Putin signed a law establishing the legal basis of the activities of credit rating agencies – RBC

Quote.rbc.ru 14.07.2015 16:49

Russian President Vladimir Putin signed the federal law “On the activity of credit rating agencies in the Russian Federation, on making Amendment to Article 761 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” and Invalidating Certain Provisions of Legislative Acts of the Russian Federation. ” As noted in the statement on the website of the Kremlin, the State Duma adopted a law June 30, 2015 and approved by the Federation Council July 8, 2015.

The law establishes the legal framework of credit rating agencies in the Russian Federation and the powers of the Bank of Russia in this sphere. In particular, it provides that a credit rating agency is a legal entity established in the legal form of business entity in accordance with the legislation of the Russian Federation, as amended by the Bank of Russia in the register of credit rating agencies and to carry out rating activities.

The law defines the conditions activities of credit rating agencies, including the procedure for entry in the register of such agencies and delisting requirements to the founders (shareholders, participants) of the credit rating agency, its structure of governance and internal control, the status of rating analysts, as well as the features of the disclosure on the activities of credit rating agencies and disclosure requirements for credit ratings and outlook for credit ratings.

In addition, the law stipulates the procedure for approval, application and review of credit rating agencies, the methodology by which they carry out the activities of the rating, as well as the cases of deviations from its use.