Changes in legislation

The Federal law of June 23, 2020 No. 187-FL entered into force, establishing the administrative liability of self-regulating organizations (hereinafter “SRO”) in the financial market for violations in monitoring the activities of its members, the procedure and deadlines for submitting information about SROs to regulatory authorities.

In particular, the law establishes that violations of the procedure for monitoring the activities of SRO members and the application of the power measures to them entail a warning or an administrative fine: from 10 thousand RUB to 50 thousand RUB for officials; from 50 thousand RUB to 200 thousand RUB for legal entities.

In addition, officials and legal entities are subjects to a warning or an administrative fine at the amount from 10 thousand RUB to 30 thousand RUB, and from 30 thousand RUB to 50 thousand RUB respectively for failure to present or violation of the order or deadlines for the submission of the following information:

• on changing addresses or locations of SROs, email addresses, contact phone numbers, addresses of official websites on the Internet;
• on changes in the statutes;
• on documents approved or adopted by the SRO governing the work of its specialized bodies.

Administrative fine may be paid in the amount of 50% of the amount if it is paid off no later than 20 days from the date of the decision.

In case of receipt of a copy of the decision on the imposing an administrative fine by registered mail after 20 days, this period may be renewed at the request of the court or the authority that made the decision.

According to the Central Bank of the Russian Federation, there are currently 24 operating self-regulating organizations in the financial market.