Russian Legislation Update

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In This Issue:

- National Payment System

- Anti-Money Laundering

- Corporate: LLC Charter Capital, Personal Law of the Companies in the Crimea and Sevastopol, Accreditation

- Corporate Governance Code

- Banking

- Factoring

- Concessions

- Excerpt from National Payment System:

On 5 May 2014 the President signed Federal Law No. 112-FZ “On Amendments to the Federal Law ‘On the National Payment System’ and Certain Legislative Acts of the Russian Federation.”

The amendments aim to ensure uninterrupted money transfers on the territory of Russia.

Amendments regarding the national payment system -

First of all, the amendments envisage the creation of a national system of payment cards (NSPC): it will be operated by an open joint stock company, with 100% of its shares initially held by the Central Bank (it will be possible to sell those shares afterwards, but subject to certain limitations). The banks participating in NSPC are required to provide NSPC payment cards to their clients for the drawing of salaries and social payments from the treasury and state extra budgetary funds. In addition, sellers (save for microenterprises) are required to ensure that consumers can pay for goods (works or services) with NSPC cards or in cash at their choice.

Please see full update below for more information.

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Topics:  Anti-Money Laundering, Compliance, Financial Regulatory Reform, Legislative Agendas, Russia

Published In: General Business Updates, Finance & Banking Updates, International Trade Updates

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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