05.07.2022 18:55 / TASS
The State Duma adopted a law on tax support measures for citizens and businesses The State Duma adopted in the third, final reading a law on a set of measures for tax support of citizens and businesses in the face of sanctions pressure. The document was initiated by the government of the Russian Federation.
05.07.2022 18:51 / TASS
The State Duma adopted a law on the merger of the PFR and the FSS The State Duma at a plenary session on Tuesday adopted in the third reading a bill on the creation of a unified Pension and Social Insurance Fund (Social Fund of Russia), as well as a package of related initiatives, including amendments to the Tax and Budget Codes of the Russian Federation.
05.07.2022 18:41 / TASS
Duma passes IPO/SPO bill in second reading The State Duma adopted in the second reading a bill aimed at developing the institution of public placement of securities on the Russian financial market. The document, which amends the law "On combating the misuse of insider information and market manipulation," was initiated by a group of deputies and senators headed by Anatoly Aksakov, chairman of the State Duma committee on the financial market.
17.05.2022 16:18 / TASS
Central Bank to launch cybersecurity education course The Bank of Russia will launch an educational course on cybersecurity in the 2023-2024 academic year at the Higher School of Economics (NRU HSE), announced Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at Junior Pay Tech Forum 2022.
19.04.2022 16:49 / The Bank of Russia
Russian issuers to close foreign depositary receipt programmes A ban on issuing and trading in foreign depositary receipts for Russian issuers’ shares will come into effect on 27 April 2022.
15.04.2022 16:36 / TASS
The Central Bank of Russia rolls out new support measures for the financial sector The Central Bank has prepared a new series of measures to support the Russian financial sector, the regulator said in a release. The CB allowed banks until the end of the year to postpone the formation of reserves for possible losses in respect of assets that have been blocked abroad.
Duma passes emergency financial market and corporate relations regime bill
11.03.2022 23:04 / TASS
The threshold for participation in the capital of a joint-stock company, which grants the right to receive documents of a joint-stock company, the right to challenge the company's transactions in court, including on the basis of their size, the right to challenge in court the actions of the company or a member of its board of directors, is increased from 1% to 5%. % of voting shares of the company. "This was done in order to exclude the possibility of abuse, including "corporate blackmail" by minority, in particular, foreign, shareholders, and to ensure the stable operation of companies," said Sergei Gavrilov.
"The analysis we conducted shows that investors from unfriendly countries do not hold more than 5% stakes in our companies," Deputy Finance Minister Alexei Moiseev said.
Russian insurers are prohibited from entering into transactions with foreign insurers, reinsurers and insurance brokers from unfriendly countries, and this prohibition also applies to the transfer of funds by Russian insurers under contracts concluded before the date of entry into force of the bill (in exceptional cases, transfers to foreign reinsurers, insurance brokers from unfriendly countries are possible on the basis of a permit issued by the Central Bank of the Russian Federation).
By decision of the Board of Directors of the Central Bank of the Russian Federation, obligations that are not subject to transfer by the reinsurer (insurer) to the national reinsurance company for reinsurance may be determined. The Board of Directors of the Central Bank of the Russian Federation is vested with the right to determine the list of information of financial institutions that they have the right not to disclose to the general public, even if such disclosure is required by virtue of the current regulation, while such information in any case will have to be sent to the Central Bank of the Russian Federation. Similarly, the board of directors of the regulator will have the right not to disclose such information to the general public on its website on the Internet.
Russian legal entities exempted from disclosing information about their activities on the basis of a decree of the Russian government are required to send notifications containing information that is not disclosed not only to the Central Bank of the Russian Federation, as provided by law, but also to the Federal Property Management Agency. In addition, the relevant information will be provided by the Bank of Russia and the Federal Property Management Agency to the Ministry of Finance and the Accounts Chamber of the Russian Federation upon their request. Credit organizations that are authorized banks will have the right to sell precious metals in bullion to individuals for foreign currency. In addition, the regime for the implementation of the institution of "credit holidays" is specified for the purposes of its application in the current situation, as well as the regime for the repurchase of shares by the joint-stock company itself.
According to Deputy Finance Minister Alexei Moiseev, the document proposes to significantly simplify the share buyback mechanism, which will cause additional demand and support quotes for Russian securities on the Russian financial market.