Clifford Chance
Russia Update: Legal and market developments in Russia - Winter/Spring 2013
16 May 2013
We launched Russia Update last year to provide clients with a single guide to major legal and market developments in Russia. In this periodical publication, we will alert you to key legal changes as well as news highlights from the business sectors which are of particular importance to the Russian economy. The Russian Law Focus section of each issue will provide some practical insights on core Russian law topics.
From BRICS summit to further amendments introduced to the Civil Code, winter / spring 2013 was yet another exciting period for Russia. The main legal and regulatory topics covered in the Winter / Spring 2013 issue are listed below.
We hope you will find our Russia Update useful. Your opinion is very important to us and we would value your feedback. Please e-mail us at Moscow Russia Update Feedback or use your regular Clifford Chance contacts.
Winter/Spring 2013: Legal and Regulatory Update
General
• Further amendments to the Civil Code signed into law
• Update on change of official printing source for insolvency notices
Corporate
• Protection of offshore companies – recent case in High Arbitrazh Court of Russia
Real Estate
• New pieces of regulation: converting permanent use and town planning code update
• Roadmap for reforms of cadastral record-keeping and property rights registration approved
• Development of 'New Moscow': new law on expropriation of land plots
Regulatory
• CBR introduces Basel III in test mode
• Government approves roadmap for simplifying registration procedures
• Widening of CBR consent for acquisition of a Russian bank
• New procurement law exemptions effective 30 December 2012
• New sanctions for currency control violations
• Tightening of anti money laundering regulation
Capital Markets and Securities
• Liberalisation of securities issuance procedures adopted at end of 2012
• Launch of repository and central depository operations
• Amendments to Mortgage Backed Securities Law
• Russian derivatives documentation – two recent cases in the Russian courts
Tax
• Further proposals on taxation of interest payments under Eurobond transactions
• Immediate impact of Cypriot crisis resolution
• Property Tax Exemption for Movable Property introduced from 1 January 2013
• Cyprus excluded from Russian Offshore List
Russian Law Focus
• A practical study and insights into the Procurement Law
