Deposit Insurance Legislation of the Russian Federation

Federal Law of December 23, 2003 No. 177-FZ “On Insurance of Deposits in Banks of the Russian Federation”

The Law regulates relations regarding the creation and functioning of the deposit insurance system, the formation and use of the Mandatory Deposit Insurance Fund, payments of deposit reimbursement upon the occurrence of insured events, as well as relations arising in connection with the exercise of government control over the functioning of the deposit insurance system, and other relations arising in this sphere.

The Law regulates the activities of the State Corporation “Deposit Insurance Agency”, its objectives, functions, and powers, as well as interaction with depositors, banks participating in the deposit insurance system, the Central Bank of the Russian Federation, and government authorities.

Federal Law of October 26, 2002 No. 127-FZ “On Insolvency (Bankruptcy)”

Paragraph 4.1 of Chapter IX of the Law clarifies the specifics of bankruptcy of credit institutions as a separate category of debtors – legal entities. The Law regulates measures to prevent the bankruptcy of credit institutions, including the participation of the Deposit Insurance Agency in them as part of the temporary administration. In addition, the Law regulates the activities of the Agency as a bankruptcy administrator (liquidator) in relation to banks, insurance organizations, and non-government pension funds. The Agency exercises the powers of a bankruptcy admnistrator through a representative (representatives) appointed by it from among its employees, acting on the basis of a power of attorney.

Federal Law of December 2, 1990 No. 395-1 “On Banks and Banking Activities”

The principal law regulating the activities of banks in the Russian Federation establishes the procedure for registration and licensing of banks, the procedure for liquidation and reorganization of credit institutions. The Law regulates the requirements and standards for the activities of credit institutions, compliance with which is necessary to ensure the stability of the banking system, protection of the rights and interests of depositors and other creditors.

Separate provisions of Chapter VI are dedicated to the system of mandatory insurance of deposits in banks. It is established that deposits are accepted only by banks participating in the system of mandatory insurance of deposits in banks and registered with the Deposit Insurance Agency.

Legislation of the Russian Federation on Protection of Mandatory and Voluntary Pension Savings

Federal Law of December 28, 2013 No. 422-FZ “On Guaranteeing the Rights of Insured Persons in the Mandatory Pension Insurance System of the Russian Federation When Forming and Investing Pension Savings, Establishing and Making Payments at the Expense of Pension Savings”

The Law regulates a complex of measures of a legal, financial, and organizational nature aimed at ensuring the replenishment and (or) reimbursement of missing pension savings of insured persons within the framework of the mandatory pension insurance program.

Federal Law of December 28, 2022 No. 555-FZ “On Guaranteeing the Rights of Participants of Non-Government Pension Funds in the Framework of Non-Government Pension Provision and Formation of Long-Term Savings”

The Law regulates a complex of interconnected measures of a legal, financial, and organizational nature aimed at protecting the rights and legitimate interests of participants and legal successors of participants of non-state pension funds within the framework of voluntary pension insurance.