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Amendments to the laws on economically significant organisations adopted
On 14 December 2023, the State Duma of the Russian Federation passed a draft law introducing amendments to the federal Law “On the Specifics of Regulation of Corporate Relations in Business Companies that are Economically Significant Organisations” and to other legislative acts of the Russian Federation. Our team has analysed the most significant provisions of the draft Law.
New review of the Russian Supreme Court on corporate disputes on the provision of information by companies
The Presidium of the Supreme Court of the Russian Federation approved the Summary of Judicial Practice on Corporate Disputes on the Provision of Information by Companies. In general, the Review reflects the positions previously set out in the clarifications of the Higher Arbitrazh Court of the Russian Federation. However, it also considers the issue of providing information to persons controlling companies, touches upon the criteria of good faith of participants/shareholders when requesting documents and information from a company, and assesses the provisions of confidentiality agreements.
New procedure for allocating shares in the exclusive right to intellectual property
The recently introduced draft law that has just been introduced in the State Duma of the Russian Federation proposes to provide for the possibility of allocating shares in the exclusive right to intellectual property assets and to create a mechanism for the disposal of such shares. These amendments, if enacted, may have a significant impact on the structuring of joint ventures and on the early phases of structuring relationships between the founders of technology companies. They may also affect the structuring of M&A transactions where intellectual property plays a major role.
New procedure for distributing profit (dividends) to “unfriendly” members (shareholders) of Russian companies
The Subcommission of the Government Commission for Control over Foreign Investment in the Russian Federation established that foreign “unfriendly” shareholders may be entitled to receive profits of Russian companies in circumvention of the special procedure and without the approval of the Ministry of Finance of Russia, subject to certain conditions. Read more in our legal update.
Restrictions on transactions performed with entities of unfriendly” states
On 8 September 2022, Decree. No. 618 of the President of the Russian Federation “On the special procedure for carrying out (performing) certain types of transactions (operations) between certain entities”
was signed and entered into force.