| Overview of Regulatory Environment |
||
| Institutions providing microfinance services in Russia include formal institutions (banks, non-bank credit institutions, credit cooperatives and state/municipal development funds) and semi-formal institutions (which take several organizational forms and play a major role in the industry). Banks and non-bank credit institutions are regulated by the Central Bank of the Russian Federation. Credit cooperatives are not regulated at the federal level; however, states may regulate credit cooperatives through state-specific laws. Finally, several state and municipal SME support funds exist and are regulated by state, regional and federal governments. A new Federal Law on Microfinance Activity and Microfinance Organizations introducing a legal framework for the microfinance industry in Russia was signed into law in July 2010. |  |
|
 |
Read this INFORMATIVE PROFILE of the legal and regulatory environment for microfinance in Russia from the Comparative Database on Regulation and Supervision. | |
|
Financial Regulator |
||
| Central Bank of the Russia Federation | ||
|
Recommended Reading |
|
 |
Financial Services for Low-Income People in Russia: New Challenges of the Economic Boom |
| » |
Russia Microfinance Analysis and Benchmarking Trends Report |
| » | The Legal Environment for Microfinance Activity in Russia: Analysis and Recommendations for Reform Russian Microfinance Center (2003) |
| » | Microfinance in Russia European Commission (2001) |
| » | Cooperative Sector in Russia and the Implementation of the ILO Recommendation No. 193 in the Development of Different Cooperative Trends ILO Subregional Office for Eastern Europe and Central Asia (2009) |
| » | Update on Regulation of Branchless Banking in Russia CGAP (2010) |
|
|
||
| Banks and Non Bank Credit Institutions Laws and Regulations | ||
| Federal Law on Banks and Banking Activities (as amended through 2009) | ||
| Federal Law on the Central Bank of the Russian Federation (as amended through 2008) | ||
| Russian Civil Code (Chapter 42 "Loans and Credits") (as amended through 2003) | ||
| Credit Cooperatives Laws and Regulations | ||
| Federal Law on Credit Cooperation of 2009 | ||
| Federal Law on Agricultural Cooperation (as amended through 2008) | ||
| Small & Medium Scale Entrepreneurship Laws and Regulations | ||
| Federal Law on Developing Small and Medium Scale Entrepreneurship (as amended through 2008) | ||
| Laws and Regulations Related to Branchless Banking | ||
| Federal Law on Receiving Payments From Natural Persons Pursued By Payment Agents of 2009 |
||
| Federal Law on Countering Money Laundering and Financing of Terrorism (as amended through 2009) | ||
|
|
||
| Enterprise Survey: Russia Snapshot of how firms view the effect of economic and regulatory policies on growth, productivity and efficiency (World Bank/International Finance Corporation) |
||
| FIRST Information Exchange: Russia Individual country information on financial sector donor projects, a brief description of the financial sector, and links to financial sector reports and diagnostics from international organizations. (Financial Sector Reform and Strengthening Initiative) |
||