Article 1. The Subject Matter Governed by the Present Federal Law
The subject matter governed by the present Federal Law is the relationships
affecting competition on the securities market, banking services market,
insurance services and other financial services market (hereinafter referred
to as "the financial services market") and connected with the protection
of competition on the financial services market.
The present Federal Law shall be also applicable in the cases when the actions
and agreements executed and entered into by residents of the Russian Federation
abroad lead or can lead in the Russian Federation to a limitation of competition
on the financial services market.
Article 2. The Legislation of the Russian Federation and Other Regulatory
Legal Acts on the Protection of Competition on the Financial Services Market
1. The relationships affecting competition on the financial services market
and connected with the protection of competition on the financial services
market shall be governed by the present Federal Law, other federal laws, decrees
of the President of the Russian Federation, decisions of the Government of
the Russian Federation as well as regulatory legal acts of the federal anti-monopoly
body, regulatory acts of the Central Bank of the Russian Federation and regulatory
legal acts of the federal bodies of executive power in charge of regulation
on the financial services market.
2. Should the international treaties of the Russian Federation provide other
rules rather than those provided in the anti-monopoly legislation of the Russian
Federation, the rules of an international treaty of the Russian Federation
shall apply.
Article 3. The Basic Terms Used in the Present Federal Law
The following basic terms are used for the purposes of the present Federal
Law:
"financial service" means an activity relating to raising and using
of the funds of legal entities and natural persons. For the purposes of the
present Federal Law financial services shall mean the accomplishment of banking
transactions and deals, provision of insurance services and securities market
services, execution of financial lease (leasing) agreements and monetary resources
or securities trust agreements as well as other services of financial nature;
"financial organization" means a legal entity accomplishing under
a respective license banking transactions and deals or providing services on
the securities market, the services of insurance or other services of financial
nature as well as a non-state pension fund, the managing company thereof, the
managing company of a mutual fund, leasing company, credit consumer union and
another organization accomplishing transactions and deals on the financial
services market. The provisions of the present Federal Law concerning the financial
organization shall extend to the individual entrepreneurs pursuing their activities
in the financial services market under a respective license;
"financial services market" means the sphere of the activities of
financial organizations on the territory of the Russian Federation or a part
thereof defined proceeding from the point of the provision of a financial service
to consumers;
"competition on the financial services market" means competitiveness
among financial organizations whereby their independent activities effectively
limit the opportunity of each of them to affect unilaterally the general terms
and conditions of the provision of financial services on the financial services
market;
"unfair competition on the financial services market" means activities
of financial organizations aimed at acquiring advantages in the pursuance of
entrepreneurial activity which are contrary to the legislation of the Russian
Federation and the ordinary course of business and which have inflicted or
can cause inflict losses to other financial organizations being competitors
on the financial services market or damage the business reputation thereof;
"the dominating position of a financial organization" means the scope
of financial services that have been provided by a financial organization (several
financial organizations) on the financial services market enabling it (them)
to exert crucial influence on the general terms and conditions of the provision
of financial services on the financial services market or impede access to
the market for other financial organizations;
"concentration of capital on the financial services market" means
a merger, affiliation of financial organizations, the acquisition by them of
the assets or shares (stakes in the authorized capital) of each other as well
as the acquisition by third person of the assets or shares (stakes in the authorized
capital) of a financial organization;
"agreement" means an agreement between financial organizations or
between a financial organization (financial organizations), on the one hand,
and federal bodies of executive power, bodies of executive power of the subjects
of the Russian Federation, local self-government bodies, on the other hand,
causing among other things a limitation of competition on the financial services
market. For the purposes of the present Federal Law the "agreement" does
not mean deals whereby the direct provision of a financial service is implemented;
"group of persons" means a group of legal entities and/or natural
persons deemed a group of persons under the legislation of the Russian Federation;
"affiliated person" means a legal entity and/or a natural person
deemed an affiliated person under the legislation of the Russian Federation.
The provisions of the present Federal Law concerning financial organizations
shall extend to affiliated persons and a group of persons.
Article 4. The Definition of the Dominating Position of a Financial Organization
1. The "dominating position of a financial organization" on the financial
services market shall be defined by the federal anti-monopoly body in compliance
with the present Federal Law in accordance with the procedure endorsed by the
federal anti-monopoly body for each kind of financial services market:
for the securities market: on the approval of the federal bodies of executive
power in charge of regulation on the securities market;
for the banking services market: on the approval of the Central Bank of the
Russian Federation;
for the insurance services market: on the approval of the federal body of executive
power in charge of regulation on the insurance services market;
on a market of other financial services: on the approval of the federal bodies
of executive power in charge of regulation on the market of these financial
services.
2. The financial organization's share of a financial services market shall
be determined proceeding from the ratio of the amount of its turnover for a
specific kind of financial service to the sum total of the turnover of the
financial organizations within set boundaries of the financial services market.
The methodology whereby the financial services turnover of the financial organizations
and the boundaries of the financial services market are determined shall be
provided by the Government of the Russian Federation.
3. The dominating position of a financial organization shall be determined
within the boundaries of the market where the financial organization provides
financial services, no matter the organization's location specified in the
constituent documents.
