LAW OF THE REPUBLIC OF BELARUS

of July 12, 2023 No. 282-Z

About change of the laws concerning banking activity

Accepted by the House of Representatives on June 15, 2023

Approved by Council of the Republic on June 30, 2023

Article 1. Bring in the Bank code of the Republic of Belarus of October 25, 2000 the following changes:

1. In the text of the Code of the word "legislation of the Republic of Belarus" to replace with the word "legislation" in the corresponding case.

2. In the text of the Code of the word "acts of the Republic of Belarus" to replace with the word "acts" in the corresponding case and number.

3. In Article 2:

to exclude parts two of the word "The Republic of Belarus (Further — National Bank)" from the paragraph of the fifth;

add Article with part of the following content:

"Features of legal regulation of the relations regulated by this Code can be established by the president of the Republic of Belarus.".

4. The second Article 3 to state part in the following edition:

"If the international treaty of the Republic of Belarus establishes other rules, than those which contain in this Code then are applied rules of the international treaty.".

5. State Article 4 in the following edition:

"Article 4. Bases of monetary policy of the Republic of Belarus

Monetary policy of the Republic of Belarus - component of single state economic policy.

The legal basis of monetary policy of the Republic of Belarus are the Main directions of monetary policy of the Republic of Belarus which development is performed according to target indicators of monetary policy. Target indicators of monetary policy affirm the President of the Republic of Belarus.

The National Bank and the Government of the Republic of Belarus annually till September 1 bring the target indicators of monetary policy answering the purpose of activities of National Bank on approval to the President of the Republic of Belarus.".

6. Third parts one of Article 8 to add the paragraph with words "(including loan granting)".

7. Add Article 9 with part of the following content:

"Features of creation and the activities of the separate non-bank credit and financial organizations providing functioning of information systems for the purpose of forming and development of single settlement and information space, development of digital banking technologies, and also performing collection of cash, transportation of cash, other values, remote storage of cash and other values of National Bank, banks and non-bank credit and financial organizations for the purpose of development and enhancement of the organization of cash circulation can be established by the president of the Republic of Belarus.".

8. In Article 13:

after paragraph two to add Article with the paragraph of the following content:

"state regulation of banking activity depending on the system importance, risk profile of bank, non-bank credit and financial organization (principle of pro rata regulation);";

to add the paragraph of the eighth with the words "and non-bank credit and financial organizations".

9. In Article 14:

in part one:

third to add the paragraph with words "(including loan granting)";

in paragraph six to replace the word of "corresponding banks" with the word of "banks respondents";

the tenth to state the paragraph in the following edition:

"issue of bank guarantees and other transactions with bank guarantees;";

the thirteenth and eighteenth to exclude paragraphs;

after part two to add Article with part of the following content:

"In the cases established by the President of the Republic of Belarus, "Development Bank of the Republic of Belarus" open joint stock company, Belarusian Currency and Stock Exchange open joint stock company, Asset Management Agency open joint stock company the separate banking activities having the right to perform without receipt of the license for implementation of banking activity. The list performed by the called organizations of banking activities, features of application of the requirements of the legislation to them provided for banks, the non-bank credit and financial organizations are established by the President of the Republic of Belarus.";

in part four:

state paragraph two in the following edition:

"ensuring execution of monetary commitments of the third parties;";

to add the paragraph of the sixth with the words "according to the procedure, established by National Bank";

to exclude from the paragraph of the seventh word "and (or) transactions with securities";

after the paragraph of the seventh to add part with the paragraph of the following content:

"professional and exchange activity on securities, and also the activities which are not relating to professional and exchange activity on securities, permitted according to the legislation on securities;";

after the paragraph of the twenty fourth to add part with paragraphs of the following content:

"activities for making of the transactions initiated by physical persons and legal entities with non-deliverable off-exchange financial instruments (activities in the Forex curb market);

accounting of bills of exchange in the cases established by the President of the Republic of Belarus;

services in servicing of the credits in the cases established by the President of the Republic of Belarus;

the activities within partner agreements on cooperation with legal entities and physical persons connected with banking operations. The directions of cooperation, procedure and conditions of implementation by banks and non-bank credit and financial organizations of the specified activities are established by National Bank;".

10. Add the Code with Article 14-1 of the following content:

"Article 14-1. Financial accounting and the financial reporting in banks and the non-bank credit and financial organizations, "Development Bank of the Republic of Belarus" open joint stock company

Banks and the non-bank credit and financial organizations, "Development Bank of the Republic of Belarus" open joint stock company keep financial accounting and constitute the individual financial reporting and consolidated financial statements according to the legislation on financial accounting and the reporting, the International Financial Reporting Standards and their Explanations, Conceptual bases of submission of financial statements enacted in the territory of the Republic of Belarus as technical regulatory legal acts (further - international accounting standards).".

11. Add Article 22 with part of the following content:

"Banks and the non-bank credit and financial organizations shall inform clients on results of consideration of their statements in terms and methods, stipulated by the legislation and agreements.".

12. Article 23 after words "procedure" and "bodies" to add respectively with words of "decisions", and ", officials".

13. In Article 24:

in word part two "the laws of the Republic of Belarus" to replace with the word "laws";

in part four:

third to state the paragraph in the following edition:

"position assignment and dismissal by the President of the Republic of Belarus from prior consent of Council of the Republic of National assembly of the Republic of Belarus the Chairman and board members of National Bank;";

word in paragraph four "accounting (financial)" to replace with the word "financial".

