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The Administrative Code of the Russian Federation has been amended

The Administrative Code of the Russian Federation has been amended and now it allows to pay 50% of the administrative fine in most numbers of violations (Federal Law No. 187-FZ of 23.06.2020).

The main condition is that the payment must be made not later than 20 days from the date of the decision to impose it. The discount will be applied to the following violations:

  • non-fulfillment, in particular, of the JSC’s obligation to keep the necessary documents;
  • the similar violation committed by the insurer;
  • failure to submit documents on a dispute related to the creation, management, or participation in a legal entity;
  • unfair issue of securities;
  • violation of legal requirements to submit and disclose information in the financial markets;
  • preventing the use of rights that are certified by securities;
  • violation of the procedure for preparing and holding General meetings of shareholders, LLC participants;
  • violation of legislation on banks and banking activities;
  • market manipulation;
  • unjustified refusal to enter into a public insurance contract or imposition of additional services for compulsory insurance;
  • failure to comply with a legal order of the Central Bank of the Russian Federation on time.

However, in this case, the payment of the fine should not be postponed or deferred by installments.

Also, the Federal law of 23.06.2020 N 187-FZ establishes additional administrative liability for violation of the requirements of Federal laws or regulations of the Bank of Russia by a self-regulating organization in the financial market.

The changes will take effect on July 4, 2020.