OREANDA-NEWS. June 19, 2013. No. 295767-6 draft Federal Law “On Introducing Amendments to Some legislative Acts of the Russian Federation in the Part of Excluding the Provisions Establishing Advantages for Certain Economic Entities”, devised by the Federal Antimonopoly Service (FAS Russia), is submitted to the State Duma of the Russian Federation for consideration following the Order of the Chairman of the Government of the Russian Federation, Dmitry Medevedev.

The current version of Part 2 Article 84 of the Family Code and Part 8 Article 6 of Federal Law “On Additional Guarantees for Social Support to Orphaned Children and Children Without Parental Care” and Part 3 Article 19 of Federal Law “On Guardianship and Protective Services” specify that monetary means of particular categories of physical persons can be deposited only in the credit organizations with state share in their authorized capital. These norms create unreasonable advantage for the state banks, while other participants of the banking market are deprived of the opportunity to compete for these monetary means and gain income from depositing them, including loan interests.

The amendments proposed in the draft Law open a possibility to deposit monetary means of the relevant categories of physical persons in any credit organizations subject that these means are insured through the system of mandatory insurance of deposits of physical persons and the total amount does not exceed the maximum compensation on such deposits.

Adopting the draft Law will facilitate competitive development of the banking market by increasing activities of small and medium banks, reducing state participation in the legal relations in question.

The Government of the Russian Federation approved the draft Law on 6th June 2013.

Deputy Head of FAS Andrey Kashevarov is appointed the official representative of the Government of the Russian Federation for consideration of the draft Law by the Chambers of the Federal Assembly of the Russian Federation.

“The draft Law introduced to the State Duma is one of the measures aimed at supporting competition on the banking market. FAS is working on new proposals for amending other legislative acts and by-laws, which set excessive and not always justified requirements to the banks for providing access to various financial resources and rendering certain banking services”, pointed out Andrey Kashevarov.