Russian Legislation Update


In This Issue:

- Judicial Reform

- Banking

- First Reading: Quota for participation of foreign capital in Russian banking sector

- Excerpt from Judicial Reform:

On 4 June 2014 the President signed Federal Constitutional Law No. 8-FKZ “On Amendments to Federal Constitutional Law “On Commercial Courts of the Russian Federation” and Article 2 of the Federal Constitutional Law “On the Supreme Court of the Russian Federation”.

The Law addresses the status of the clarifications given by the Plenum of the Supreme Commercial Court (the “SCC”) after the abolition of the said Court. The clarifications of the SCC Plenum with regard to the issues of court practice on the application of laws and other normative legal acts will remain in force until the relevant resolutions on the subject are adopted by the Plenum of the Supreme Court...

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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