On May 14, the State Duma is going to review draft laws on microfinance activity in Russia in their first reading. What is at issue is that a draft law 359066-5 “On microfinance activity and microfinance organizations” and a draft law 359073-5 “On amending certain legislative acts of the Russian Federation following the adoption of the Federal Law “On microfinance activity and microfinance organizations” were developed by the RF Ministry of Finance and were introduced to the Lower Chamber of the Parliament by the Government of the Russian Federation on April 15.
On May 14, the State Duma is going to review draft laws on microfinance activity in Russia in their first reading. What is at issue is that a draft law 359066-5 “On microfinance activity and microfinance organizations” and a draft law 359073-5 “On amending certain legislative acts of the Russian Federation following the adoption of the Federal Law “On microfinance activity and microfinance organizations” were developed by the RF Ministry of Finance and were introduced to the Lower Chamber of the Parliament by the Government of the Russian Federation on April 15.
The main aim of the draft laws is to create a legal basis for the activity of microfinance organizations and to determine the character of the given activity, procedure and conditions of microcrediting, procedure of establishing, reorganizing of microfinance organizations, as well as rights and obligations of the federal executive body, which is responsible for microfinance regulation.
«For the last ten years microfinancing has become one of the most important components of the state financial system. Its organizational basis has been formed, and main legal forms of activity have been determined. Thereupon, in order to ensure further development of the financial market, a legal basis and special regulation of microfinance activity are required”, says the explanatory note to the draft law “On microfinance activity and microfinance organizations”.
According to the authors of the draft law, the main characteristic feature of the microfinance organizations, which are described in the draft law, is their social orientation. “Microfinance organizations offer an opportunity for citizens (including the unemployed) to receive a loan for their business development, purchase of equipment, training of personnel, expansion of a range of goods and services and quality improvement», - the authors of a draft law note in the supporting documents.
Small and Middle-size Enterprises Development Committee of the Republic of Tatarstan
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