Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 10, 2002 No. 86-FZ

About the Central bank Russian Federation (Bank of Russia)

(as amended on 20-07-2020)

Accepted by the State Duma of the Russian Federation on June 27, 2002

Chapter I. General provisions

Article 1. The status, the purposes of activities, function and power of the Central bank of the Russian Federation (Bank of Russia) are determined by the Constitution of the Russian Federation, this Federal Law and other Federal Laws.

Performs the functions and powers provided by the Constitution of the Russian Federation and this Federal Law, the Bank of Russia irrespective of other federal bodies of the government, public authorities of subjects of the Russian Federation and local government bodies.

The Bank of Russia is legal entity. The Bank of Russia has seal with the image of the State Emblem of the Russian Federation and with the name.

The location of the central bodies of the Bank of Russia - the city of Moscow.

Article 2. The authorized capital and other property of the Bank of Russia are federal property. According to the purposes and according to the procedure which are established by this Federal Law the Bank of Russia performs powers on ownership, use and the order of property of the Bank of Russia, including gold and foreign exchange reserves of the Bank of Russia. Withdrawal and encumbrance by obligations of the specified property without the consent of the Bank of Russia are not allowed if other is not provided by the Federal Law.

The state does not answer for obligations the Bank of Russia, and the Bank of Russia - for obligations of the state if they did not assume such obligations or if other is not provided by the Federal Laws.

The Bank of Russia performs the expenses at the expense of own income.

Article 3. The purposes of activities of the Bank of Russia are:

protection and ensuring stability of ruble;

development and strengthening of bank system of the Russian Federation;

ensuring stability and development of national payment system.

development of the financial market of the Russian Federation;

ensuring stability of the financial market of the Russian Federation.

Profit earning is not the purpose of activities of the Bank of Russia.

Article 4. The Bank of Russia performs the following functions:

Develops 1) in interaction with the Government of the Russian Federation and pursues single state monetary policy;

1. Develops 1) in interaction with the Government of the Russian Federation and pursues policy of development and ensuring stability of functioning of the financial market of the Russian Federation;

2) exclusively performs issue of cash and will organize cash circulation;

2. 1) is approved by graphic symbol of ruble in the form of sign;

3) is last resort lender for credit institutions, will organize system of their refinancing;

4) establishes rules of implementation of calculations in the Russian Federation;

4. 1) also observation in national payment system exercises supervision;

5) establishes rules of carrying out banking activities;

6) is performed by servicing of accounts of budgets of all levels of the budget system of the Russian Federation if other is not established by the Federal Laws, by means of carrying out payment under the order of authorized bodies of the executive authority and state non-budgetary funds to which the organization of execution and execution of budgets are assigned;

7) exercises effective management of gold and foreign exchange reserves of the Bank of Russia;

8) makes the decision on state registration of credit institutions, grants to credit institutions licenses for banking operations, stops their action and recalls them;

8. 1) makes decisions on state registration of non-state pension funds;

9) exercises supervision of activities of credit institutions and banking groups (further - banking supervision);

9. 1) exercises regulation, control and supervision of activities of not credit financial credit institutions according to the Federal Laws;

10) performs registration of releases of issued securities and securities prospectuses, registration of reports on results of releases of issued securities;

10. 1) exercises control and supervision of observance by issuers of requirements of the legislation of the Russian Federation on joint-stock companies and securities;

10. 2) exercises regulation, control and supervision in the sphere of the corporate relations in joint-stock companies;

11) performs independently or at the request of the Government of the Russian Federation all types of the banking activities and other transactions necessary for accomplishment of functions of the Bank of Russia;

Will organize 12) and performs currency control and currency exchange control in accordance with the legislation of the Russian Federation;

13) is determined by procedure of settlings with the international organizations, foreign states, and also with legal entities and physical persons;

14) the chart of accounts of financial accounting for credit institutions and procedure for its application, the chart of accounts for the Bank of Russia and procedure for its application approves industry standards of financial accounting for credit institutions, the Bank of Russia and not credit financial credit institutions;

14. 1) is approved by the chart of accounts of financial accounting for not credit financial credit institutions and procedure for its application;

