Russian Legislation Update: 18 November 2013 – 12 January 2014

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Judicial Reform -

In This Issue:

- Judicial Reform

- National Payment System/ Anti-Money Laundering

- Insurance of Bank Deposits/Banks’ Economic Position

- Banking (other)

- Financial Markets

- Energy/LNG

- Subsoil

- Excerpt from Judicial Reform:

On 27 November 2013 the Federation Council of the Federal Assembly of the Russian Federation approved a Law to amend the Russian Constitution with regard to the Supreme Court of the Russian Federation and the Prosecutor’s Office of the Russian Federation (originally – Draft Law No. 352924-6).

The amendment abolishes the Supreme Commercial Court of the Russian Federation (the “Commercial Court”) and transfers its jurisdictional powers, i.e. resolution of commercial disputes, to the Supreme Court of the Russian Federation (the “Supreme Court”). According to the Explanatory Note, the aim of the reform is to ensure a uniform approach to dispute resolution by the supreme courts and to avoid disputes on jurisdiction.

The bench of the new Supreme Court will consist of 170 judges. The Law introduces a procedure for the selection of applicants for positions on the Supreme Court. Acting judges of both courts who will continue to exercise their powers until the newly formed Supreme Court is launched. It is expected that the reorganization of the court system will take place within six months.

Please see full newsletter below for more information.

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