On April 26, the Bank of Russia announced its decision to terminate the status of a self-regulatory organization in the financial market, specifically targeting the Association Self-regulatory Organisation of Agricultural Consumer Credit Cooperatives Vybor (Association SRO ACCCs Vybor).
The Bank of Russia identified several breaches in the operation of Association SRO ACCCs Vybor. These included violations of the Federal Law 'On Self-regulatory Organisations in the Financial Market', regulations set by the Bank of Russia, and internal standards. Additionally, there were gross violations noted during scheduled audits of its members. The association also missed deadlines and violated procedures for submitting statements to the Bank multiple times throughout the year.
Regulatory and supervisory measures were applied by the Bank of Russia, which documented numerous instances where Association SRO ACCCs Vybor failed to identify violations among its members' activities. The control over member organizations is considered a critical function of self-regulatory organizations. Failure to perform these duties properly poses a significant threat to financial consumers' interests.
The Bank emphasized that agricultural consumer credit cooperatives currently under Association SRO ACCCs Vybor should join another SRO ACCCs within 90 days from when its status is terminated.
"The reference to the Press Service is mandatory if you intend to use this material."