Article 5. Abuse of Dominating Position by a Financial Organization
The actions of a financial organization occupying a dominating position on
the financial services market that impedes access to the financial services
market for other financial organizations and/or exerting a negative effect
on the general terms and conditions of the provision of financial services
on the securities market are hereby prohibited, such actions including but
not limited to:
the inclusion in the agreement of discriminatory terms and conditions putting
a financial organization in an unequal situation as compared with other financial
organizations;
the consent to enter into the agreement only on condition that it contains
clauses in which a financial organization is not interested;
the setting an unjustifiably high (low) price for a provided financial service
while negotiating the agreement.
Article 6. Agreements or Concerted Actions of Financial Organizations Limiting
Competition on the Financial Services Market
The following is hereby prohibited and shall be recognized as either fully
or partially null and void in accordance with the procedure provided by the
present Federal Law: agreements made in any form or concerted actions of financial
organizations either among themselves or with the federal bodies of executive
power in charge of regulation on the financial services market, with federal
bodies of executive power, the bodies of executive power of the subjects of
the Russian Federation, local self-government bodies and any legal entities,
excluding agreements or concerted actions of financial organizations with the
Central Bank of the Russian Federation, if such agreements or concerted actions
result or can result in a limitation of competition on the financial services
market, including among other things if the agreements or concerted actions
are either directly or indirectly aimed at:
setting (maintaining) prices (tariffs), discounts, markups, extra charges,
additional charges, interest rates;
increasing, reducing or maintaining prices in a trading session;
partitioning the financial services market by territorial principle, by the
kind of financial service provided on the financial services market or by the
consumer of financial services on the financial services market;
restricting access to the financial services market or eliminating other financial
organizations from it;
establishing unjustified membership qualification criteria being a barrier
for the admission to payment and other systems without which financial organizations
that compete with each other cannot provide the necessary financial services
to their clients and thus compete on the financial services market.
Article 7. Agreements or Concerted Actions of Financial Organizations Not
Subject to Prohibition
Not subject to prohibition shall be agreements or concerted actions of financial
organizations in the cases provided by the legislation of the Russian Federation
as well as agreements or concerted actions of financial organizations of which
the terms and conditions are aimed at:
unifying the standards of activities of the financial organizations being party
to the agreements;
performing joint scientific research and development;
purchasing together technical means for the purpose of pursuing the main activities;
using uniform data processing and database software and hardware.
The Government of the Russian Federation may also establish other terms and
conditions of agreements or concerted actions which will not be subject to
prohibition including among others by specific type of financial organization.
Article 8. Notifying the Federal Anti-Monopoly Body of the Agreements or Concerted
Actions of Financial Organizations Whereby Competition is Limited on a Financial
Services Market
1. Financial organizations shall forward a notice to the federal anti-monopoly
body about all agreements made in any form or all decisions adopted to effect
concerted actions either among themselves or with federal bodies of executive
power, the bodies of executive power of the subjects of the Russian Federation,
local self-government bodies as well as any legal entities (hereinafter referred
to as "notice") in accordance with the procedure provided by the
present Federal Law, excluding the agreements or concerted actions of the said
financial organizations having or capable of having in their aggregate a share
of the financial services market below the rating set by the Government of
the Russian Federation.
The form of the notice shall be defined by the federal anti-monopoly body.
The following documents shall be attached thereto:
a copy of a signed agreement or decision to perform concerted actions with
all annexes thereto;
information on the main kinds of activities of the parties to the agreement
or concerted actions and the turnover for the main kinds of activities;
financial and economic statements/reports submitted to the Central Bank of
the Russian Federation, federal bodies of executive power in charge of regulation
on the financial services market.
The federal anti-monopoly body is not entitled to demand that financial organizations
submit other documents and information.
2. The federal anti-monopoly body shall be notified on the application of the
parties to or one of the parties to the agreement or concerted actions, within
15 days after the moment when the agreement is signed or decision is made to
perform the concerted actions.
Article 9. Procedure for the Federal Anti-Monopoly Body Adopting the Decision
as to the Recognition of Financial Organizations' Agreements or Concerted Actions
as Limiting Competition on the Financial Services Market
1. Upon the completion of the verification of the notice so served and all
the document the federal anti-monopoly body shall within 30 days after the
receipt of the said notice and documents, given the signs of the fact that
the agreement or decision to perform the concerted actions of which it has
been notified can lead to limiting competition on the financial services market,
adopt a substantiated decision to recognize the agreement or concerted actions
of the financial organizations as lawful or as limiting competition on the
financial services market.
The federal anti-monopoly body may adopt a decision to conduct an additional
verification of the submitted notice and all the documents in compliance with
a procedure established by the federal anti-monopoly body and it shall immediately
advise about it the parties to the agreement or concerted actions.
The federal anti-monopoly body shall within 30 days after the adoption of the
decision to do an additional verification of the submitted notice and all the
documents make a substantiated decision whereby the agreement or concerted
actions are either recognized as lawful or as limiting competition on the financial
services market.