14. In Article 25:

in part one:

third to state the paragraph in the following edition:

"ensuring financial stability.";

the fourth to exclude the paragraph;

after part one to add Article with part of the following content:

"The National Bank promotes sustainable economic development of the country.".

15. In Article 26:

the fourth to state the paragraph in the following edition:

"performs refinancing of banks, including as the last resort lender;";

to exclude the word "operational" from the paragraph of the seventh;

to state the paragraph of the eighth in the following edition:

"manages gold and foreign exchange reserves and other assets in the form of foreign currency, precious metals and gemstones within the competence;";

the seventeenth after the word "depositary" to add the paragraph with words ", dealer and broker";

in the paragraph the twenty first words "precious metals and gemstones and" to replace with the word "transportation";

after the paragraph of the twenty first to add Article with the paragraph of the following content:

"establishes requirements to storage of precious metals, gemstones and other values;";

the twenty fifth to state the paragraph in the following edition:

"regulates activities of banks and non-bank credit and financial organizations taking into account the principle of pro rata regulation;";

to add the paragraph of the twenty eighth after the word "registration" with the words "and liquidations";

after the paragraph of the thirtieth to add Article with the paragraph of the following content:

"performs macroprudential regulation concerning banks and the non-bank credit and financial organizations, "Development Bank of the Republic of Belarus" open joint stock company, and also other suppliers of financial services which regulation of activities is assigned to National Bank according to the legislation, the credit, deposit and currency markets, the payment market of the Republic of Belarus;";

in the paragraph the thirty fourth "accounting (financial)" to replace words with the word "financial";

to state paragraphs of the thirty fifth and thirty sixth in the following edition:

"performs common methodological directorship of financial accounting, the financial reporting in National Bank, banks and the non-bank credit and financial organizations, "Development Bank of the Republic of Belarus" open joint stock company, consolidated financial statements in banking groups, bank holdings according to international accounting standards, other powers in the field of financial accounting, the financial reporting according to legal acts;

develops and approves the regulatory legal acts on financial accounting, the financial reporting including determining accounting rules of the made transactions and the forming of the individual financial reporting and consolidated financial statements according to international accounting standards applied by National Bank, banks and the non-bank credit and financial organizations, "Development Bank of the Republic of Belarus" open joint stock company, banking groups, bank holdings (except for the individual financial reporting of parent organizations of the bank holdings which are not banks, the non-bank credit and financial organizations);";

to state the paragraph of the fortieth in the following edition:

"carries out the analysis and performs the forecast of situation in the monetary sphere and economy and on their basis if necessary posts the corresponding analytical materials on the official site of National Bank on the global computer Internet;";

the fifty first - the fifty fifth to state paragraphs in the following edition:

"performs regulation of the relations arising when implementing microfinancial activities;

performs regulation of the relations arising in case of attraction of money by the non-profit microfinancial organizations from the members who are not founders;

exercises control of observance by the microfinancial organizations, and also legal entities who according to legal acts have the right to perform microfinancial activities, the legislation regulating procedure of microfinancial activities and attraction of money including by carrying out in the location of National Bank of checks based on studying of documents, the reporting and other information received by it according to the legislation without reclamation of other documents (cameral checks);

considers addresses of consumers of the services rendered by banks and the non-bank credit and financial organizations, the leasing and microfinancial organizations, legal entities who according to legal acts have the right to perform microfinancial activities operators of services of online borrowing, the address of consumers of the payment services rendered by payment service providers and in case of identification of violations of the rights of consumers directs instructions about the termination of violations of the rights of consumers, obligatory for execution by the specified organizations, or takes other measures according to legal acts, the consumer protection law;

approves the standards of financial services and technologies which are the technical regulatory legal acts, obligatory for observance, which are not relating to area of technical regulation and standardization and the establishing quantitative and (or) high-quality requirements to program and (or) to program technical means, their components, financial electronic messages and documents in electronic form, the user's interfaces, interfaces of programming of appendices, information security, information and digital technologies, classification systems and codings of information, terminology, to processes of development, designing, performance of works, rendering services and also terms and their determinations, classification of technical and economic and social information, form of provision of information, the rule, methods and methods of search, obtaining, transfer, collection, processing, accumulating, storage, distribution and (or) provision of information, uses of information and information security in the field of financial services and technologies;";

after the paragraph of the fifty seventh to add Article with the paragraph of the following content:

"determines procedure for use by National Bank of the banknotes and coins which were not in turnover, declared invalid (voided legal means of payment in the territory of the Republic of Belarus) and not subject to exchange, as souvenirs, including on representation purposes, and for sale as collecting object;";

in the paragraph the sixtieth the words "including pawnshops regarding implementation by them of activities for attraction and provision of microloans, Forex companies, National Forex center" shall be replaced with words "other legal entities who according to legal acts have the right to perform microfinancial activities, including buying up Items regarding implementation of microfinancial activities by them, Forex companies, National Forex center, operators of services of online borrowing";

after the paragraph of the seventy ninth to add Article with paragraphs of the following content:

"establishes for payment service providers structure, form and procedure for provision by them in National Bank of information on making or attempts of making of unauthorized transfers of money (electronic money), the facts or attempts of plunder of money (electronic money) by modification of computer information, and also about violations of safety in the field of information security;

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