OREANDA-NEWS. October 27, 2014. The Government of the Russian Federation passed No. 1071 Decree “On Introducing Changes to No. 334 Decree of the Government of the Russian Federation” of 30 May 2007 and No. 1072 Decree “On Establishing the Asset Values of Financial Organizations Subordinate to the Central Bank of the Russian Federation for the Purposes of Antimonopoly Control” that approve the asset value of financial organizations. If the asset values are exceeded, petitions must be filed to the antimonopoly bodies on exercising transactions subject to state control, other actions with regard to such organizations.

The Decrees were drafted under an annual review of the asset values of credit and micro-financing organizations, as well as due to transferring functions to the Bank of Russia to control financial markets and formalizing the norms in the Federal Law “On Protection of Competition” on asset values of financial organizations subordinate to the Bank of Russia upon accord with the Bank of Russia.

No. 1071 Decree approved changes, according to which No. 334 Decree of the Government of the Russian Federation “On Establishing the Values of Leasing Organizations for the Purposes of Antimonopoly Control” of 30.05.2007 covers only financial organizations not subordinate to the Bank of Russia that are financial organizations under the Federal Law “On Protection of Competition” - only leasing organizations.

Now, asset values of credit and other financial organizations subordinate to the Central Bank are determined in 1072 Decree.

The Head of FAS Department for Control over Financial Market, Olga Sergeeva, pointed out that “No.1072 Decree practically did not change the asset values of financial organizations subordinate to the Central Bank in comparison with the norms of the previous acts. The exceptions are only asset values of credit organizations that increased to 29 billion RUB according to the growth rate of the consolidated asset value of credit organizations in the last year”.

At the same time, FAS emphasizes that No. 335 Decree of the Government of the Russian Federation “On Establishing the Asset Values of Credit Organizations for the Purposes of Antimonopoly Control” of 30.05.2007 is no longer valid.

Nos. 1071 and 1072 Decrees come into effect seven days after their official publication.