2. In the event when the federal anti-monopoly body recognized the signed agreement
or concerted actions as limiting competition the financial services market
the parties to the agreement or the concerted actions shall, on the request
of the federal anti-monopoly body, rescind the signed agreement or terminate
the performance of the said concerted actions or amend the terms and conditions
of the agreement or concerted actions as well as perform under other lawful
demands stipulated in the decision of the federal anti-monopoly body for the
restoration of the necessary competitive environment on the financial services
market.
3. The federal anti-monopoly body may annul its own decision whereby financial
organizations' agreements or concerted actions have been recognized as lawful
or as limiting competition on a financial services market or it may amend its
own decisions, including among other things, the adoption of a decision to
perform an additional verification of the agreement or concerted actions upon
the expiration of 30 days after the commencement of the consideration of the
notice of agreement or concerted actions, on condition that:
changes occurred in the facts that had served as ground for the making of the
decision whereby an agreement or concerted action were recognized as lawful
or as limiting competition on a financial services market;
the parties to an agreement or concerted actions violate any of the provisions
of the decision whereby the agreement or concerted actions were recognized
as lawful or as limiting competition on a financial services market;
the decision made to recognize an agreement or concerted actions as lawful
or as limiting competition on a financial services market is based on unreliable
information received from the parties to the agreement or concerted actions.
Article 10. Recognizing as Null and Void the Agreements or Deals Executed
as a Result of Concerted Actions of Financial Organizations Whereby Competition
is Limited on the Financial Services Market
Agreements or deals executed as a result of concerted actions of financial
organizations leading to a limitation of competition on the financial services
market may be recognized fully or partially null and void in accordance with
the judicial procedure on the complaint filed by the federal anti-monopoly
body.
The losses inflicted as a result of the making of an agreement or carrying
on concerted actions that limit competition and/or infringe on the interest
of consumers on the financial services market shall be subject to reimbursement
in accordance with the procedure established by the legislation of the Russian
Federation.
Article 11. Setting Up Associations (Unions) of Financial Organizations
1. Associations (Unions) of financial organizations shall be set up only upon
the receipt of a preliminary consent of the federal antimonopoly body in
accordance with the procedure provided in the present Federal Law.
2. The participants or one of the participants in associations (unions) of
financial organizations shall forward a petition to the federal anti-monopoly
body for the consent specified under Item 1 of the present article within 30
days after their decision to set up the associations (unions) of financial
organizations.
The decision whereby the formation of associations (unions) of financial organizations
is recognized as lawful or as limiting competition on a financial services
market shall be adopted by the federal anti-monopoly body within 30 days after
the receipt of all necessary information required to make the said decision.
3. In the event when the federal anti-monopoly body recognizes that the formation
of associations (unions) of financial organizations limits competition on a
financial services market, the financial organizations taking part in the said
associations (unions) are obligated, on the request of the federal anti-monopoly
body, to amend the terms and conditions of the formation thereof and also to
meet other lawful requirements provided in the decision of the federal anti-monopoly
body whereby the necessary competitive environment is to be restored on the
financial services market.
4. The actions of financial organizations of the formation of associations
(unions) specified herein, limiting competition on a financial services market
may be recognized as fully or partially invalid in accordance with the judicial
procedure on the complaint filed by the federal anti-monopoly body.
Losses inflicted as a result of the setting up of associations (unions) that
has lead to limitation of competition on a financial services market shall
be subject to reimbursement in accordance with the procedure established by
the legislation of the Russian Federation.
Article 12. Regulatory Legal Acts and Actions of the Federal Bodies of Executive
Power, the Central Bank of the Russian Federation, the Bodies of Executive
Power of the Subjects of the Russian Federation and Local SelfGovernment Bodies
Aimed at Limiting Competition on the Financial Services Market
The federal bodies of executive power, the Central Bank of the Russian Federation,
the bodies of executive power of the subjects of the Russian Federation and
local self-government bodies are not entitled to adopt regulatory legal acts
and/or perform actions, including concerted actions, with other federal bodies
of executive power, the Central Bank of the Russian Federation, the bodies
of executive power of the subjects of the Russian Federation, local self-government
bodies, financial organizations whereby competition is limited on a financial
services market, which are aimed at creating unjustifiably favorable conditions
for specific financial organizations and/or which infringe on the interest
of other financial organizations, excluding the cases stipulated by the legislation
of the Russian Federation.
The federal bodies of executive power, the Central Bank of the Russian Federation,
the bodies of executive power of the subjects of the Russian Federation and
local self-government bodies are hereby prohibited to:
hinder, without ground, the formation of new financial organizations on the
financial services market;
limit, otherwise than under a federal law, access of financial organizations
to the financial services market or eliminate financial organizations from
it;
hinder the activities of financial organizations on the financial services
market;
enact norms limiting financial services consumers in their choice of the financial
organizations that provide the services;
grant privileges to one or several financial organizations whereby they gain
an advantage in relation to other financial organizations operating on the
same financial services market.
Article 13. The Selection by Tender of the Financial Organizations to Be Invited
to Accomplish Specific Transactions in the Funds of a Respective Budget
A list of financial organizations invited to accomplish specific transactions
in the funds of a respective budget shall be made through holding a public
tender.
