Further Amendments To The Russian Civil Code

FOLLOWING THE FIRST SET OF AMENDMENTS TO THE RUSSIAN CIVIL CODE WHICH WAS ADOPTED ON 30 DECEMBER 2012, THE SECOND AND THIRD SETS OF AMENDMENTS TO THE CIVIL CODE HAVE NOW ALSO BEEN SIGNED INTO LAW.

The second set of amendments ("Second Amendment Law") which was published on 7 May 2013 and the major part of which will enter into force on 1 September 2013 contains, among other things, rules on the invalidity of transactions and limitation periods, provisions relating to decisions of various corporate and other meetings and more flexible regulations in respect of powers of attorney. The third set of amendments to the Civil Code ("Third Amendment Law") which was published on 2 July 2013 and enters into force on 1 October 2013 primarily deals with securities and protection of honour, dignity and individual's privacy. Finally, further changes to the Civil Code which came into force on 30 June 2013 were made by a law passed on 28 June 2013, these changes elaborate on existing anti-money laundering legislation ("AML Amendment Law").

Changes to other parts of the Civil Code are expected to be introduced during the course of this year.

Please see full update below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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