Russian Federation: Introducing Two New Structured Finance Services In Russia
Last Updated: 9 February 2015

Russia's Central Bank recently introduced a requirement to submit annual consolidated financial statements, produced in accordance with International Financial Reporting Standards (IFRS) for legal entities with publicly listed securities.

The criteria for listing of securities are stipulated in the Order of the Federal Financial Markets Service of the Russian Federation dated 28 December 2010 No. 10-78/pz-n - on approval of regulations on securities market trading arrangement - as well as in the actual listing regulations of CJSC MICEX Stock Exchange listing. One of the new requirements for listing is the availability of annual financial statements produced in accordance with IFRS.

It's important to note that if the originating bank decides to have securities of mortgage agents (MA) and special purpose vehicles (SPV) listed, the MAs and SPVs shall have to prepare, disclose and submit their financial statements in accordance with IFRS.

How TMF Group Russia can help

To help our clients keep their business compliant with this requirement, TMF Group Russia has introduced a new service: Reporting in accordance with IFRS.

Our office in Russia provides accounting and tax compliance services and has a long track record of successfully supporting securitisation deals.

Among other services it offers assistance in producing financial statements in accordance with IFRS and arranges for disclosure of such statements on the official Bank of Russia website in accordance with the requirements of Bank of Russia regulations. In 2014 TMF RUS, Ltd., as a management company, was included on the register of SPV management companies in accordance with paragraph 1 of clause 15.3 of Federal Law dated 22 April 1996 No. 39-FZ: On securities market.

In addition to the new reporting service, our Russia team can help you with representative of bondholders. The new version of the securities market Federal Law, as amended by Federal Law No. 210-FZ, introduces the concept of representative of bonds owner into Russian legislation. Currently the inclusion of this party into securitisation deals is optional; however starting from 2016 the representative of bonds owner shall be a mandatory participant to securitisation deals.

TMF Group collaborates proactively with banks and leading legal advisers in order to establish the status and exact functions of representative of bonds owners and intends to start offering such services as part of securitisation deals.

TMF Group adheres to all rules, regulations and sanctions that are in force worldwide. Please consult with your local representative to clarify if we can work together.

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