Article 14. Procedure for Holding a Public Tender for the Purpose of Selecting
the Financial Organizations to Be Invited to Accomplish Specific Transactions
with the Funds of a Respective Budget
1. Procedure for holding a public tender for the purpose of selecting the financial
organizations to be invited to accomplish specific transactions with the funds
of a specific budget shall be established by the federal bodies of executive
power, the bodies of executive power of the subjects of the Russian Federation,
local selfgovernment bodies on the approval of the federal anti-monopoly body
with due regard to the following requirements:
establishing rules for setting up a tender commission and for the deliberations
thereof;
establishing a procedure for organizing and holding the public tender and bidders
qualification criteria;
the organizers of the public tender being prohibited to coordinate the activities
of bidders in it that can result in limiting competition among the bidders
or infringing the interests of specific bidders;
bidders being familiarized with the rules of the public tender in an acceptable
time prior to the commencement of the tender;
restricting or terminating the admission of any persons to the public tender
and also expelling persons from among the bidders entitled to take part in
the public tender only if they violate the rules of the public tender and the
legislation of the Russian Federation.
The procedure for holding a public tender also provide for the following:
non of the bidders in the public tender shall not be provided with advantageous
terms and conditions for taking part in the tender, including access to confidential
information, reduced fee for participation in the public tender;
the organizers of the public tender and the employees thereof shall not be
bidders in the public tender or affiliated persons in respect to any of the
bidders in the public tender;
the participants in the public tender being affiliated persons shall be deemed
one bidder;
there shall be not less than two bidders in the public tender.
2. Violation of the rules provided in the present article shall be deemed ground
to declare a public tender as non-accomplished.
Article 15. The Forms of Unfair Competition
Unfair competition between financial organizations on a financial services
market is hereby prohibited, such a competition manifesting itself as actions
aimed at getting advantages in the pursuance of entrepreneurial activities,
singing agreements or performing concerted actions between themselves or
with third persons and running contrary to the legislation of the Russian
Federation and the ordinary course of business and being able to inflict
or having inflicted losses to other financial organizations being competitors
on the financial services market or having inflicted a damage to their business
reputation, including but not limited to the following:
the dissemination of false, incorrect or distorted information capable of inflicting
losses to another financial organization or damage to the business reputation
thereof;
an incorrect comparison by a financial organization of the financial services
provided by it with the financial services provided by other financial organization;
the receipt, use and disclosure of information constituting a service or commercial
secret, without the consent of the owner thereof, if such actions are not provided
for in the legislation of the Russian Federation.
Article 16. The State Control of Capital Concentration on the Financial Services
Market
The state control of the acquisition of the assets or shares (stakes in the
authorized capital) of financial organizations shall be exercised in the following
cases:
when, as a result of one or several deals, a legal entity or a natural person
(a group of persons) acquire over 20 per cent of the shares (stakes in the
authorized capital) of a financial organization;
when, as a result of one or several deals connected with the assignment of
thing in action, a legal entity or a natural person (a group of persons) acquire
assets of a financial organization of which the value exceeds the value of
the assets of the financial organization set by the Government of the Russian
Federation;
when a legal entity or a natural person (a group of persons) acquire, including
among other things under a trust agreement, a joint venture agreement or an
agency agreement or other deals, rights allowing to determine the terms and
conditions of a financial organization's pursuing its entrepreneurial activities
or to carry on the functions of the executive body thereof;
when a financial organization is set up and the authorized capital of a financial
organization is changed;
when a merger, affiliation of financial organizations occur.
Article 17. Procedure for Securing a Preliminary Consent of the Federal Anti-Monopoly
Body to the Accomplishment of Deals for the Acquisition of the Assets or Shares
(Stakes in the Authorized Capital) of Financial Organizations
1. In the event when the value of the authorized capital of a financial organization,
the assets or shares (stakes in the authorized capital) are being acquired,
exceed the value set by the Government of the Russian Federation there shall
be necessary to secure a preliminary consent of the federal anti-monopoly body
to the implementation of the deals specified in Article 16 of the present Federal
Law.
Here in the event of a merger, affiliation of financial organizations the said
requirements are met when the financial organization newly formed as a result
of the merger, affiliation or at least one of the participants in the said
merger, affiliation comply with these requirements.
2. To obtain preliminary consent to the implementation of the deals specified
in Article 16 of the present Federal Law the participants in the deals shall
submit to the federal anti-monopoly body an application for the said preliminary
consent, information on the main kinds of activities and the turnover for the
main kinds of activities, the financial and economic statements/reports submitted
to the Central Bank of the Russian Federation, the federal bodies of executive
power in charge of regulation on the financial services market, information
on the ownership (on all grounds) of the shares (stakes in the authorized capital)
of commercial organizations and information on the membership in non-commercial
organizations as well as information on the ownership of the assets thereof,
apart from the documents submitted to the body in charge of state registration.
The federal anti-monopoly body is not entitled to demand that financial organizations
submit other documents and information.
The federal anti-monopoly body shall within 30 days after the receipt of the
documents listed under the present item notify in writing the participant in
the deals of the decision made as to the granting of the preliminary consent
to the implementation of the deals specified in Article 16 of the present Federal
Law.
If necessary, the said term may be prolonged by the federal antimonopoly body
by up to 15 days.
