New reporting requirements to organizations involved in providing banking, financing and insurance service have been implemented. The requirement concerns monetary and other transactions involving property.
The organizations are required to collect information on foreign clients, including: registration numbers, main place of business, and information on beneficiaries and founders. The requirements will extend to аll foreign unincorporated entities, such as trusts and funds.
Federal Law dated December 30, 2015 N 424-ФЗ
Entered into force on January 10, 2016
Pursuant to the changes in the law “On Mass Media”, mass media outlets have to report foreign financing to the Russian government (RosComnadzor -Russian Committee on Supervision). Failure to provide the report entails penalty in the amount of double the amount of the financing received.
(A year ago a federal law restricted a possibility of foreign ownership in a Russian media to 20 per cent. The requirement came in effect as of January 1, 2016. The media owners have until Feb. 1, 2017 to comply with the new requirements by making the necessary structural changes).
Federal Law dated December 30, 2015 N 464-ФЗ
The changes came into force on January 10, 2016
The Bank of Russia will decline to register and issue license to credit organizations when participation of the foreign capital in its charter capital exceeds 50%. As provided for in the law “On the Central Bank of the Russian Federation” (Bank of Russia)”, the regulator can impose additional requirements to credit organization with foreign investments as far as the reporting, the protocol for confirmation of nomination of the executives and the list of the permitted banking transactions.
Federal Law dated 12.2015 N 372-ФЗ
Came into force December 26, 2015