Russia has introduced new rules for access to the financial market of CPC

11:32; 05 February 2025 year

New rules for consumer credit cooperatives (CPC) will come into force on February 5 to enable them to operate in the financial market, the Central Bank said.> Previously, the Bank of Russia kept records of PDAs in a special registry using data from the unified state register of Legal entities. Now, information about CPC will be added to the register only after their documents are checked either by a self-regulatory organization in the financial market or by the Bank of Russia itself, depending on the status of the cooperative.

The regulator has also determined exactly how the CPC registry should be maintained and which documents should be submitted to add information. In addition, it will assess whether CPC leaders meet the necessary professional standards and requirements for their business reputation.

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