Establishes 15) and publishes the official rates of foreign currencies in relation to ruble;

16) takes part in development of the forecast of paying balance of the Russian Federation;

16. 1) takes part in development of methodology of creation of the financial account of the Russian Federation in system of national accounts and will organize creation of the financial account of the Russian Federation;

16. 2) will be organized by creation of paying balance of the Russian Federation, the international investment line item of the Russian Federation, foreign trade statistics of the Russian Federation services, external debt of the Russian Federation, the international reserves of the Russian Federation, direct investments to the Russian Federation and direct investments from the Russian Federation abroad;

16. 3) for creation of paying balance of the Russian Federation, the international investment line item of the Russian Federation, foreign trade statistics of the Russian Federation services, external debt of the Russian Federation, the international reserves of the Russian Federation, direct investments to the Russian Federation and direct investments of the Russian Federation abroad independently creates and approves statistical methodology, the list of respondents, forms of federal statistical observation and procedure for creation and provision by respondents of primary statistical data in these forms;

17) ceased to be valid according to the Federal Law of the Russian Federation of 21.11.2011 No. 327-FZ;

18) is carried out by the analysis and forecasting of state of the economy of the Russian Federation, publishes the corresponding materials and statistical data;

18. 1) performs payments of the Bank of Russia for household deposits in the banks declared bankrupt which are not participating in system of compulsory deposit insurance in banks of the Russian Federation, in cases and procedure which are provided by the Federal Law;

18. 2) is depositary of means of the International Monetary Fund in currency of the Russian Federation, performs the transactions and transactions provided by articles of the Agreement of the International Monetary Fund and contracts with the International Monetary Fund;

18. 3) exercises control of observance of requirements of the legislation of the Russian Federation on counteraction to unauthorized use of insider information and to market manipulation;

18. 4) performs protection of the rights and legitimate interests of shareholders and investors in the financial markets, the insurers, insured persons and beneficiaries recognized by those according to the insurance legislation and also insured persons on mandatory pension insurance, investors and members of non-state pension fund on non-state pension provision;

18. 5) is organized by rendering services in transfer of electronic messages on financial transactions (further - financial messages);

18. 6) in interaction with the Government of the Russian Federation realizes actions for increase in level of financial literacy of the population and subjects of small and medium business in the Russian Federation;

18. Develops 7) in interaction with the Government of the Russian Federation and pursues policy on ensuring availability of financial services to the population and subjects of small and medium business in the Russian Federation;

19) performs other functions according to the Federal Laws.

Article 4.1. The Bank of Russia when implementing the functions provided by the Federal Laws shall develop and realize policy on prevention, identification and conflict management of interests.

Article 5. The Bank of Russia is accountable to the State Duma of Federal Assembly of the Russian Federation.

State Duma:

appoints to position and dismisses the Chairman of the Bank of Russia on representation of the President of the Russian Federation;

appoints to position and dismisses board members of the Bank of Russia (further - the Board of directors) on the representation of the Chairman of the Bank of Russia approved with the President of the Russian Federation;

directs and recalls representatives of the State Duma in National financial council within the quota;

considers the main directions of single state monetary policy and makes in them the decision;

considers the annual statement of the Bank of Russia and makes on it the decision;

makes the decision on check by Audit Chamber of the Russian Federation of financial and economic activities of the Bank of Russia, its structural divisions and organizations. The specified decision can be made only based on the offer of National financial council;

carries out parliamentary hearings about activities of the Bank of Russia with participation of his representatives;

hears reports of the Chairman of the Bank of Russia on activities of the Bank of Russia (in case of submission of the annual statement and the main directions of single state monetary policy).

The Bank of Russia represents to the State Duma and to the President of the Russian Federation information according to the procedure, established by the Federal Laws.

Article 6. The Bank of Russia has the right to turn with claims to the courts according to the procedure, determined by the legislation of the Russian Federation.

The Bank of Russia has the right to turn for protection of the interests to international courts, courts of foreign states and reference tribunals.

Article 7. The Bank of Russia on the questions carried to its competence by this Federal Law and other Federal Laws publishes in the form of instructions, provisions and instructions the regulations obligatory for federal bodies of the government, public authorities of subjects of the Russian Federation and local government bodies, all legal entities and physical persons.

