OREANDA-NEWS The Central Bank of the Russian Federation has simplified the requirements for documents that a credit institution must provide to the regulator in order to obtain consent to purchase a bank. The relevant instructions of the Central Bank came into force on November 17.

As reported on his website, we are talking about changes in the order of presentation of the business plan, instead of which it will now be enough to provide information on assessing the impact of the transaction on the future activities and financial stability of the buyer and the asset he is acquiring, as well as instructions on obtaining the consent of the regulator to purchase shares of a financial institution.

As a result, the Central Bank clarified, according to current requirements, there is no longer a need to approve a business plan or make changes to it and hold a general meeting of shareholders for this purpose.

Earlier it became known that the Bank of Russia began to monitor compliance by banks and non-credit financial organizations with plans to switch to domestic software, electronic products, and telecommunications equipment. According to the decree of the President of the Russian Federation, from January 1, 2025, critical information infrastructure facilities, including those owned by banks, will have to work only on Russian software.