Article 18. The Dismissal of the Application
The federal anti-monopoly body is entitled to dismiss the application for a
preliminary consent to the implementation of the deals specified in Article
16 of the present Federal Law if the satisfaction of the application could
lead to the occurrence or enhancement of a dominating position of the parties
to the deals and to the limitation of competition on the financial services
market. In such a case the said application may be satisfied in the event
of the fulfillment of the requirements aimed at promoting competition on
the financial services market.
Here the said requirements and the terms of the fulfillment thereof shall be
specified in the decision of the federal anti-monopoly body whereby preliminary
consent is granted to the implementation of the deals specified in Article
16 of the present Federal Law.
The application for a preliminary consent to the implementation of the deals
specified in Article 16 of the present Federal Law cannot be satisfied if trustworthy
documents and information of importance for the making of the decision fail
to be provided.
Should the federal anti-monopoly body and the Central Bank of the Russian Federation
deny their consent to the implementation of the deals specified in Article
16 of the present Federal Law and also in the cases stipulated by the legislation
of the Russian Federation the parties to the deals shall within three months
after the date of the adoption of the decision specified under Item 2 Article
17 of the present Federal Law by the federal anti-monopoly body transfer their
rights to the participation in the management of the financial organization
or the assets or shares (stakes in the authorized capital) of the financial
organization to third persons not incorporated in the group of the parties
to the deal and shall also comply with the other requirements of the federal
anti-monopoly body as to the restoration of the necessary competitive environment
on the financial services market.
The federal anti-monopoly body may satisfy the application for a preliminary
consent to the implementation of the deals specified in Article 16 of the present
Federal Law in the following cases:
if the parties to the deal, given the possibility of the limitation of competition
on a financial services market, manage to prove that the positive effect of
the deals including social and economic effect is going to exceed the negative
consequences for the financial services market;
if the parties to the deal manage to prove that the ownership of the shares
(stakes in the authorized capital) of the financial organization is related
exclusively to receiving earnings from them. In such a case the ownership of
such shares (stake in the authorized capital) and the enjoyment of the rights
relating thereto shall be admissible only for a one-year term after the acquisition
thereof.
Article 19. Procedure for Notifying the Federal Anti-Monopoly Body of the
Accomplishment of the Deals for the Acquisition of the Assets or Shares (Stakes
in the Authorized Capital) of Financial Organizations
1. In the event when the value of the authorized capital of a financial organization,
the assets or shares (stakes in the authorized capital) of which are being
acquired, does not exceed the value set by the Government of the Russian Federation
the financial organizations shall notify the federal anti-monopoly body about
the accomplishment of the deals specified in Article 16 of the present Federal
Law within 30 days after the accomplishment thereof.
Here in the event of a merger, affiliation of financial organizations the aforesaid
requirements concerning the authorized capital of financial organizations shall
be met when the financial organization newly formed or one of the parties to
the said merger, affiliation meets the requirement.
2. The parties to deals shall forward the following to the federal anti-monopoly
body: notice of the deals, information on the main kinds of activities and
the turnover for the main kinds of activities, the financial and economic statements/reports
submitted to the Central Bank of the Russian Federation, federal bodies of
executive power in charge of regulation on the financial services market, information
on the ownership on all grounds of the shares (stakes in the authorized capital)
of commercial organizations and information on membership in non-commercial
organizations as well as information on the ownership of the assets of non-commercial
organizations.
The federal anti-monopoly body is not entitled to demand that the parties to
the deals provide other documents and information.
Upon the scrutiny of the notice and all the necessary documents the federal
anti-monopoly body shall within 30 days after the receipt of all the necessary
information, if signs are available that the deals of which it has been notified
can lead to the occurrence or enhancement of a dominating position of a financial
organization, limitation of competition, adopt a substantiated decision to
recognize the deals either as lawful or as limiting competition on the financial
services market and shall forward the decision to the applicant.
3. If necessary, the term specified under Item 2 of the present article may
be prolonged by the federal anti-monopoly body by up to 15 days.
4. In the event when the federal anti-monopoly body, acting under Item 3 of
the present article, adopts a decision to extend the term for the scrutiny
of the notice and all the necessary documents, the parties to the deals shall
not be entitled, until a consent by the federal antimonopoly body, in the management
of the financial organization or dispose of respective assets or shares (stakes
in the authorized capital) of the financial organization. Here the parties
to the deals are entitled to receive earnings from them prior to the adoption
of the said decision by the federal anti-monopoly body and also in the cases
stipulated by federal laws and decisions of the Central Bank of the Russian
Federation.
5. In the events specified under Item 1 of the present article the participants
to the deals are entitled to file a request with the federal anti-monopoly
body for consent to the making of the deals specified in Article 16 of the
present Federal Law, with the body being obligated to consider the request
in due course.
6. Consent to the execution of deals connected with the acquisition of the
assets or shares (stakes in the authorized capital) of financial organizations
as well as the rights allowing to control the terms and conditions of the pursuance
of entrepreneurial activities or perform the functions of the executive body
of a financial organization, such rights affecting the state of the financial
organization on a financial services market, shall be granted by the federal
anti-monopoly body in accordance with the procedure established by the federal
anti-monopoly body.
