Russia

Briefings

Briefings in English - 2010

Important changes to Russian immigration law

Recent changes to Russian immigration law will introduce significant changes to the procedure for obtaining work permits for foreign employees. This briefing looks at some of these changes, including the introduction of the ‘highly-qualified professional’ category of foreign employees. (May 2010)

Restrictive covenants across Europe and Asia

Recent studies confirm that the scramble for global talent is high on employers’ agendas. Global companies that were largely introspective, focusing on cost-cutting and downsizing during 2009, are now considering how best to adapt to dealing with those long-awaited ‘green shoots of recovery’. The steps taken during 2009 to reduce head count may not have left companies with the right blend of employee skill and experience to maximise the opportunities for recovery and therefore the search for global talent is now on. Employers are considering not just their own key staff, but, more important, are looking at the talent of their competitors.This guide gives a flavour of the types of protections available and associated issues that arise in some key jurisdictions. (April 2010)

Trading Russian securities abroad: amendments to the rules on depositary receipts programmes

New amendments allow Russian issuers to establish ‘zero-balance’ depositary receipt programmes. This briefing looks at the conditions that apply when establishing such a programme. (March 2010)

Briefings in English - 2009

Amendments to Russian regulation on securities and derivatives trading

This briefing discusses changes made to the regulation on securities and derivatives trading in Russia. The amendments to Federal Law No. 39-FZ dated 22 April 1996 ‘On Securities Market’ (the Securities Market Act), Tax Code of the Russian Federation (the Tax Code) and certain other laws were signed into law on 25 November 2009 (the Amendments) and, except for certain provisions, will become effective on 1 January 2010. In particular, the Amendments extend the regulation of trading in derivatives, introduce the concept of a repurchase transaction and provide for some new rules on tax treatment of such financial instruments. (December 2009)

Trading Russian securities abroad: amendments to the rules on depositary receipts programmes

The Russian Federal Financial Markets Service (FFMS) has approved the amendments to the regulation governing the issuance of permits required for Russian issuers in connection with placement and trading of securities abroad, including permits for establishment of depositary receipts programmes (DR permits). The amendments have been registered by the Ministry of Justice and will become effective on 1 January 2010. (November 2009)

Trading Russian securities abroad: amendments to the rules on depositary receipts programmes

The Russian Federal Service for Financial Markets has revised its proposed amendments to the regulation governing the issue of permits to Russian issuers for offering and trading securities abroad. This briefing provides an overview of the key changes to the proposed amendments. (September 2009)

Trading Russian securities abroad

The Russian Federal Service for Financial Markets (the FSFM) has published proposed amendments (the amendments) to the regulations governing the issuance of a permit required for Russian issuers in connection with placement and trading of securities abroad, including through establishment of depositary receipts programmes (approved by the FSFM Order dated 12 January 2006 No. 06-5/pz-n and amended on 5 June 2008) (the regulation). The Ministry of Justice is currently registering these amendments. After registration and official publication they are expected to come into force on or around 1 October 2009. (July 2009)

New rules on challenging transactions in insolvency

A new set of uniform rules for challenging transactions in insolvency and clarifying the circumstances in which debtors must file for insolvency has been introduced in Russia. (May 2009)

New rules on foreign securities in Russia

New regulations allow foreign securities to be offered in Russia in the course of primary distribution and/or secondary trading. (May 2009)

Russian regulatory capital regime: amendments afecting russian credit institutions

Changes to Russia’s Banking Act affect the regulatory capital regime for Russian credit institutions. In particular, these changes modify the charter capital and own funds (capital) requirements that banks should meet in order to operate lawfully. (March 2009)

Reorganisation of legal entities: recent changes to Russian law and their application to credit organisations

Recent changes in Russian law are designed to clarify the rules on reorganisation of legal entities in Russia. The amendments set out new notification procedures for reorganising entities as well as providing greater protection for creditors of such entities. (February 2009)

FAS fines are growing

Recently, the fines imposed by the Russian authorities have increased dramatically and currently amount to over €30m. Claiming abuse of dominant position, the Federal Antimonopoly Service has started proceedings against companies operating in various areas, ranging from oil and gas to telecommunications, because it finds their contract practices to be in breach of Russian antimonopoly law.

