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Kremlin Backs Bill To Boost Banks' Transparency


(ITAR-TASS) September 21, 2006 -- The Russian cabinet today backed draft amendments that it says are aimed at increasing transparency in the banking sector.


The amendments still have to be submitted to Russia's lower house of parliament for approval.


Under them, market participants will have to notify the central bank if they plan to buy one percent or more of a bank's shares, and must receive the central bank's permission if they intend to buy a stake of 10 percent or more.


Previously, the thresholds were five percent and 20 percent respectively.


(AP, RIA Novosti)

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