Legislative changes

The new requirements for banks storing money from the compensation fund of a Public Law Company Unified Gambling Regulator will come into force on September 27, 2021. We reported about the creation of the company in our publication dated 11.06.2021.

According to the Federal Law No. 493-FZ dated 30.12.2020, this compensation fund is intended to provide financial support for obligations of gambling organizers to their clients. Money of the fund must be placed on separate special accounts of credit institutions that meet the established requirements.

These requirements are regulated by the Decree of the Government of the Russian Federation No. 751 dated 17.05.2021:

• amount of the bank's capital is over 1 billion rubles.;
• participation in the system of compulsory deposit insurance;
• absence of overdue debts on bank deposits previously placed at expense of the fund.

We recall that among duties of gambling organizers is publication on Internet of information about bank guarantees to fulfill obligations to participants of such games as well as information about documents to submit payment claims under these guarantees.