Disclosure of Information by Banking Groups

The State Duma adopted on first reading a bill amending the Federal Laws ‘On Banks and Banking’ and ‘On the Central Bank of Russia’. The idea is to bring the legislation on disclosure of information by banking groups in line with international practice.

The bill introduces the concept of direct and indirect control, direct and indirect influence, entities associated with a lending institution, and also clarifies the concept of a banking group and a bank holding.

In particular, a banking group, according to the new law, is an association of legal entities under the control or influence of a credit institution; a bank holding, a group of companies where the share of banking activities is 40% or more.