Garant. Daily monitoring of the Federal legislation от 21 июня 2024

Garant. Daily monitoring of the Federal legislation at 21.06.2024

• Resolution of the Constitutional Court of the Russian Federation No. 31-P of June 20, 2024 - in the case of verifying the constitutionality of Article 183 of the Arbitration Procedural Code of the Russian Federation in connection with a request from the Supreme Court of the Russian Federation: the contested norm does not comply with the Constitution. Lack of deadlines leads to legal uncertainty, and the arbitrary definition threatens the interests of a creditor and a debtor, and also contradicts the constitutional principles of equality and justice, as well as to the guarantees of the right to judicial protection.
  
   

Dear colleagues,

this Newsletter to be sent once a week on Fridays in order to keep you informed of the most significant legal developments in the Russian legislation and to assist you in navigating within the ever-increasing information traffic.

You may apply to the GARANT Company for the current wording of any document contained in the newsletter. This is the most reliable option to obtain translations of the Russian legal acts that are being updated weekly.

Visit our website and enjoy some privileges:  

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News of the week

A new limit has been established on balance sheet open currency positions in the amount of 50% of capital, and criteria for fictitious and unreliable hedging of currency risk have also been specified.
The procedure for calculating open currency positions has been revised. It is close to intrabank economic approaches and takes into account the actual impact of currency risk on financial results according to international standards.
The rules have been adjusted according to which failure to comply with open currency positions limits is considered a violation. Credit institutions are given more time to cover positions that were opened in emergency situations due to external reasons.
The Instructions shall enter into force on July 1, 2024. The provisions concerning hedging transactions shall enter into force on October 1, 2024.

! Documents' full texts are avaiable in the commercial version of the Garant database «Legislation of Russia in English»

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Important documents of the week that you might have missed

• Information letter of the Bank of Russia No. IN-03-59/34@ of June 3, 2024 - increasing the attention of credit institutions to various formats for providing financial services in rural areas and in remote, sparsely populated and hard-to-reach areas.
• Information statement of the Bank of Russia, dated June 7, 2024 - the Bank of Russia decided to maintain the key rate at 16.00% per annum: on June 7, 2024, the Bank of Russia decided to maintain the key rate at 16% per annum. However, the Bank of Russia allows for the possibility of raising the key rate at the next meeting.

You may apply to the GARANT Company for any document from the newsletter in its current wording. Visit our website and enjoy some privileges: 

• ordering fix price documents
• demo-version of GARANT system online