Tax Subcommittee of the State Duma Budget Committee supported the bill to clarify in law the name of the bank guarantee as a way to enforce the obligations. The author of the draft law “On amending the Law of RF” On organization of insurance business in Russia, “federal law” On banks and banking activity “and separate legislative acts is the head of the Duma Committee on Financial Markets, Vladislav Reznik.

bill, which is being prepared for consideration in the State Duma in first reading, proposed in the existing federal laws that contain rules on bank guarantee to replace the term “bank guarantee” the term “payment guarantee”. The changes also relate to the Civil Code (CC) RF law “On Joint Stock Companies”, “On Securities Market”, “On the basis of tourist activities in Russia” and other documents.

The introduction of the Civil Code such a method to enforce the obligations as bank guarantees, it was assumed that the most demanded such a guarantee would be in the field of banking services. So she got such a name. However, the guarantor of such a commitment, along with banks and other lending institutions can act and insurance companies, the author notes in the explanatory note tofc4the document.

explained Resnick, practice shows that Russia”s insurance companies issuing bank guarantees in case of arrest, they have insured ships and aircraft, as well as tour operators, customs authorities. However, many insurance companies refuse to use such a method to ensure the commitments under the threat of recognition of the relevant transactions void. In particular, they believe that the issuance of bank guarantee, which is legally assigned to the banking operations, is impossible without an appropriate license issued by the Bank of Russia.

Meanwhile, said the deputy, the Civil Code does not restrict the range of persons who may act as guarantors, the banks only.

According to him, the problem is initially incorrect name in GL RF new way to enforce the obligations. And a new bill designed to resolve this conflict.

For its part, the head of the subcommittee Natalia Burykina noticed that it was not clear what the law is excluded from the bank guarantee. According to her, most countries use two types of guarantees - and billing, and banking. With this in mind the views of the tax subcommittee supported the bill.