Article 20. Procedure for Resolving Disputes in Connection with the Monitoring
of Capital Concentration on the Financial Services Market
The deals specified in Article 16 of the present Federal Law which are made
in breach of the procedure established by the present Federal Law and which
lead to the occurrence or enhancement of a dominating position of financial
organizations and the limitation of competition on a financial services market
can be recognized as null and void in accordance with the judicial procedure
on the complaint of the federal anti-monopoly body. Should the parties to the
said deals default on the performance under the decision of the federal anti-monopoly
body for the restoration of the necessary competitive environment on the financial
services market within a term set by the body, such deals also can be recognized
as null and void in accordance with the judiciary procedure on the complaint
of the federal anti-monopoly body.
Default on the performance under the decisions adopted by the federal anti-monopoly
body in compliance with the present Federal Law shall be deemed ground for
the said deals being recognized as null and void in accordance with the judicial
procedure on the complaint of the federal anti-monopoly body.
Violation of the provisions of the present Federal Law insofar as it concerns
the obtaining of a preliminary consent of the federal antimonopoly body to
the execution of the deals specified in Article 16 of the present Federal Law
or the notice specified in Article 19 of the present Federal Law shall be deemed
ground for the imposition of a fine by the federal anti-monopoly body in compliance
with the present Federal Law.
Article 21. The Federal Bodies In Charge of Anti-Monopoly Regulation on the
Financial Services Market
The state policy of developing competition and implementing antimonopoly regulation
on the financial services market shall be carried on by the federal anti-monopoly
body:
on the securities market: with the federal bodies of executive power in charge
of regulation on the securities market;
on the banking services market: with the Central Bank of the Russian Federation;
on the insurance services market: with the federal body of executive power
in charge of regulation on the insurance services market;
on the market of other financial services: with the federal bodies of executive
power in charge of regulation on the markets of these financial services.
Article 22. The Tasks and Functions of the Federal Anti-Monopoly Body for
Protecting Competition on the Financial Services Market
1. The tasks of the federal anti-monopoly body to be fulfilled jointly with
the Central Bank of the Russian Federation, the federal bodies of executive
power in charge of regulation on the financial services market are as follows:
promoting the development of competition on the financial services market;
preventing, limiting and stopping unfair competition and stopping abuse relating
to the dominating position of a financial organization on the financial services
market;
exercising state control of the observance of the anti-monopoly legislation
on the financial services market.
2. The federal anti-monopoly body shall perform the following main functions
with due regard to the norms provided by the present Federal Law:
forwarding proposals on the issues of improvement of the antimonopoly legislation
and other regulatory legal acts concerning the protection of competition on
the financial services market and the practical application thereof as well
as forwarding statements on the federal bills and other draft regulatory legal
acts concerning the issues of operation of the financial services market and
development of competition on the market, to the Government of the Russian
Federation;
issuing recommendations to the Central Bank of the Russian Federation, the
federal bodies of executive power, the bodies of executive power of the subjects
of the Russian Federation and local selfgovernment bodies on the taking of
measures for developing competition on the financial services market;
monitoring the observance of the anti-monopoly legislation and other regulatory
legal acts concerning the protection of competition on the financial services
market when agreements are signed and concerted actions of financial organizations
are performed;
monitoring the merger, affiliation of financial organizations and the acquisition
of the rights, assets or shares (stakes in the authorized capital) of financial
organizations;
discovering the facts of violation of the anti-monopoly legislation and other
regulatory legal acts on the protection of competition on the financial services
market.
Article 23. The Powers of the Federal Anti-Monopoly Body
The federal anti-monopoly body is entitled to:
issue binding prescriptions to financial organizations to terminate violations
of the anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market and/or to eliminate the consequences
thereof, to restore the status quo, to rescind or amend agreements being in
conflict with the anti-monopoly legislation and other regulatory legal acts
on the protection of competition on the financial services market, to sign
agreements with another person, to remit to the federal budget a profit received
as a result of violation of the anti-monopoly legislation and other regulatory
legal acts on the protection of competition on the financial services market;
forward proposals to the Government of the Russian Federation, the Central
Bank of the Russian Federation for repealing or suspending the regulatory and
other legal acts adopted by the federal bodies of executive power, the Central
Bank of the Russian Federation as well as for rescinding or amending agreements
they signed or concerted actions running contrary to the anti-monopoly legislation
and other regulatory legal acts on the protection of competition on the financial
services market;
forward prescriptions to the bodies of executive power of the subjects of the
Russian Federation and local self-government bodies for repealing or amending
regulatory legal acts they adopted and also rescinding or amending agreements
they signed or concerted actions running contrary to the anti-monopoly legislation
and other regulatory legal acts on the protection of competition on the financial
services market;
present proposals to the licensor bodies issuing licenses for the pursuance
of activities on the financial services market for the annulment of the licenses
held by financial organizations violating the anti-monopoly legislation and
other regulatory legal acts on the protection of competition on the financial
services market;
adopt decisions to impose fines on financial organizations and apply administrative
sanctions to the heads of these financial organizations, citizens including
individual entrepreneurs as well as the officials of the federal bodies of
executive power, the bodies of executive power of the subjects of the Russian
Federation and local self-government bodies for violation of the anti-monopoly
legislation and other regulatory legal acts on the protection of competition
on the financial services market;
file complaints with the court or arbitration court concerning violations of
the anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market including but not limited to
on the recognition as partially or fully null and void of agreements contradicting
the anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market, concerning the mandatory execution
of an agreement with another person as well as take part in the consideration
by a court or arbitration court of cases relating to the application and violation
of the anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market;
forward complaints to respective law-enforcement bodies concerning violations
of the anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market as well as materials for the
purposes of resolving the issue of criminal action on the evidence of offenses
relating to the violation of the antimonopoly legislation and other regulatory
legal acts on the protection of competition on the financial services market;
discover the availability of a dominating position of financial organizations
on the financial services market;
discover the facts of financial organizations' abusing their dominating position,
of violation of the prohibition of agreements and concerted actions, of unfair
competition as well as qualify the actions of financial organizations as being
in breach of the anti-monopoly legislation and other regulatory legal acts
on the protection of competition on the financial services market;
issue, including but not limited to, jointly with the Central Bank of the Russian
Federation, the federal bodies of executive power in charge of regulation on
the financial services market, the regulatory acts, recommendations and directions
for the protection of competition on the financial services market, including
but not limited to, specific kinds of financial services;
provide clarification, including but not limited to, jointly with the Central
Bank of the Russian Federation, the federal bodies of executive power in charge
of regulation on the financial services market concerning the issues of the
application of the anti-monopoly legislation and other regulatory legal acts
on the protection of competition on the financial services market;
exercise other powers as provided by the legislation of the Russian Federation.
