In the future, 1 July 2014 will be considered as the starting point of a completely new stage in development of the Russian financial market. A number of federal laws come into effect on this, introducing fundamental changes into the existing legal framework on the financial market and opening up innovative possibilities for market players. The Russian legislation will finally have the institutions Russian investors have so far sought in foreign jurisdictions. The most significant are:

• Federal Law No 379-FZ, dated 21 December 2013, ‘On Amending Certain Legislative Acts of the Russian Federation’ (the ‘Law’ or ‘Law No 379-FZ’), which was known as the Securitisation Bill at the development stage;
• Federal Law No 367-FZ, dated 21 December 2013, ‘On Amending Part 1 of the Civil Code of the Russian Federation and Invalidating Certain Legislative Acts (Legislative Provisions) of the Russian Legislation’ (‘Law No 367-FZ’);
• Federal Law No 210-FZ, dated 23 July 2013, ‘On Amending the Federal Law “On the Securities Market” and Certain Legislative Acts of the Russian Federation’ (‘Law No 210-FZ’). 

This review summarises the most important developments introduced by the above legislative acts.

Full version of the article is available here.

Authors: Senior Associate Oleg Ushakov and Associate Alexander Filchukov.