EPAM’s Banking & Finance and Capital Markets and Intellectual Property team comprised of Partner Pavel Sadovsky, Counsel Roman Malovitsky and Senior Associate Elena Trubetskaya, authored the Russia section of OneTrust DataGuidance focusing on data protection in the financial sector.
In March 2018, the Russian President instructed the government and the Bank of Russia to develop an action plan to accelerate growth of investments and their share in gross domestic product. Shortly afterwards, the Russian Ministry of Finance developed a draft law ‘On Protection and Promotion of Investment in Russia’, which was announced in October 2018. It was assumed that the adoption of this law would improve the investment climate and give impetus to the development of the country's economy.
On July 31, 2020, the Federal Law dd. July 31, 2020 No. 259-FZ "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation" (hereinafter - the Law) was published on the official web portal of legal information http://www.pravo.gov.ru. The Law regulates relations arising from the turnover of digital currency in the Russian Federation, as well as relations arising from issuance, accounting and circulation of digital financial assets, certain aspects of activities of information system operators and operators of exchange of digital financial assets. The Law comes into force on January 1, 2021, except for certain provisions.
Head of Intellectual Property / TMT Practice Pavel Sadovsky and Counsel of Banking & Finance , Capital Markets Practice Roman Malovitsky reviews the legal basis of data processing and its practical application in the financial sector.
Russia hopes that Islamic banks will help make up for a deficit in international finance caused by sanctions.
In February of this year CEE Legal Matters reported on the issuance by TransFin-M PC's of convertible bonds with a nominal value of RUB 3 billion, which EPAM – the firm working with TransFin-M on the matter – described as "unique for the Russian market."
Newsletter of the International Bar Association Legal Practice Division publishes an article of Oleg Ushakov and Alexander Filchukov.