Amendments to Russian pledge law

This briefing discusses the recent amendments to the Civil Code of the Russian Federation (the Civil Code); Federal Law No. 2872-1 ‘On pledge’ dated 29 May 1992, as amended (the Pledge Act); Federal Law No. 102-FZ ‘On mortgage’ (pledge of real property) dated 16 July 1998, as amended (the Mortgage Act); Federal Law No. 127-FZ ‘On insolvency’ (bankruptcy) dated 26 October 2002, as amended (the Bankruptcy Act); and certain other laws that have been recently introduced by Federal Law No. 306-FZ (the Amendment) to detail the procedure of pledge enforcement. (January 2009)

Briefings in English - 2008

Public Private Partnerships in Russia: key themes from the seminar on PPPs in Russia

An international assembly of delegates from funders, industry players and public sector institutions attended a seminar entitled ‘Public Private Partnerships in Russia’ hosted by the PPP Forum and Freshfields Bruckhaus Deringer on 13 November 2008. (November 2008)

Public Private Partnerships in Russia: an overview

Russia’s need to improve its infrastructure has led to a concerted move to embrace Public Private Partnerships (PPPs). For investors looking for established methods of entering emerging markets to shelter from the credit crunch, PPPs present an attractive option.

Memorandum of Understanding between Russian and Chinese securities market regulators

A Memorandum of Understanding has been signed between the Russian Federal Service on Financial Markets and the Commission for Regulation of the Securities Market of the People’s Republic of China. The Memorandum will allow the admittance of Chinese issuers’ securities to placement and circulation in the Russian Federation. (September 2008)

Amendments to Russian depositary receipts programmes regulation

On 5 June 2008, the Russian Federal Service for Financial Markets made amendments to the regulation governing the issue of certain permissions by FSFM required by Russian issuers in connection with depositary receipts programmes (approved by the FSFM Order dated 12 January 2006 No. 06-5/pz-n). (August 2008)

Briefings in English - 2007

New law endangers oil and gas contracts in Kazakhstan

On 24 October 2007 the president of Kazakhstan signed into law an amendment to the Subsoil and Subsoil Use Law purporting to allow the government to terminate oil and gas contracts with foreign investors if foreign investors do not agree to renegotiate those contracts. This briefing provides an overview of the amended law. It explains the rights investors may have under bilateral and multilateral investment treaties if the change in the law affects their business. (November 2007)

Merger control in Russia

Legislation and jurisdiction; The notification and review process; The substantive assessment Remedies and ancillary restraints; Involvement of other parties or authorities. Judicial review Enforcement practice and future developments (May 2007)

Briefings in English - 2006

Guide to doing business in Russia

This guide provides an overview of the most fundamental legal issues, both substantive and procedural, that a foreign investor faces when entering the Russian market. (December 2006)

Briefings in English - 2004

Guide to equity offerings in the US by Russian companies

A Russian company seeking access to the US capital markets has several options, ranging from a full public offering registered with the US Securities and Exchange Commission to a private placement with US financial institutions. Deciding among the possibilities entails balancing the cost and time of the type of offering against the level of funding sought. (June 2004)

Briefings in Russian - 2009

ФАС: ШТРАФЫ ВЫРОСЛИ

В последнее время суммы штрафов, налагаемых Федеральной антимонопольной службой, резко возросли, превысив миллиард рублей. К ответственности привлекаются компании, действующие в самых различных областях хозяйственной деятельности - от нефтегазовой отрасли до сотовой связи. Общим основанием для возбуждения дел является злоупотребление доминирующим положением. Конкретный состав выявляемых ФАС правонарушений варьируется, но связан преимущественно с договорной практикой.

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