Russian Legislation Update: Civil Code Reform: Choice of Laws Rules

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On 30 September 2013 the President signed Federal Law No. 260-FZ amending Part III of the Civil Code of the Russian Federation.

The Law is the sixth set of amendments to the Russian Civil Code within the civil law reform framework. The aim of the amendments is to remove the legislative uncertainties and legal gaps when it comes to regulating relations involving a foreign element regarding (i) the European experience of harmonizing private international law provisions; (ii) amendments made to other sections of the Russian Civil Code and (iii) prevalent court practice. The new provisions of the Civil Code are drafted with due regard for the provisions of the EC Regulations “Rome I” and “Rome II” governing contractual and non-contractual obligations. In this context, the amendments resolve the following matters: (i) they introduce rules on conflict of laws applicable to certain types of relations that were not regulated in Part III of the Civil Code; (ii) they specify the scope ofthe application of rules on conflict of laws; and (iii) they replace the criterion of a real connection between a contract and the specific country with the broader criterion of circumstances material to the parties’ relations and the circumstances of the case.

The Law entered into force on 1 November 2013. The provisions of the Civil Code, as amended by the Law, apply to relations that have occurred after 1 November 2013. Relations that occurred prior to this date will remain governed by the Civil Code provisions effective as of the moment of such relations’ occurrence.

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Topics:  Actuaries, Anti-Money Laundering, Bank of Russia, Banking Sector, Conflicts of Laws, Greenhouse Gas Emissions, Insider Trading, Risk Assessment, Russia, Russian Civil Code

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