Analytics Legal analytics Banking

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
3
December
2014

The international exchange of tax information in 2014

International cooperation on the exchange of tax information is moving into an active phase of collection and transmission of information. It is not surprising that the prevention of tax evasion is a priority for OECD countries. (This legal update is available only in Russian)
Yuriy Ivanov, Head of Tax practice
25
July
2013

Housing and communal services: a step closer to Perrier

In order to further the development of investment projects in the sphere of housing and communal services, on 07 May the President of the Russian Federation signed a draft Federal Law “On Amendments to the Federal Law” On Concession Agreements “and some legislative acts of the Russian Federation”. This law makes comprehensive changes to the current legislation governing the procedure and conditions for the transfer of ownership and use of housing facilities to the private sector. (This legal update is available only in Russian)
13
July
2012

The Presidium of the Supreme Arbitration Court of the Russian Federation on the pledge of leased property

The lessor may transfer the leased asset as collateral. On 22 March 2012, published was a Decree of the Presidium of SAC RF, expressing the position of the Court concerning the transfer by the lessor of the property pledged to the bank, without the consent of the lessee. (This legal update is available only in Russian)
23
September
2011

Will investment projects be implemented under the budget deficit?

Budget cuts restrain the growth of the amount of investment projects. However, private businesses are in need of development, which is influenced by external market factors. Should private companies wait for the state support in the form of direct funding, or do they need to start looking for other ways to address infrastructure constraints? We will focus on these questions in the review.
20
January
2015

Bankruptcy under the new rules

Starting from 29 January 2015, the rules of the Federal Law “On insolvency (bankruptcy)” shall be applied to the bankruptcy procedures as amended by the Federal Law of 29 December 2014 No. 482-FZ.
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
15
August
2012

Resolution of SAC RF No. 42 dated 12.07.2012 “On some issues on the settlement of disputes relating to surety”

In judicial practice, the resolution of disputes related to surety became less controversial. Plenum of SAC RF issued a ruling in which were resolved many contradictions in jurisprudence involving disputes relating to surety contracts. (This legal update is available only in Russian)
26
March
2012

Resolution of the Plenum of SAC RF on bank guarantees gives the beneficiary a new defence

On 23 March 2012, at the session of the Plenum of SAC RF, adopted was the Resolution of the Plenum of SAC RF “On Certain Issues of Dispute Resolution related to the contestation of bank guarantees”. Resolution of the Plenum of SAC RF will be published soon. (This legal update is available only in Russian)
8
April
2011

SAC RF on the effects of the contract of pledge (mortgage)

On 31 March 2011, on the website of the Supreme Arbitration Court of the Russian Federation, published was a Decree of the Presidium of SAC RF No. 13910/10 dated 01.03.2011, regarding the contract of pledge (in reviewing this judicial act – the mortgage contract), regardless of the validity period of the underlying obligation. (This legal update is available only in Russian)
Сollective of authors, VEGAS LEX

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