Improving the RF Legislation in the field of Crediting

On 1.05.2007 OST-EURO launched a new project in frame of cooperation with the State Duma. The project aims at improving the Russian legislation in the field of customers financing and deposit securing. As the previous project stages this one is financed by the German Munitry of Finance and by the KfW Banking Group. Among the Russian partners Association of regional Banks "Rossia", Association of Russian Banks, The Ministry of Finance of the RF, The Central Bank of Russia and some others.

23 April, Moscow – A roundtable on the improvement of Russia’s security legislation was held at the State Duma. It was concluding event of the fourth stage of the Russian-German Project which included an array of seminars and roundtables on such issues as secured lending and lending rights, consumer credits and creditors’ protection, etc. The project is being financed by the German finance Ministry through the KfW Banking group and run German OST-EURO consultancy society in cooperation with the Duma Committee on Financial Markets in Russia.  The final stage of the project was concentrated on the secured lending of movable assets and rights as a means of secured credits. In the framework of the project, a special publication has been prepared which comprises an overview report and some other materials reflecting participants’ efforts to work out and coordinate their vision of the issues addressed in it. The report became the subject of in-depth debate at the roundtable attended by Russian experts from the Russia Banking Association, Bank of Russia, Federal Financial Markets Service, Supreme Arbitration Court and some other interested banks and academics.

Professor Hansjorg WEBER, prominent German expert in security law presented his comments on the overview report. Dr. Jan-Hendrik ROEVER made a presentation on the EBRD model security law and its application in East European countries.

New Publication

Some Aspects of Improving Russian Security Legislation and German Experience – that is the title of the book that has just come off the press. It is the fourth in a series of publications issued in the framework of a Russian-German cooperation project aimed to improve Russia’s legislation on credit financing of small and medium-sized enterprises. This latest edition is devoted to security law in the Russian Federation and includes an analytical report prepared in the framework of the project and contributions made by high-profile German experts in security law, e.g. Prof. Hansjorg WEBER and Dr. Jan-Hendrik ROEVER as well as Verband Pfandbriefbanken. Attached are German Security List Law and a number of draft laws on secured transactions in the Russian Federation.  

25 April, Cheboksary – The seminar on the nullity of a credit agreement and secured transaction was organized in the framework of the Russian-German project by Ost-Euro consultancy company in cooperation with the National Bank of the Republic of Chuvashia, Central Bank of Russia. It was opened by Anatoly UKHOV, President of the National Bank and introduced by project leader Dr MARKWART.
Professor Hansjorg WEBER, prominent German expert in security law was a key speaker at the seminar.
The seminar was followed by a roundtable devoted to a mortgage lending crisis.

The event was attended by the Deputy Minister of the Economic Development and Trade of Chuvashia, CEOs of the National and regional Banks of the Republic and an array of banking experts. 

During the period 2.05.-4.05.2007 a group of German experts participated in the meeting of the Working Group dedicated to imroving of the Federal Law draft on consumer crediting, seminar in Cheboksary and in a number of meetings in Moscow. The meeting of the Working Group was held on 3.05.2007 in State duma. Representatives of the BMW-Bank Dr. Holl und Hr. Han, BaFin representative Dr. Engels and project manager Dr.Markwart took active part in it. The Head of DaFin Department for consummers protection Mr.Rink had also provided his comments on the Draft. The Central Association of Unions for Protection of German Consumers expressed its willing to contribute to the draft development.

On the 4th of May the seminar devoted to education and consemers crediting issues was organised in the city of Cheboksary in cooperation with the national Bank of Chuvashia. Dr.Engels, Mrs.Abakina (dep.director of the Institutw for Education SU-HSE) and Mr.Marwart covered the issues of legal regulation and practice of educational and consumers crediting in Germany and Russia.