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The law on the national payment system in Russia is under way
Practical Law UK Legal Update 4-504-2917 (Approx. 2 pages)
The law on the national payment system in Russia is under way
by White & Case LLP
| Published on 22 Dec 2010 • Russian Federation |
This article is part of the PLC Global Finance December 2010 e-mail update for the Russian Federation.
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On 10 December 2010, the State Duma adopted in the first reading Draft Law No. 455931-5 "On the National Payment System". The Draft Law seeks to establish a comprehensive legal framework for the creation of a national payment system in Russia.
On 10 December 2010, the State Duma adopted in the first reading Draft Law No. 455931-5 "On the National Payment System". The Draft Law seeks to establish a comprehensive legal framework for the creation of a national payment system in Russia.
According to the Draft Law, the national payment system is to include:
- Operators for the transfer of funds, including electronic money operators.
- Operators of payment systems.
- Operators of services for the payment infrastructure (operational, clearing and settlement centres).
The Draft Law sets out:
- The requirements to be met by those entities (for example; the operators for the transfer of electronic money should be credit organisations).
- The procedure for electronic money transfers.
- The restrictions on transfers abroad of the data on money transfers within Russia.
- The requirements to be met so that the operators for the transfer of funds could participate in cross-border payment systems. The supervision function within the national payment system will be vested in the Central Bank.
The provisions of the Draft Law will apply if adopted by the State Duma in three readings, approved by the Federation Council, signed by the President, and officially published.