New criteria for notifying the anti-monopoly authority on agreements between financial institutions


Legal Update No. 40

Goltsblat BLP advises that Resolution of the Government of the Russian Federation No. 392 of 6 May 2009 “On Amending Resolutions of the Government of the Russian Federation No. № 334 dated 30 May 2007 and No. 335 dated 30 May 2007” (the Resolution) has come into effect.

Clause 9, article 35 of the Federal Law “On Protection of Competition” requires financial institutions to notify the anti-monopoly authority on all agreements they conclude with each other. There are, however, exclusions to this rule, in particular, if the asset value of the parties to the agreement is, according to their statutory balance sheets as of the most recent reporting date preceding the agreement date, below or equal to the value established by the Government of the Russian Federation.

The Resolution establishes the following caps for the asset value of financial institutions (apart from lending institutions) that, if exceeded, trigger the institution’s obligation to notify the anti-monopoly authority on the concluded agreement:

  • 5 bln. roubles for insurance companies;
  • 3 bln. roubles for leasing companies;
  • 1.5 bln. roubles for non-government pension funds;
  • 500 mln. roubles for a stock exchange, currency exchange and professional securities market players (except for registrars and depositaries);
  • 200 mln. roubles for mutual insurance societies, insurance brokers and credit consumer cooperatives;
  • 100 mln. roubles for managing companies of investment funds, unit investment trusts and non-government pension funds, specialised depositaries of an investment fund, unit investment trust and non-government pension fund, and depositaries;
  • 50 mln. roubles for registrars and pawnshops.

As for lending institutions, the maximum asset value before the authorities have to be notified of the agreement is 300 bln. roubles. The value of the assets for this purpose should be determined on the basis of the turnover balance on the financial accounts of the lending institution.

For additional information, please contact:

Anton Sitnikov, Partner,
Goltsblat BLP;
T: +7 495 2874444

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