Regulating buyout financial leasing based on the credit model: Clarifications provided by the Plenum of the Russian Supreme Commercial Court

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This alert analyses key changes in the regulation of buyout financial leasing, as adopted by the Plenum of the Supreme Commercial Court of the Russian Federation (the “SSC”) in its Resolution No. 17, dated 14 March 2014, “On Certain Issues Relating to a Buyout Financial Leasing Contract” (the “Resolution”). The Resolution will contribute to developing financial leasing relations in the Russian market. The most important achievements of the Resolution include:

- defining “financial leasing” through the notion of a facility secured by the transfer of title to the lessor (title financing), in contrast to the former approach where financial leasing was treated as a lease;

- establishing the balance-based method for calculating settlements between the parties to a financial leasing contract if the contract is terminated;

- confirming a principle according to which the parties to a financial leasing contract must cooperate in order to mitigate the risks of the leased object not being supplied...

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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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