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of November 23, 2015 No. 471

About questions of financing under concession of monetary claim (factoring)

For the purpose of enhancement of legal regulation of financing under concession of monetary claim (factoring) in the Republic of Belarus I decide:

1. Determine that:

1.1. financing under concession of monetary claim (factoring) (further - factoring) can be performed by the conclusion of agreements of factoring or making of factoring transactions;

1.2. under the agreement of factoring one party (factor) - the bank or the non-bank credit and financial organization shall other party (parties) (the creditor or the creditor and the debtor) to enter monetary commitment between the creditor and the debtor by payment to the creditor of the amount of monetary commitment of the debtor for remuneration.

Remuneration is paid to factor by the creditor (debtor) in the form of discount (difference between the amount of monetary commitment of the debtor and the amount paid by factor to the creditor) and (or) in other forms determined by the agreement of factoring;

1.3. for the purposes of this Decree:

factoring transactions are understood as transactions by which making banks or the non-bank credit and financial organizations - residents according to the transaction providing concession of monetary claim can acquire at nonresidents the monetary claims received by the last under agreements of factoring (to other similar contracts of assignment of monetary claims (receivables);

the terms "resident" and "nonresident" have the values determined in Items 7 and 8 of article 1 of the Law of the Republic of Belarus of July 22, 2003 "About currency control and currency exchange control" (The national register of legal acts of the Republic of Belarus, 2003, No. 85, 2/978);

1.4. the rules about the agreement of factoring established in articles 155-162 of the Bank code of the Republic of Belarus extend to the relations on factoring transactions if other is not provided by the agreement of the parties or does not follow from being of transaction;

1.5. factoring transaction can be performed by acquisition by bank or non-bank credit and financial organization - resident of the right of monetary claim to the resident (debtor) as a result of concession of this monetary claim the nonresident by whom this requirement is acquired at the nonresident (the creditor or factor) (import factoring transaction).

2. Bring in Item 1 of the Presidential decree of the Republic of Belarus of March 27, 2008 No. 178 "About procedure for carrying out and control of the foreign trade transactions" (The national register of legal acts of the Republic of Belarus, 2008, No. 80, 1/9574; 2009, No. 53, 1/10496) following changes and amendment:

in subitem 1.6.5:

state paragraph two in the following edition:

"in paragraphs the second, fourth or sixth, - date of cash write-off from bank account, and also from the account of the non-bank credit and financial organization in case, the established in paragraph six;";

in paragraph four "pole" to replace the word with the word "seventh";

in paragraph five of subitem 1.7 of the word" (less discount)" shall be replaced with words "(less discount if this type of remuneration is provided by the agreement)";

in subitem 1.10:

after the paragraph of the fifth to add with the paragraph of the following content:

"by execution by bank (the non-bank credit and financial organization) of obligations as a result of factoring transaction or under the agreement of financing under concession of monetary claim (the agreement of factoring) according to which obligation fulfillment according to the agreements in foreign trade providing import is performed;";

to consider the paragraph of the sixth the paragraph the seventh.

3. To Council of Ministers of the Republic of Belarus and National Bank in six-months time:

provide reduction of acts of the legislation in compliance with this Decree;

take other measures for its realization.

4. This Decree becomes effective in the following procedure:

Item 3 - after official publication of this Decree;

other provisions of this Decree - in six months after its official publication.

President of the Republic of Belarus

A. Lukashenko

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

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