15.03.2022 Александр Сологуб

News digest (March 15)

Dear colleagues and partners! We present the new overview of changes in the legislation of the Russian Federation…

Joint Stock Companies

Amendments have been made to the Federal Law “On Joint Stock Companies”. Previously, shareholders owning at least 1% of the company’s voting shares had the right to:

  • demand access to information and documents related to conclusion of the deal, in making which they are interested, and which is signed in absence of consent to its commission (Clause 1 of Article 84 of the Federal Law “On Joint Stock Companies”);
  • demand access to the minutes of meetings of the company’s Board of Directors, appraisers’ reports on valuation of the property, in respect of which the company makes major deals and transactions with interest (Paragraphs 2, 3 of Clause 2 of Article 91 of the Federal Law “On Joint-Stock Companies”);
  • file a lawsuit against a member of the Board of Directors, the sole executive body of the company for reimbursement of the company’s losses (Paragraph 1 of Clause 5 of Article 71 of the Federal Law “On Joint-Stock Companies”);
  • declare the claim for recognition of a major deal or a deal that they are interested in, invalid (Clause 6 of Article 79, Clause 1 of Article 84 of the Federal Law “On Joint Stock Companies”).

Since today, the listed above actions are authorized to be performed by shareholders owning at least 5% of voting shares of the joint-stock company.

Article 3 of the Federal Law “On Amendments to Articles 6 and 7 of the Federal Law “On Amendments to the Federal Law “On the Central Bank of the Russian Federation” and Certain Legislative Acts of the Russian Federation in the part of the Specific Features of Changing the Terms of Credit Agreement, Loan Agreement” and Article 21 of the Federal Law “On Amendments to Certain Legislative Acts of the Russian Federation”, signed by the President on March 14, 2022, not published.

Credit holidays

The Government of the Russian Federation has approved the list of industries, representatives of which will be able to take advantage of “credit holidays” by reducing the amount of payments during the grace period (6 months) or suspending fulfillment of obligations under their credit agreements. These exemptions are applicable to small- and medium-sized businesses. The list of industries includes food production, beverages production, clothing production, printing activities, manufacturing of medicinal, rubber, plastic products, equipment repair, retail sale of motor vehicles, automotive parts, research and development and other industries.

The Resolution of the Government of the Russian Federation, dated March 10, 2022, No. 337 “On Approval of the List of Industries in which Activities are Performed by the Borrower Specified in Part 1 of Article 7 of the Federal Law “On Amendments to the Federal Law “On the Central Bank of the Russian Federation” and Certain Legislative Acts of the Russian Federation in the part of the Specific Features of Changing the Terms of Credit Agreement, Loan Agreement” and on Invalidation of Particular Provisions of Certain Acts of the Government of the Russian Federation”.

Charging the commission from individuals

The Bank of Russia has banned banks until September 09, 2022 from charging the commission from individuals when issuing them U.S. dollars from foreign currency deposits or accounts, as well as collecting the commission for converting foreign currencies into U.S. dollars, if such conversion is carried out for subsequent issuance of U.S. dollars in cash.

The Resolution of the Board of Directors of the Bank of Russia, dated March 11, 2022, posted at: https://cbr.ru/about_br/dir/rsd_2022-03-11_1

Temporary procedure for operations with cash currency

The Bank of Russia has established the temporary procedure for operations with cash currency for entities and individual entrepreneurs to be residents of the Russian Federation. They have the right to receive U.S. dollars, yens, sterling pounds and euros in cash in the amount up to 5,000 U.S. dollars, for covering expenses on foreign business trips. Entities and individual entrepreneurs to be non-residents of the Russian Federation will not be able to receive U.S. dollars, euros, yens and sterling pounds in cash.

The information of the Bank of Russia, dated March 10, 2022, posted on the Bank’s website at: https://cbr.ru/press/event/?id=12749

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