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Doing Business in Russia 2020 DOING BUSINESS IN RUSSIA 2020 Doing Business in Russia 2020 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125196, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St. Petersburg 190000, Russia Telephone: +7 812 303 90 00 Fax: +7 812 325 60 13 [email protected] www.bakermckenzie.com All of the information included in this document is for informational purposes only, and may not reflect the most current legal developments, judgments, or settlements. This information is not offered as legal or any other advice on any particular matter. The Firm and the contributing authors expressly disclaim all liability to any person in respect of anything, and in respect of the consequences of anything, done or not done wholly or partly in reliance upon the whole or any part of the contents of Baker McKenzie’s Doing Business in Russia brochure. No client or other reader should act or refrain from acting on the basis of any matter contained in this document without first seeking the appropriate legal or other professional advice on the particular facts and circumstances. Baker & McKenzie – CIS, Limited is a member of Baker & McKenzie International, a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a “partner” means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an “office” means an office of any such law firm. Doing Business in Russia Table of Contents 1 Russia – an Overview .......................................................................... 1 1.1 Geography .......................................................................................................................... 1 1.2 Population ........................................................................................................................... 1 1.3 Political System ............................................................................................................... 1 1.4 International Relation s .............................................................................................. 4 1.5 Economy ..............................................................................................................................5 2 The Judicial System ............................................................................. 7 2.1 What Are the Basic Distinctions between the Jurisdictions of Courts in the Russian Judic ial System? .....................................................7 2.2 What Is the Procedure for Resolving Disputes in Courts of General Jurisdiction? ................................................................................................... 8 2.3 What Is the Procedure for Resolving Disputes in Arbitrazh (State Commercial) Courts? ................................................................................... 11 2.4 What Are the Procedural Rules for Administrative Judicial Proceedings? ...................................................................................................................21 2.5 What Is International Arbitration? ................................................................... 25 2.6 What Is the Regulation Regarding the Enforcement of Judgments and Arbitral Awards in Russia?................................................29 2.7 What Are the Main Rules for Alternative Dispute Resolution and Med iation in Russia? .......................................................................................30 3 Promoting Foreign Investment in Russia....................................... 31 3.1 What Is the Legal Framework for Foreign Investment?.....................31 3.2 What Is the Legal Def inition of a Foreign Investor? ............................ 32 3.3 Does Russian Law Provide for a Tax Stabilization Clause?.............. 32 3.4 What Are the Main Incentives to Attract Foreign Investment in Russia? .............................................................................................. 33 3.5 What Are the Restrictions and Limitations on Foreign Investment in Russia? .............................................................................................. 37 3.6 What Restrictions Apply to Foreign Investments in Strategic Companies? ...............................................................................................38 3.7 What Are the Government Bodies Competent to Review Applications for Transaction Approval and to Receive Post- Transaction Notifications? ....................................................................................38 Baker McKenzie i 3.8 How Is a Strategic Company Defin ed?.........................................................39 3.9 Which Transactions (Actions) Are Subject to Preliminary Approval? ......................................................................................................................... 41 3.10 Who Is Responsible for Securing Preliminary Transaction Approval? .........................................................................................................................43 3.11 How Does One Obtain a Prelimin ary Transaction Approval? ........43 3.12 How Long Does an Application Review Take? ....................................... 44 3.13 How Much Discretion Do the Authorities Have When Decid ing on an Application Review? ............................................................. 44 3.14 If Preliminary Transaction Approval Is Not Granted, Can Such Decision be Challenged? ........................................................................... 44 3.15 When Is a Post-Transaction Notif ication Requir ed? ............................45 3.16 What Are the Exemptions to the Strategic Companies Law? .......45 3.17 What Are the Consequences of Violating the Strategic Companies Law? ......................................................................................................... 46 3.18 Are There Special Rules for Investments Made by Foreign States, International Organizations and Investors Not Providing Information? ...........................................................................................47 4 Establishing a Legal Presence ..........................................................50 4.1 What Are the Most Common Forms of Legal Presence in Russia? ................................................................................................................................50 4.2 Representative Office or Branch of a Foreign Legal Entity ............50 4.3 Forming a Russian Leg al Entity .......................................................................... 52 5 Issuance and Regulation of Securities ........................................... 68 5.1 What Are the Primary Sources of Legislation Covering Issuance and the Regulation of Securities in Ru ssia? ......................... 68 5.2 What Types of Securities Exist in Ru ssia? .................................................. 68 5.3 What Are the Information Disclosure Requirements in Case of Issuance of Securities in Russia? ................................................................ 69 5.4 What Are the Requirements for the Placement and Circulation of Foreign Securities in Russia? ................................................70 5.5 What Types of Securities Can Be Used for Raising Equity Capital? ...............................................................................................................................71 5.6 What Legislation Governs the Issuance of Domestic Bonds?.........71 ii Baker McKenzie Doing Business in Russia 5.7 How Are Promissory Notes and Bills of Exchange Regulated in Russia? .......................................................................................................................... 72 5.8 How Are Exchange Bonds, Commercial Bonds and Structured Bonds Different from Usual Domestic Russian Bonds? ................................................................................................................................ 72 5.9 What Powers Does the General Meeting of Bondholders Have? .................................................................................................................................. 73 5.10 What Are the Functions of the Bondho lder Repr esentativ e? .......74 5.11 How Can Mortgag e Loans Be Securitized in Russia? ...........................76 5.12 What Are the Requirements for the Cover Pool of Mortgage-Backed Securities? ............................................................................. 77 5.13 How Is the Cover Pool of Mortgage-Backed Bonds Distr ibuted in Case of the Issuer’s Bankruptcy?.....................................78 5.14 Is the Securitization of Assets Other Than Mortgage Loans Possib le in Russia? ......................................................................................................78 5.15 Who Can Issue Russian Depository Receipts (RDRs) and What Obligations Does the Foreign Issuer Assume to Their Holders? ............................................................................................................................ 80 5.16 What Types of Collective Investment Schemes Are Recognized in Russia? .............................................................................................. 81 5.17 What Professional Participants Are There on the Russian Securities Market? ......................................................................................................82
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