials) in the sphere of POD/FT, to have the local legal acts approved by the head regulating their activities;

provide observance of the requirements established by National Bank to goodwill and qualification of the head, person fulfilling its duties more than four months, the official, the actionee of rules of internal control, the responsible official in the sphere of POD/FT;

file petition in National Bank in the terms established by it about change of the data provided in case of its inclusion in the register. In case of change of information about persons concerning whom appointment or transfer is made copies of the documents confirming compliance of these persons to the qualification requirements and requirements to goodwill established by National Bank imposed to them are represented;

to timely represent to National Bank the complete and authentic data received when implementing activities for financing under concession of monetary claim (factoring) which are part of credit history, according to the procedure, No. 441-Z established by the Law of the Republic of Belarus of November 10, 2008 "About credit stories";

to annually book statutory audit of the annual accounting and (or) financial reporting and no later than July 1 of the year following reporting, to represent audit opinion by results of audit of this reporting to National Bank;

provide conducting separate accounting of economic activities from implementation of activities for financing under concession of monetary claim (factoring) in case of implementation of other (others) of type (types) of activities.

The founder (participant), the owner of property, beneficial and other owner of the factoring organization shall conform to the requirements to goodwill established by National Bank.

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