The minimum capital of microcredit organizations was changed
The minimum size of equity of microcredit organizations was changed. It is regulated by the Federal Law of August 2, 2019 №271-FL. Thus, the minimum sizes of equity are set as follows:
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The above changes don’t refer to microcredit organizations providing loans for business activities or companies established by the state, constituent entities of the Russian Federation or municipal authorities, or entities with their participation in the capital.
In addition, amendments to the Law «On microfinance activities and microfinance organizations» regarding the list of documents for adding data on legal entities into the State register of microfinance organizations were made. In particular, the original certificate of criminal record for the Board of Directors or the Supervisory Board members is no longer required. However, the calculation of equity and the documents confirming the availability of equity in the amount as established above were added to the list.
The Central Bank of the Russian Federation is endowed with additional powers to supervise the activities of microfinance organizations.
According to the Information and Analytical system Globas as of 19.09.2019, there are 1909 active microfinance and microcredit organizations in Russia.
Information about these organizations and their activities is available for subscribers of the system.