The asset value of credit organizations is increased from 29 to 31 billion RUB for the purposes of antimonopoly control

The change is introduced by No. 1518 Decree of the Government of the Russian Federation “On making changes to No. 1072 Decree of the Government of the Russian Federation “On setting the asset value of financial organizations regulated by the Central Bank of the Russian Federation for the purposes of antimonopoly control” of 18.10.2014” passed on 26.12.2016.

On 7 January 2017, a Decree of the Government of the Russian Federation came into force approving an increase of the asset value of credit organizations, exceeding which a preliminary approval of the antimonopoly body is required for transactions under Articles 27 and 29 of the Federal Law “On Protection of Competition”, other actions with regard to such organizations, from 29 to 31 billion RUB. The Decree is drafted under the frame of annual reviews of the asset value of credit and microfinancing organizations based on the growth rate of the total asset value of those organizations in the past year.

Commenting the Governmental act, Deputy Head of FAS Department for Control over Financial Markets, Lilia Belyaeva, pointed out: “Now there is no need for the persons who plan transactions provided for by the Federal Law “On Protection of Competition”, other actions with regard to credit organizations, the value asset of which is from 29 to 31 billion RUB, to obtain preliminary consent of the antimonopoly body for such transactions and actions because they do not have a significant impact upon the state of competition”. Lilia Belyaeva also clarified that “based on the study findings, at the moment there is no need to review the asset value of microfinancing organizations, set in No.1072 Decree of the Government of the Russian Federation of 18.10.2014 at 3 billion RUB”.

Reference:

Under Clause 4 of No.1072 Decree of the Government of the Russian Federation № 1072 “On setting the asset value of financial organizations regulated by the Central Bank of the Russian Federation for the purposes of antimonopoly control” of 18.10.2014, every year, by 25^th December, FAS, in agreement with the Ministry of Finances and the Bank of Russia, submits proposals to  the Government of the Russian Federation on reviewing the asset value of credit and microfinancing organizations  in line with the data on the growth rate of the consolidated  asset value of such organizations in the past year.