CBR - Central Bank of the Russian Federation

04/26/2024 | Press release | Distributed by Public on 04/27/2024 06:00

Powers of Association SRO ACCCs Vybor terminated

On 26 April, the Bank of Russia decided to terminate the status of a self-regulatory organisation in the financial market uniting agricultural consumer credit cooperatives (SRO ACCCs) - Association Self-regulatory Organisation of Agricultural Consumer Credit Cooperatives Vybor (Association SRO ACCCs Vybor).

In the operation of Association SRO ACCCs Vybor, the Bank of Russia identified breaches of the requirements of the Federal Law 'On Self-regulatory Organisations in the Financial Market', Bank of Russia regulations and the internal standard of Association SRO ACCCs Vybor as well as gross violations of Russian legislation when conducting scheduled audits of its members. Also, Association SRO ACCCs Vybor missed deadlines and violated the procedure for submitting statements to the Bank of Russia multiple times during the year.

The Bank of Russia applied regulatory and supervisory measures and recorded many cases when Association SRO ACCCs Vybor failed to identify violations in the activity of its members. Controlling the activity of organisations that are members of an SRO ACCCs is the most important function of self-regulatory organisations. Improper performance of these obligations entails a substantial threat to the interests of financial consumers.

The Bank of Russia emphasises the need for the agricultural consumer credit cooperatives that are members of Association SRO ACCCs Vybor to join another SRO ACCCs within 90 days from the day when the status of Association SRO ACCCs Vybor is terminated.

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