Meetings of the Expert Group and the Council of Heads Held in the Russian Federation on July 17-18, 2024

As part of international events in St. Petersburg on July 17-18, 2024, meetings were held of the Expert Group on harmonization of legislation in the field of insurance (guaranteeing) of bank deposits, liquidation, resolution and bankruptcy of credit institutions in the Eurasian Economic Union under the Advisory Committee on Financial Markets of the Eurasian Economic Commission (hereinafter – the Expert Group) and the Council of Heads of deposit insurance (guarantee) organizations of the EAEU countries (hereinafter – the Council of Heads).

The events were organized by the State Corporation “Deposit Insurance Agency”. The meetings were attended by representatives of the Eurasian Economic Commission, deposit insurers and regulators of the EAEU member states, as well as the Fund for Guaranteeing Citizens’ Bank Deposits of the Republic of Uzbekistan.

During the meeting of the Expert Group, a discussion was held on the issues of implementing the harmonization of legislation of the member states in the field of bank deposit insurance (guarantee), integration processes within the EAEU, and the formation of a common financial market.

The following agenda items were discussed during the meeting:

• Expert Opinion “Objects of Insurance” (second revision);
• Expert Opinion “Coverage Limit” (second revision);
• Expert Opinion “Insured Event” (initial revision);
• Expert Opinion “Timeframe for the Start of Payouts and Timeframe for Obtaining Access to the Register of Depositors” (initial revision);
• Expert Opinion “The Period during which a Depositor Has the Right to Submit an Application to Receive Reimbursement” (initial revision);
• Expert Opinion “Mechanisms for Extending Insurance Protection for a Specific Period in Case of Bank Mergers and Acquisitions” (initial revision);
• Expert Opinion “Selection of Agent Banks for the Reimbursement” (initial revision);
• Expert Opinion “Bringing to Liability Persons Involved in a Bank’s Bankruptcy and the Role of the Deposit Insurer in this Process” (second consideration);
• Expert Opinion “Right of Claim of the Deposit Insurer against a Bank in Liquidation (Recovery of Funds)” (second consideration);
• Expert Opinion “Management and Sale of Assets of a Bank in Liquidation” (initial consideration);
• “Dictionary of Terms (Glossary)” (second consideration).

During the Council of Heads meeting on July 18, 2024, the heads of the deposit insurers exchanged information on the situation in the banking sectors and deposit insurance systems of the EAEU member states, and also discussed the results of the work of the Expert Group on Harmonization and the Working Group on Cooperation in the Field of Digitalization, Automation, and Information Technologies.

In addition, preliminary agreements were reached at the meeting on holding practical workshops for the employees of the deposit insurers of the EAEU member states.