Russian Legal Update - Third Quarter 2011

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In This Issue:

p1 The UK Bribery Act (2010): The Impact on Russian Companies and Russian Business Generally

p3 Russian Foreign Strategic Investments Law: A Step Forward on the Way to Liberalisation or a Decorative Dash?

p5 Russia Keen to Attract Highly Qualified Foreign Nationals and Ease the Visa Regime

p6 Russian Government Reclassifies Beer as an Alcoholic Beverage

p7 Russian Customs Authorities to Reimburse Expenses to Importers for Unjustified Retention of Goods in Temporary Storage Warehouses

p7 New Legislation Bolsters Shareholders’ Rights to Information and Extends the Terms for Shareholders’ Meetings

p9 Russian State Commercial (Arbitrazh) Courts Lose Monopoly on Real Estate Disputes

p10 Recent Developments in Licensing Regulations Establish a More User-Friendly/Transparent Regime

p11 Recent News

Excerpt from The UK Bribery Act (2010): The Impact on Russian Companies and Russian Business Generally

by Kirill Skopchevskiy

The UK Bribery Act 2010 (the “Act”), which came into legal effect on July 1, 2010, overhauled the UK’s arguably outdated corruption legislation and introduced a tough new regime that in some ways is more stringent and broader than the U.S. Foreign Corrupt Practices Act. The Act’s extremely wide extra territorial effect may result in millions of dollars for international businesses being spent on new control systems and compliance program updates. In this article, we provide a brief overview of the impact of the Act on Russian companies and their businesses, both in Russia and abroad, in light of the Guidance on the defense of adequate procedures, published under Section 9 of the Act by the UK Government on March 30, 2011 (the “Guidance”).

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