On Aug. 7, RUS CB proposed draft amendments to regulation 612-P.
RUS CB issued draft instruction on amendments to Bank of Russia regulation 612-P dated October 25, 2017 together with explanatory note.
Consultation documents are only available on RUS CB website until comment deadline.
Summary
Prepared as per amendments to Law 86-FZ of Jul. 10, 2002, under which credit history bureaus & credit rating agencies are not recognized as non-credit financial institutions.
In connection with this are preparations to reissue regulations: 508-P1; 520-P; 523-P; and 532-P4, in relation to these regulatory acts becoming invalid from Jan. 1, 2025.
Draft instruction amends references to reissued regulations and excluded chapters on procedure for reflecting in accounts the correction of errors, reserves, estimated liabilities and contingent liabilities, and events after the end of the reporting year.
From Jan. 1, 2025, certain non-credit financial institutions applying regulation 612-P will be guided by reissued regulations when recording these items in their accounts.
The draft directive is expected to enter into force from Jan. 1, 2025.
Effectiveness
Comments are invited until Aug. 20, 2024.
Nov. 2024 Ord Issued
On Nov. 18, 2024, RUS CB issued ordinance 6893-U amending regulation 612-P in force on Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Auditor; CRA; CRB
Reference
PR 11/18/2024; Ord 6893-U, 10/2/2024; CP, 8/7/2024; Law 86-FZ, 7/10/2002; Reg 612-P, 10/25/2017