Rules of preparation of regulations of the Bank of Russia are established by the Bank of Russia independently.

Regulations of the Bank of Russia become effective after 10 days after day of their official publication, except as specified, of the regulations of the Bank of Russia established by the Board of directors, and except for specified in part five of this Article. Official publication of the regulation of the Bank of Russia the first publication of its complete text in the official publication of the Bank of Russia - "The Bulletin of the Bank of Russia" or the first placement (publication) on the official site of the Bank of Russia on the Internet (www.cbr.ru) is considered. Regulations of the Bank of Russia have no retroactive force.

Regulations of the Bank of Russia shall be registered according to the procedure, established for state registration of regulatory legal acts of federal executive bodies.

Are not subject to state registration and the regulations of the Bank of Russia establishing become effective according to the procedure provided in them:

paragraph two of ceased to be valid according to the Federal Law of the Russian Federation of 07.03.2018 No. 53-FZ

interest rate realignment;

size of mandatory reserve requirements (standard rates of required reserves, coefficient of averaging of required reserves);

the sizes of obligatory standard rates for credit institutions and banking groups, and also for not credit financial credit institutions according to this Federal Law and other Federal Laws;

direct quantitative restrictions;

industry standards of financial accounting for the Bank of Russia, the chart of accounts of financial accounting for the Bank of Russia and procedure for its application;

procedure for ensuring functioning of system of the Bank of Russia.

According to the procedure established for federal executive bodies other regulations of the Bank of Russia can also not be subject to registration.

 The part seven of Article 7 voided according to the Federal Law of the Russian Federation of 23.07.2013 No. 251-FZ.

Regulations of the Bank of Russia can be appealed in court according to the procedure, established for contest of regulatory legal acts of federal bodies of the government.

The drafts of the Federal Laws, and also regulatory legal acts of federal executive bodies concerning accomplishment of the functions by the Bank of Russia go to the conclusion to the Bank of Russia.

Article 8. The Bank of Russia has no right to participate in the capitals of credit institutions if other is not established by the Federal Laws.

Action of part one of this Article does not extend to participation of the Bank of Russia in the capital of Savings bank of the Russian Federation (further - Sberbank).

The reduction or alienation of share of the Bank of Russia in the authorized capital of Sberbank which is not leading to reducing the specified share to level less than 50 percent plus one voting share is performed by the Bank of Russia in coordination with the Government of the Russian Federation.

The reduction or alienation of share of the Bank of Russia in the authorized capital of Sberbank leading to reducing the specified share to level less than 50 percent plus one voting share is performed based on the Federal Law.

The Bank of Russia has no right to participate in the capitals or to be the member of other commercial or non-profit organizations if they do not provide activities of the Bank of Russia, its organizations, organizations and serving, except as specified, established by the Federal Laws.

Action of parts one and the fifth this Article does not extend to the transactions of the Bank of Russia in the public market made according to article 39 of this Federal Law.

The Bank of Russia for the purpose of ensuring stability of ruble has the right to create and participate in the capital of the organization performing activities for trust management of assets of the Bank of Russia and also the assets transferred in its management of the Russian Federation, the state corporations created by the Russian Federation, and other public legal entities or the organizations including foreign for implementation of investments in the Russian Federation and (or) in foreign states.

Provisions of Chapter XI of the Federal Law of December 26, 1995 No. 208-FZ "About joint-stock companies" are not applied to the transactions made by the Bank of Russia with credit institutions for the purpose of realization of single state monetary policy provided by Articles 39, of 40, 44 presents of the Federal Law.

The Bank of Russia based on the solution of the Board of directors has the right to deposit money and (or) other property, including real estate, as property fee of the Bank of Russia in property of the "Deposit Insurance Agency" state corporation.

Article 9. The Bank of Russia can participate in the capitals of the international organizations which are engaged in development of cooperation in monetary, currency, bank spheres and other spheres of the financial market.

