A special recording procedure for certain securities will be in effect until the end of 2025
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29.03.2024
DEADLINE FOR ORGANISATIONS TO FILE NOTIFICATIONS ABOUT CONTROLLED FOREIGN COMPANIES FOR 2023 - MARCH 20, 2024
March 20th is the deadline for organisations to submit notifications of controlled foreign companies for 2023. Notification of controlled foreign companies must be sent regardless of the financial result of such foreign company.
28.03.2024
REQUIREMENTS FOR PAYMENT OF CONTRIBUTIONS TO THE AUTHORISED CAPITAL OF FOREIGN COMPANIES HAVE BEEN CLARIFIED
From April 1, 2024, residents may not receive individual permission from the Central Bank of the Russian Federation to pay shares, deposits, shares in the property of non-residents, contributions to non-residents under simple partnership agreements, if the amount of such transactions in favour of one legal entity does not exceed 15 million roubles (equivalent in any foreign currency).
27.03.2024
IT IS PROPOSED TO MAKE PAYMENTS FOR INTELLECTUAL PROPERTY FOR MEDICINES FROM UNFRIENDLY COUNTRIES THROUGH O-TYPE ACCOUNTS
It is proposed to extend the temporary procedure for settlements with foreign copyright holders through a special O-type rouble account for the acquisition of results of intellectual activity and (or) means of individualization related to the circulation of medicines.
26.03.2024
DIGITAL FINANCIAL ASSETS TO BE USED AS CONSIDERATION UNDER FOREIGN TRADE AGREEMENTS
From March 11, 2024, rules for the possibility of using digital financial assets as means of payment under foreign trade agreements are provided for in a number of federal laws.
25.03.2024
TRANSACTIONS BETWEEN RELATED PARTIES: PROCEDURE FOR SCHEDULING INSPECTIONS IN EFFECT FROM MARCH 26, 2024
The change is that now a decision on the audit should be made without taking into account the date of the receiving by the Federal Tax Service of a notification of controlled transactions or notification of the territorial tax authority (previously, the time limit was two years from the date of receiving a notification of such transactions).
22.03.2024
ADVERTISING AND FOREIGN AGENTS: A LAW HAS BEEN SIGNED BANNING ADVERTISING BY FOREIGN AGENTS
Law on Advertising has been supplemented with provisions according to which distribution of advertising on an information resource of a foreign agent, as well as advertising of information resources of foreign agents, is not allowed. Responsibility for violation of the first of these requirements to be borne by both the advertiser and the advertising distributor, and for the second - by the advertising distributor.
21.03.2024
THE RULES FOR THE BANK OF RUSSIA TO CONDUCT INSPECTIONS OF THE ACTIVITIES OF ISSUERS AND PARTICIPANTS IN CORPORATE RELATIONS HAVE BEEN UPDATED
A new instructions of the Bank of Russia defining the procedure for conducting such inspections came into force on March 11.
Inspections are carried out as part of control and supervision over compliance by issuers with the requirements of the legislation on joint stock companies and securities, control and supervision in the area of corporate relations in joint stock companies in order to protect the rights and legitimate interests of shareholders and investors, as well as within the framework of monitoring the execution of orders by supervised persons of the Bank of Russia.
20.03.2024
RESTRICTIONS ON FOREIGN CURRENCY CASH WITHDRAWALS TO STAY IN EFFECT UNTIL SEPTEMBER 9, 2024
For citizens whose foreign currency account or deposit was opened before March 9, 2022, the limit on currency withdrawal remains - no more than 10,000 US dollars or the equivalent amount in euros (regardless of the currency of the account/deposit), provided that the citizen has not previously taken advantage of this opportunity.
The rest of funds can still be obtained in roubles.
19.03.2024
NON-PROFIT ORGANISATIONS ARE REQUIRED TO POST THEIR CHARTERS ON THE INFORMATION RESOURCE OF THE MINISTRY OF JUSTICE
The Law on Non-Profit Organisations has a provision establishing the obligation of non-profit organisations to post their charter on the information resource of the Ministry of Justice of the Russian Federation in the procedure and within the terms determined by the Ministry of Justice.
The amendments also expand the list of types of activities, subject to the implementation of which socially oriented non-profit organisations can be supported by state authorities or local governments. These include activities in the area of family support and fostering. In addition, the list has been supplemented with activities related to keeping animals in animal shelters.
18.03.2024
RULES FOR LABELLING TOBACCO PRODUCTS: LATEST UPDATES
The rules for labelling tobacco and nicotine-containing products have been adjusted. Rules have been introduced for ensuring the traceability of products and raw materials for production of such products.
Registration of products, raw materials and participants in turnover in ‘GIS Monitoring’ has been regulated.
15.03.2024
ACTIVITIES OF ISSUERS AND PARTICIPANTS IN CORPORATE RELATIONS: CHECKS TO BE CARRIED OUT BASED ON NEW RULES
The Bank of Russia has revised the procedure for conducting inspections of the activities of issuers and participants in corporate relations.
Remote checks of individual information and on-site checks should be carried out. Exchange of documents and information through a personal account in electronic form to be provided, as well as exchange of documents and information on physical media.
The rights and duties of officials of the Bank of Russia and issuers are determined.
