Putin signs bill on operation of credit rating agencies in Russia

Russian President Vladimir Putin has signed a federal law on activities of credit rating agencies in Russia, on amending article 76 part 1 of the federal law on the Russian Central Bank and acknowledging certain provisions of Russian legislative acts which became invalid.

Russian President Vladimir Putin has signed a federal law on activities of credit rating agencies in Russia, on amending article 76 part 1 of the federal law on the Russian Central Bank and acknowledging certain provisions of Russian legislative acts which became invalid.

The draft law stipulates the legal basis for their activities and duties of the Central Bank in this sector.

The statement on signing the bill was posted on the Kremlin website on July 14.

According to the document, "federal law stipulates conditions for the carrying out of activities of credit rating agencies, including the order of submitting information to the registry of such agencies and exclusion from it, the demands to founders (shareholders, participants) of credit rating agencies, structure of its management bodies and internal control, status of rating analytics and peculiarities of information release on the activities of credit rating agencies, and demands to release credit ratings and forecasts on credit ratings."

The bill also stipulates the order of approval, application and review methodology of credit rating agencies, in accordance with which they carry out rating activities, and cases of deviating from it, the statement said.

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