The legal uncertainty created by the application by Russian courts of Article 1062 (concerning gaming and betting) of the RF Civil Code after 1998 is intended to be addressed by a new section, 1062.2, the first reading of which was approved on June 16, 2006.

On August 4, 2011 the Federal Service for Financial Markets of the Russian Federation (FSFM) registered and sent to the Ministry of Justice the Draft Order "On the Amendments to the Regulations of Offerings and/or Trading of Securities of Russian Issuers Outside the Russian Federation".

The RF Duma is considering an amendment to the Civil Code that, if ratified, will resolve an inconsistency in Russian law and open the door for any commercial entity to engage in factoring.

Given that the English-law concept of a 'trust' is not recognized by the Russian legal system, currently, under Russian law, only a creditor can hold the security for the debt.

The RF State Duma is currently preparing for the first reading of amendments to the law "On the Securities Market" which would provide for the introduction of Russian Depositary Receipts ("RDR") in Russia (the "Draft RDR Amendments".

This client briefing discusses the principal tax aspects of the recent amendments to the tax legislation and certain other legislative acts (the "New Law") that were signed into law on 25 November 2009 will become effective on 1 January 2010 (save for certain provisions for which a different implementation procedure is envisaged).

July saw the entry into force of the majority of provisions of the long awaited and much discussed new Federal Law No. 38-FZ "On Advertising" (the "New Advertising Law"), a significantly improved law which alters the legal framework regulating advertising activities in Russia.

For better or worse, we live in an increasingly globalised world. And in the lifetime of many businesses, there comes a time when they need to expand into new markets in foreign lands.

Russia’s ambitious goal of transforming the country into a leading global financial center by 2020 has finally gained momentum.

The key to understanding how the transfer of immovable property and service provision works for specialised companies in Russia.

The Russian Federation ("RF") State Duma is currently preparing for a second reading of a draft law which would amend the RF Law 'On Limited Liability Companies' (the "LLC Law") (the "Draft LLC Amendments"), significantly affecting the legal status and procedures governing LLCs in the RF. The most significant changes proposed are summarized below.

The Russian corporate bonds market traces its history from 1999 when Lukoil and Gazprom launched their pilot bonds issues intended primarily for those foreign investors whose money was "locked" in Russia as a result of the 1998 default.

This article discusses the recent amendments to a number of Russian laws (including the Securities Market Law, the Central Bank Law, the Private Pension Funds Law, etc.) that were signed into law on 25 November 2009 and will become effective on 1 January 2010.

Investing in property is a profitable and dependable venture but rising interest rates and an unpredictable global economy are making investors apprehensive.

You can't pick up the newspapers these days without reading about the difficulty that Russian companies are facing in raising capital.

Below we provide a more detailed description of the key measures envisioned by the roadmap.

You can’t pick up the newspapers these days without reading about the difficulty that Russian companies are facing in raising capital. Commercial loans are hard to get and extremely expensive; some lenders charge 20% or more. Similarly, raising capital both within Russia and internationally has become much more difficult and expensive.

Corporate shares and bonds, government bonds, and bills issued by banks and companies are the main types of the securities circulating in the Russian financial market.

Recent revisions to the Russian Civil Code broaden the range of entities able to issue Russian law independent guarantees and introduce the concept of indemnities

According to Russian legislation, a receivable contract is required to be made in writing when at least one of its parties is a legal person, or when the contract value made between individuals is more than a certain threshold (currently, approx. USD 400), or in some other cases directly prescribed by law.