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Duma passes emergency financial market and corporate relations regime bill

11.03.2022 23:04 / TASS

The State Duma immediately passed in the second and third readings a bill to introduce an emergency financial market and corporate relations regime until December 31, 2022. The document, drafted by the government of the Russian Federation, is part of the package of anti-crisis measures to support the heavily sanctioned economy.

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.

Financial markets megaregulator