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29
November
2017

Currency controls: the new rules for dealing with banks

In November 2017, two regulatory acts were published that made significant adjustments to the mechanisms for banks to control hard currency. The first one is Guideline Manual No. 181-И, issued by the Bank of Russia (the Central Bank), that must be followed starting January 1st, 2018 to record and furnish reporting on operations with hard currency (hereinafter Manual No. 181-И). The Manual is supposed to loosen currency controls by decreasing the burden borne by residents. The second act has the opposite effect, and is geared toward tightening currency controls. This is Federal Law No. 325-FZ, which, when it enters into force on May 14th, 2018, will make it easier for banks to respond to any violations of currency law, and draws distinctions between the types of administrative liability in this area.
Ilya Shengeliya, Compliance Counsel
11
March
2014

Nationwide Survey "Practice of Fighting the Corporate Fraud"

VEGAS LEX law firm and Russian Union of Industrialists and Entrepreneurs are happy to bring to your attention the Nationwide Survey «Practice of Fighting the Corporate Fraud» Final Report. The key mission of the Survey was to improve the tools of fighting the corporate fraud in Russia and elaborate suggestions for improving and updating Russian laws.
Maxim Grigoryev, Partner, Head of Southern directorate, Head of special projects
Ilya Shengeliya, Compliance Counsel
25
April
2013

Government purchases: reloaded. Build 20.14

On April 8, 2013, Federal Law No. 44-FZ "On contractual system in the procurement of products, works and services to satisfy state and municipal needs" (Hereafter referred to as the Contractual System Law) was published; from January 1, 2014, it is to replace the current law on orders placement.
Maxim Grigoryev, Partner, Head of Southern directorate, Head of special projects
Ilya Shengeliya, Compliance Counsel
28
September
2017

Checklists: what to expect from the new audit mechanism

Starting October 1st, 2017 certain supervisory and audit authorities are supposed to use checklists hat have questions used to gather information. This new mechanism is designed to solve several tasks at once: to streamline, simplify, and increase the transparency of audits. This is all for the auditors. However, people who are involved in business will also benefit from this tool if they can adopt the right approach.
Maxim Grigoryev, Partner, Head of Southern directorate, Head of special projects
Ilya Shengeliya, Compliance Counsel
21
May
2013

Consumers blackmaling the car dealers

Recently, in the sphere of retail purchase and sale of vehicles, gaining momentum is such a thing as “consumer greenmail” (in other words, consumer blackmail). The consumer imposes on the car dealer unfavourable conditions for the sale of the car, often blackmailing by claiming violation of his rights and of existing legislation and sometimes threatening litigation. Such consumer behaviour from a formal point of view is lawful, and at first glance, it may be recognized only as “unethical”. At the same time, it is fraught with serious financial and reputational losses for the auto dealers. In this connection, the problem of “consumer greenmail” requires thorough diagnostics and systemic solutions.
Maxim Grigoryev, Partner, Head of Southern directorate, Head of special projects
Ilya Shengeliya, Compliance Counsel

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