Article 24. The Coordination of the Activities of the Federal Anti-Monopoly
Body and the Federal Bodies of Executive Power in Charge of Regulation on the
Financial Services Market, the Central Bank of the Russian Federation
1. The coordination of the activities of the federal anti-monopoly body and
the federal bodies of executive power in charge of regulation on the financial
services market, the Central Bank of the Russian Federation is built up on
the basis of the functional distribution of duties, respective specialization
and delineation of responsibilities provided by the legislation of the Russian
Federation and the present Federal Law.
2. On the inquiry of the federal anti-monopoly body the federal bodies of executive
power in charge of regulation on the financial services market, the Central
Bank of the Russian Federation shall present the regulatory and other legal
acts they have adopted, the agreements they have entered into with financial
organizations as well as the necessary information so that analysis be performed
of competition on the financial services market and the state thereof be monitored.
Article 25. The Right of Access to Information
For the purposes of their executing their service duties the personnel of the
federal anti-monopoly body who have been authorized by this body in accordance
with the procedure established by it have the right of getting free access
to the federal bodies of executive power, the Central Bank of the Russian
Federation, the bodies of executive power of the subjects of the Russian
Federation and local self-government bodies as well as financial organizations
and associations thereof, other organizations and institutions and familiarizing
themselves, under a request in writing, with the necessary documents and
information on condition of the non-disclosure of state, service and commercial
secrets by the said employees.
The bodies of militia are obligated to render practical assistance to the personnel
of the federal anti-monopoly body when they execute their service duties, through
the provision of free access to the necessary documents and information.
Article 26. The Duty to Provide Information to the Federal Anti-Monopoly Body
The federal bodies of executive power, the Central Bank of the Russian Federation,
the bodies of executive power of the subjects of the Russian Federation and
local self-government bodies (officials thereof), financial organizations
(heads thereof), citizens, including individual entrepreneurs, shall submit
to the federal anti-monopoly body trustworthy documents, shall provide written
and verbal explanations and other information required for the federal anti-monopoly
body's pursuance its activities under law, excluding information constituting
banking secret.
Article 27. The Responsibilities and Liabilities of the Federal Anti-Monopoly
Body Concerning the Non-Disclosure of Commercial Secrets
Information constituting commercial secret that has been received by the federal
anti-monopoly body shall be subject to non-disclosure.
Should the personnel of the federal anti-monopoly body disclose information
constituting commercial secret, the said personnel shall be liable under the
legislation of the Russian Federation in accordance with the procedure established
by the legislation of the Russian Federation. The losses incurred by the financial
organization shall be subject to reimbursement under the civil legislation
of the Russian Federation.
Article 28. The Binding Nature of the Decisions and Prescriptions of the Federal
Anti-Monopoly Body
1. Should violation occur of the anti-monopoly legislation and other regulatory
legal acts on the protection of competition on the financial services market,
the federal bodies of executive power, the bodies of executive power of the
subjects of the Russian Federation and local selfgovernment bodies (officials
thereof), financial organizations (heads thereof), citizens, including individual
entrepreneurs, are obligated under the decisions and prescriptions of the federal
anti-monopoly body to terminate the violation of the anti-monopoly legislation
and other regulatory legal acts, restore the status quo, rescind or amend the
agreement, enter into an agreement with another person, repeal the act not
being in compliance with the anti-monopoly legislation and other regulatory
legal acts on the protection of competition on the financial services market,
remit for the benefit of the federal budget the profit received in breach of
the anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market, perform other actions provided
in the decisions and prescriptions of the federal anti-monopoly body.
