The draft law requires lenders to publicly disclose information about the professional qualifications and work experience of members of the board of directors, the CEO and deputies, by publishing it on their websites. The requirement also applies to members of the managing board, the chief financial officer and deputies at both the head office and branches.

The data to be disclosed must include full name (first name, middle name if applicable, surname) as well current position, education, and work experience. All information should be verified and supported by documents.

This new legislation seeks to promote fair competition and to improve the services provided by lenders. The Russian Government considered and approved the draft law at a 7 November meeting this year.