Insights | Denuo

State Duma passes a law designed to enhance closed-end mutual funds (ZPIFs) by introducing ordinary and preferred fund units

On 17 December 2024, the State Duma adopted in the third reading a law amending the Federal Law “On Investment Funds” and certain legislative acts of the Russian Federation.

Yandex FinTech enters the bond market with a unique deal

Yandex’s growing fintech unit now has its own bonds. The Moscow Exchange has successfully placed bonds secured by receivables to the total of RUB7.7 billion (SFO Split Finance 1 as the issuer, and JSC Yandex Bank as the originator and servicer for the issue). The legal team providing support for the transaction was led by Vladimir Dragunov, partner and head of Capital Markets and Structured Finance at Denuo.

Draft law on turnover-based fines and criminal liability for personal data leaks passed in second and third readings at once

On 26 November 2024, the draft law on turnover-based fines for personal data leaks (“Amendments to the Administrative Offences Code”) and the draft law on criminal liability for personal data leaks (“Amendments to the Criminal Code”) were passed in the second and third readings at once.

New rules in regulating the status of qualified and non-qualified investors

The Bank of Russia has expanded the list of securities and derivatives available only to qualified investors. The new rules will enter into force on 1 January 2025.

Review of US Sanctions of 21 November 2024

On 21 November 2024, the US Department of the Treasury announced a significant expansion of blocking sanctions on the Russian financial sector, released a sanctions risk alert for foreign financial institutions using the Russian equivalent of SWIFT, and issued four General Licenses authorizing certain transactions.

20 / 11 / 2410:00 msk

Tactics of protecting employers’ interests in conflict situations. Current trends in labour disputes

Denuo advises purchaser on obtaining regulatory approval for acquisition of Progress shares

Denuo has advised the purchaser on obtaining clearance from the Federal Antimonopoly Service of Russia for the acquisition of a majority share in Progress, a leading Russian manufacturer of baby food products under the FrutoNyanya brand.

Draft law on the separate form of data processing consent

On 29 October, a draft law was adopted in its first reading on the separate form of consent to personal data processing. According to the text of the draft law, effective 1 March 2025, the consent to personal data processing will have to be drawn up separately from any other information or documents signed or accepted by the data subject.

Russia’s Ministry of Culture proposes to detail the procedure for applying the orphan works law

The Russian Ministry of Culture has prepared draft Government Resolutions intended to detail the procedure for applying the new provisions of the Russian Civil Code.

08 / 10 / 2411:30am msk

Webinar 9: Legal audit of the company’s FEA function — early identification and minimisation of risks