2. Should the anti-monopoly legislation and other regulatory legal acts on
the protection of competition on the financial services market be violated,
the federal anti-monopoly body shall be entitled to impose fines and issue
warnings in accordance with the administrative procedure under the legislation
of the Russian Federation.
Article 29. The Types of Liability for Violation of the AntiMonopoly Legislation
and Other Regulatory Legal Acts on the Protection of Competition on the Financial
Services Market
For unlawful actions violating the anti-monopoly legislation and other regulatory
legal acts on the protection of competition on the financial services market
the officials of the federal bodies of executive power, the bodies of executive
power of the subjects of the Russian Federation and local self-government bodies,
financial organizations (heads thereof), citizens, including individual entrepreneurs,
shall be accountable under the civil, administrative, criminal or other law
of the Russian Federation.
Article 30. Grounds for the Federal Anti-Monopoly Body's Hearing the Cases
of Violation of the Anti-Monopoly Legislation and Other Regulatory Legal Acts
on the Protection of Competition on the Financial Services Market
1. The federal anti-monopoly body shall consider cases of the breach of the
anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market, make decisions on them and
forward prescriptions within the competence thereof.
The following are the grounds for hearing cases of the breach of the anti-monopoly
legislation and other regulatory legal acts on the protection of competition
on the financial services market: complaints of the Central Bank of the Russian
Federation, the federal bodies of executive power, the bodies of executive
power of the subjects of the Russian Federation, local self-government bodies,
financial organizations, citizens, including individual entrepreneurs, and
procurator's statements.
Cases of the breach of the anti-monopoly legislation and other regulatory legal
acts on the protection of competition on the financial services market can
be considered by the federal anti-monopoly body on its own initiative.
2. The complaints specified under Item 1 of the present article shall be filed
with the federal anti-monopoly body in writing with the attachment of documents
testifying of violations of the anti-monopoly legislation and other regulatory
legal acts on the protection of competition on the financial services market.
3. Proceedings on cases of the administrative offenses provided in the present
Federal Law as well as performance under the rulings whereby administrative
sanctions are applied in respect of such cases shall be carried on in accordance
with the procedure established by the Code of Administrative Offenses of the
RSFSR.
The procedure for considering cases of the breach of the antimonopoly legislation
and other regulatory legal acts on the protection of competition on the financial
services market shall be defined by the rules to be endorsed by the federal
anti-monopoly body on the approval of the Central Bank of the Russian Federation,
the federal bodies of executive power in charge of regulation on the financial
services market respectively.
Article 31. Procedure for the Appeal in Respect of Decisions, Prescriptions
of the Federal AntiMonopoly Body
1. The federal bodies of executive power, the bodies of executive power of
the subjects of the Russian Federation and local self-government bodies (officials
thereof), financial organizations (heads thereof), citizens, including individual
entrepreneurs are entitled to file a petition with the court or arbitration
court for recognizing as fully or partially invalid decisions and prescriptions
of the federal antimonopoly body.
2. The filing of the petition specified under Item 1 of the present article
shall suspend the discharge of the decisions and prescriptions of the federal
anti-monopoly body for the term of the said petition being considered by the
court or arbitration court until the coming into force of the decision of the
court or arbitration court.
The decisions and prescriptions of the federal anti-monopoly body may be appealed
against within a term provided by statutes of limitations under the law of
the Russian Federation.
Article 32. Procedure for Performance under the Decisions and Prescriptions
of the Federal Anti-Monopoly Body
1. The decisions and prescriptions of the federal anti-monopoly body shall
be executed within a term set therein. Default on the performance under the
said decisions and prescriptions shall lead to the occurrence of accountability
under the legislation of the Russian Federation and the present Federal Law.
In the event of a default on performance under decisions and prescriptions
for the revocation or amendment of an act adopted in breach of the anti-monopoly
legislation and other regulatory legal acts on the protection of competition
on the financial services market, for the restoration of the status quo that
prevailed prior to the said breach, the federal anti-monopoly body shall be
entitled to file a petition with the arbitration court for the act being fully
or partially recognized as invalid or for the status quo being enforced as
it existed prior to the said breach.
In the event of a default on performance under decisions and prescriptions
of the federal anti-monopoly body for amending or rescinding an agreement conflicting
with the anti-monopoly legislation and other regulatory legal acts on the protection
of competition on the financial services market or for entering into an agreement
with another person the federal anti-monopoly body shall be entitled to file
a complaint with the court or arbitration court claiming that the agreement
be recognized as fully or partially null and void or that entry into an agreement
be enforced.
In the event of a default on performance under decisions of the federal anti-monopoly
body for the remittance for the benefit of the federal budget of profit received
as a result of a breach of the antimonopoly legislation and other regulatory
legal acts on the protection of competition on the financial services market,
the federal anti-monopoly body shall be entitled to file a complaint with the
court or arbitration court claiming the collection of the profit, so received
with no ground, for the benefit of the federal budget.
Article 33. Putting Into Force the Present Federal Law
1. The present Federal Law shall come into force six month after the date of
the official publication thereof.
2. The President of the Russian Federation is hereby proposed and the Government
of the Russian Federation is hereby instructed to bring their regulatory legal
acts in conformity with the present Federal Law.
President
of the Russian Federation B.Yeltsin
Moscow, the Kremlin