The Bank of Russia can participate in activities of the international organizations which are engaged in development of cooperation in monetary, currency, bank spheres and other spheres of the financial market, including development of cooperation between Central Banks and (or) the relevant regulating (supervising) organs (organizations), and also to participate in activities of the associations which do not have the status of the organization (including forums, groups, committees).

Relations of the Bank of Russia with credit institutions of foreign states are performed according to international treaties of the Russian Federation, the Federal Laws, and also with interbank agreements.

Head of II. Capital of the Bank of Russia

Article 10. The Bank of Russia has the authorized capital in the amount of 3 billion rubles.

Article 11. The profit of the Bank of Russia is determined as difference between the amount of the income from stipulated by the legislation the Russian Federation, including this Federal Law, banking activities and transactions, the income from participation in the capitals of the organizations and other income from activities of the Bank of Russia and expense amount connected with implementation of the functions by the Bank of Russia, the stipulated in Clause 4 presents of the Federal Law, including the expenses connected with ensuring activities of the Bank of Russia, its organizations and employees.

Chapter III. National financial council and governing bodies of the Bank of Russia

Article 12. National financial council - collegiate organ of the Bank of Russia.

The number of National financial council constitutes 12 people from whom two go the Federation Council of Federal Assembly of the Russian Federation from among members of the Federation Council, three - the State Duma from among deputies of the State Duma, three - the President of the Russian Federation, three - the Government of the Russian Federation. Also the Chairman of the Bank of Russia is part of National financial council.

The response of members of National financial council is performed by the public authority which sent them to structure of National financial council.

Members of National financial council, except for the Chairman of the Bank of Russia, do not work in the Bank of Russia at permanent basis and do not receive payment for these activities.

The chairman of National financial council is elected members of National financial council from their number by a majority vote from total number of members of National financial council.

The chairman of National financial council performs the common directorship of its activities, presides over its meetings. In case of absence of the Chairman of National financial council its functions are performed by the deputy elected from among members of National financial council by a majority vote from total number of members of National financial council.

Decisions of National financial council are made by a majority vote from number of the present members of National financial council in case of quorum in seven people.

In case of adoption of decisions by National financial council the opinion of the members of National financial council who appeared in minority is entered according to their requirement in the minutes of National financial council.

In case of equality of votes the voice of the National financial council presiding over meeting is decisive.

National financial council sits at least once a quarter.

Meetings of National financial council are appointed by the Chairman of National financial council or in case of absence of the Chairman of National financial council his deputy, and also upon the demand of the Chairman of the Bank of Russia or at least three members of National financial council.

Members of National financial council are timely notified on meeting of National financial council.

Article 13. Enters competence of National financial council:

1) consideration of the annual statement of the Bank of Russia and the annual activities report of "Managing Company of Fund of Consolidation of Banking Sector" limited liability company (further also - Managing company);

2) approval on the basis of proposals of the Board of directors for the next year no later than December 15 of prior year:

total amount of maintenance costs of bank clerks of Russia;

total amount of expenses on provision of pensions, life insurance and medical insurance of bank clerks of Russia;

total amount of the capital investments;

total amount of other administrative expenses;

3) approval if necessary on the basis of proposals of the Board of directors of additional expenses on content of bank clerks of Russia, additional expenses on provision of pensions, life insurance and medical insurance of bank clerks of Russia, additional capital investments, and also approval of other additional administrative expenses;

4) consideration of questions of development and enhancement of the financial market of the Russian Federation, enhancement of bank system of the Russian Federation;

5) consideration of the project of the main directions of single state monetary policy and main directions of single state monetary policy;

6) the solution of the questions connected with participation of the Bank of Russia in the capitals of credit institutions;

7) appointment of the chief auditor of the Bank of Russia and consideration of its reports;

8) quarterly consideration of information of the Board of directors on the main questions of activities of the Bank of Russia:

realization of the main directions of single state monetary policy;

bank regulation and banking supervision, including information on activities of the authorized representatives appointed in credit institution in cases, provided by part one of article 76 of this Federal Law, regulation, control and supervision of activities of not credit financial credit institutions;

realization of policy of currency control and currency exchange control;

ensuring stability and development of national payment system;

execution of expense budget of the Bank of Russia;

preparation of drafts of legal acts and other regulations in the field of development and ensuring stability of functioning of the financial market of the Russian Federation;