14.03.2024
THE BANK OF RUSSIA RECOMMENDED THAT FINANCIAL ORGANISATIONS MINIMIZE PARTICIPATION IN ACTIVITIES RELATED TO THE CIRCULATION OF DIGITAL CURRENCIES
The regulator has developed a number of recommendations for banks and other financial organisations that are aimed at reducing customer risks from transactions with digital currencies and related instruments.
In particular, exchanges are recommended to refuse admission to trading in securities whose profitability depends on the value of digital currencies and similar indicators, and other professional participants in the securities market are advised to refrain from offering individuals who are not qualified investors to purchase such financial instruments.
13.03.2024
AMENDMENTS HAVE BEEN MADE TO THE RULES FOR SUBMITTING NOTIFICATIONS ABOUT THE COMMENCEMENT OF CERTAIN TYPES OF BUSINESS ACTIVITIES
The Rules are supplemented with provisions on formation of a unified register of notifications.
The composition of the information in the unified register of notifications has been established.
Information on changing the location of a legal entity and (or) the place of actual implementation of activities, a change in the place of residence of an individual entrepreneur and (or) the place of actual implementation of activities, on the reorganisation of a legal entity will be entered into the unified register of notifications automatically from the Unified State Register of Legal Entities or the Unified State Register of Individual Entrepreneurs, respectively.
12.03.2024
FROM MARCH 2, 2024, OWNERS OF MOTOR VEHICLES WILL BE ABLE TO ENTER INTO SHORT-TERM MTPL CONTRACTS
According to the amendments, vehicle owners will be able to enter into an MTPL contract for a period from one day to three months. The cost of a policy in such cases should be calculated taking into account reducing ratios. The price of “short” policies will also depend on other ratios currently in force, including territorial, driver’s age and length of service, bonus-malus coefficient, etc.
11.03.2024
THE ISSUES OF CREATION AND OPERATION OF AUTOMATIC CONTROL SYSTEMS FOR EMISSIONS OF PRIORITY POLLUTANTS HAVE BEEN RESOLVED
From September 1, 2024, the specifics of the creation and operation of automatic control systems at quota-regulated facilities regarding emissions of priority pollutants will come into force. The following is established:
- rules for creating and operating systems;
- criteria for determining emission sources to be equipped with systems, including a list of priority pollutants;
- requirements for automatic means of measuring and recording emission indicators, for technical means of recording and transmitting information to the state register of objects of negative impact on the environment.
08.03.2024
ON CONTROL AND SUPERVISION OF FINANCIAL MARKET PARTICIPANTS BY THE CENTRAL BANK
The Central Bank has redistributed responsibilities for control and supervision of compliance with legislation by subjects of the collective investment market, securities market participants, central depository, clearing organisations, central counterparties, trade organisers, repositories, credit rating agencies, as well as self-regulating organisations in the financial market, uniting subjects of the collective investment market and professional participants in the securities market.
Powers regarding financial market operators and price centres are excluded. At the same time, control and supervision of platform service operators are stipulated.
07.03.2024
RULES ON MANDATORY PRE-TRIAL PROCEDURES FOR APPEALING DECISIONS OF LICENSING AUTHORITIES HAVE COME INTO FORCE
Hereinafter, before going to court, applicants (except for citizens that are not involved in entrepreneurial activities) should file a complaint with the relevant licensing authority.
As a general rule, a complaint shall be filed in electronic form through the State Services webportal within 30 calendar days from the date the applicant learned or should have learned of a violation of his rights.
06.03.2024
FROM MARCH 2, 2024, OWNERS OF MOTOR VEHICLES WILL BE ABLE TO ENTER INTO SHORT-TERM MTPL CONTRACTS
According to the amendments to the Law on Motor Third Party Liability Insurance, vehicle owners will be able to enter into a MTPL agreement for a period from one day to three months.
The cost of the policy in this case shall be calculated taking into account reducing ratios. The price of “short” policies will also depend on other ratios currently in force, including territorial ratio, driver’s age and driving experience, bonus-malus coefficient, etc.
05.03.2024
A SELF-PROHIBITION MECHANISM FOR LOANS IS BEING INTRODUCED
Anyone can protect themselves from a situation where fraudsters apply for a loan in their name and voluntarily refuse the opportunity to enter into credit or loan agreements.
To “turn on” the mechanism, you will need to record a special ban in your credit history through the unified Portal of Government Services or at the Multifunctional Public Services Centre. To lift the ban, you will also need to submit an application. This service will be free and unlimited in the number of calls..
From March 1, 2025, an application for self-prohibition can be submitted through the unified Portal of Government Services. Multifunctional public services centres will have to implement the possibility of self-ban until September 1, 2025.
04.03.2024
REQUIREMENTS ARE BEING DEVELOPED TO PROVIDE FIRST AID TO EMPLOYEES: PLACEMENT, STORAGE AND USE OF A FIRST AID KIT
For the period from March 1, 2025 to March 1, 2031, it is planned to establish requirements for the placement, storage and use of a first aid kit for employees. The need to arrange in companies first aid areas equipped with first aid kits is fixed.
01.03.2024
THE KEY RATE IS KEPT AT 16% PER ANNUM
On February 16, 2024, the Bank of Russia decided to keep the key rate at 16% per annum.
The return of inflation to target in 2024 and its further stabilisation around 4% envisage a long period of tough monetary conditions in the economy. As forecasted by the Bank of Russia, annual inflation will reduce to 4-4.5% in 2024 and will be close to 4% later on.
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