The law is designed to help implement the provisions of the Development Strategy for the Russian Banking Sector until 2008.
The federal law proposes to simplify the process by which credit organisations create capital using the financial means of non-residents and allow non-residents to obtain shares of credit organisations under the same conditions applicable to residents.
The law also provides for lowering from five to one percent the threshold for purchasing shares of credit organizations, of which the Bank of Russia must be notified in case this threshold is exceeded.