9) determination of auditing organization for carrying out statutory audit of the annual financial reporting of the Bank of Russia;

10) approval according to the proposal of the Board of directors of industry standards of financial accounting for the Bank of Russia, the chart of accounts of financial accounting for the Bank of Russia and procedure for its application;

10. 1) consideration of the policy on prevention, identification and conflict management of interests provided by the Board of directors when implementing by the Bank of Russia of the functions provided by the Federal Laws and making recommendations about the specified policy;

11) entering into the State Duma of offers on conducting check by Audit Chamber of the Russian Federation of financial and economic activities of the Bank of Russia, its structural divisions and organizations;

12) approval according to the proposal of the Board of directors of procedure for forming of provisions of the Bank of Russia and procedure for profit distribution of the Bank of Russia, being at the command the Bank of Russia;

13) approval according to the proposal of the Board of directors of the expense statement of the Bank of Russia on content of bank clerks of Russia, provision of pensions, life insurance and medical insurance of bank clerks of Russia, the capital investments and other administrative needs.

14) consent to board members, and also citizens within two years from the date of the termination of their powers as board members on holding the posts in cases, stipulated in Clause the 90th this Federal Law.

15) consent on appointment of sole executive body of the operator of the National Payment Card System;

16) consideration of the development strategy of the National Payment Card System and making recommendations about the specified strategy.

Article 14. The chairman of the Bank of Russia is appointed to position by the State Duma for a period of five years by a majority vote from total number of deputies of the State Duma.

The candidacy for position assignment of the Chairman of the Bank of Russia is presented by the President of the Russian Federation not later than three months before the expiration of powers of the acting Chairman of the Bank of Russia.

In case of early release from position of the Chairman of the Bank of Russia the President of the Russian Federation submits the candidate for this position within two weeks from the date of the specified release.

In case of variation of the candidacy proposed for position of the Chairman of the Bank of Russia the President of the Russian Federation within two weeks makes the new nomination. The same nomination cannot be made more than two times.

The same person more than three terms in a row cannot hold position of the Chairman of the Bank of Russia.

The State Duma has the right to dismiss the Chairman of the Bank of Russia on representation of the President of the Russian Federation.

The chairman of the Bank of Russia can be dismissed only in cases:

expirations of powers;

the impossibility of performance of service duties confirmed with the conclusion of the state medical commission;

submissions of the application in person about resignation;

making of the penal act established by the court verdict which took legal effect;

violations of the Federal Laws which regulate the questions connected with activities of the Bank of Russia.

rejection of measures for prevention or settlement of conflicting interests which party it is, non-presentations or submissions of incomplete or false information on the income, expenses, about property and obligations of property nature or non-presentation or submission of obviously incomplete or false information on the income, expenses, about property and obligations of property nature of the of the spouse (spouse) and minor children in the cases provided by the Federal Law of December 25, 2008 No. 273-FZ "About anti-corruption" and the Federal Law "About Control of Compliance of Expenses of Persons Replacing the State Positions, and Other Persons to Their Income", discrepancies of its expenses, expenses of his spouse (spouse) and minor children to their total income, opening (availability) of accounts (deposits), storage of cash and values in foreign banks located outside the territory of the Russian Federation, ownership and (or) use of foreign financial instruments it, his spouse (spouse) and (or) minor children. At the same time the concept "foreign financial instruments" is used in the value determined by the Federal Law of May 7, 2013 No. 79-FZ "About prohibition to separate categories of persons to open and have accounts (deposits), to store cash and values in the foreign banks located outside the territory of the Russian Federation, to own and use foreign financial instruments".

Article 15. Enter into the Board of directors the Chairman of the Bank of Russia and 14 board members.

Board members work at permanent basis in the Bank of Russia.

Board members are appointed by the State Duma to position for a period of five years on the representation of the Chairman of the Bank of Russia approved with the President of the Russian Federation.

Board members are dismissed:

after the term of office specified in this Article - the Chairman of the Bank of Russia;

before the expiration of the term of office specified in this Article - the State Duma on representation of the Chairman of the Bank of Russia.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 40000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.