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Corporate law and governance, financial transaction taxes
Project Group №1
Financial infrastructure and financial market regulation
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Bank of Russia Commission receives 555 applications for business reputation recovery
16.01.2020 16:52 / The Bank of Russia
During this period, the Commission upheld 239 complaints and dismissed 205 complaints. Another 17 inquiries were declined due to the absence of information on the subject matter. As of 1 January, 13 complaints were pending (under consideration). 81 complaints were not reviewed as they failed to meet the established requirements.
In addition, it is worth noting an upward trend in the number of complaints received by the Commission in 2019 (330) compared to 2018 (225). One of the reasons for this increase was the simplification of the procedure for individuals to find out whether databases contain information about them (the relevant service has been available on the Public Services Portal since 2 August 2019; as of 1 January 2020, inquiries numbered over 5,000).
Overall, as of 1 January 2020, the database included information on 7,504 persons whose activities are associated with financial institutions.
According to the effective law, appellants’ business reputation may be rehabilitated if they provide evidence of their non-involvement in the actions (inaction) that entailed adverse consequences for a financial institution. In this case, the Commission’s decisions constitute a legal ground for the Bank of Russia to remove the information on a complainant from the relevant database.