A special recording procedure for certain securities will be in effect until the end of 2025

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14.02.2025
TRANSFER OF FUNDS FROM TYPE ‘C’ ACCOUNTS IN THE EVENT OF BANKRUPTCY OF BANKS AND PARTICIPANTS IN THE SECURITIES MARKET HAS BEEN REGULATED

The Decree on the temporary procedure for fulfilling obligations to certain foreign creditors has been adjusted. 

It is established that in the event of bankruptcy of a bank with which a type "C" account has been opened, funds from such account are not included into the bankruptcy estate. The temporary administration will have to transfer them to a credit institution determined by the Central Bank. 
It has also been established that in the event of bankruptcy of an organisation that carries out professional activities in the securities market and with which a type "C" account has been opened, funds from such account should be transferred to a similar organisation determined by the Central Bank.
13.02.2025
PROCEDURE FOR NOTIFICATION OF NON-RESIDENTS' FOREIGN ACCOUNTS - CLARIFICATIONS ARE PROVIDED FOR ORGANISATIONS INCLUDED INTO A GROUP OF COMPANIES

From July 1, 2024, Russian companies included in the same international group of companies (IGC) with non-residents must notify tax authorities of non-residents' accounts in foreign banks and file reports on the flow of funds. These requirements do not apply if they are fulfilled by the parent company of the IGC or a participant in the IGC, and also if more than 50% of the group's assets are located abroad, the resident does not participate in the capital or does not control non-residents in any other way, and non-residents do not participate in the capital of the resident or do not control its activities in any other way. 

The requirements for submitting notifications about opening accounts (deposits) apply only to accounts (deposits) opened from July 1, 2024. The requirements for submitting notifications about closing accounts (deposits) and about changing account (deposit) details apply to all accounts (deposits) that are closed or details of which are changed from July 1, 2024.
12.02.2025
PROGRAM FOR CREATING SHAREHOLDER VALUE OF PUBLIC JOINT STOCK COMPANIES WILL HELP INCREASE THE INVESTMENT ATTRACTIVENESS OF ISSUERS

A program for creating shareholder value of public joint stock companies has been adopted. Its main characteristics are given. The short-term goal is to support the best market practices of issuers by preserving the values of corporate culture, the long-term goal is to increase the investment attractiveness of issuers to increase their shareholder value. 

The subjects, expected economic effects, and objectives of the program have been identified. The procedure for forming the list of participants has been established. The implementation deadlines and success criteria have been established.
11.02.2025
REQUIREMENTS FOR LABELLING OF CERTAIN TYPES OF CANNED PRODUCTS IN THE EAEU HAVE BEEN DEFINED

The EAEU member states must independently establish the date of introduction and the procedure for labelling certain types of canned products on their territory, notifying the EEC of such date no later than 6 months before it occurs.

The concept of canned goods has been established. A list of goods subject to labelling is provided. Requirements for identification means have been established. The need to mark the remaining goods and the period of time for unmarked goods to remain in circulation are determined by the legislation of the member state. Products with a net weight of 30 g or less and food for kids under one year of age are not marked.
10.02.2025
REPORTS ON THE RECEIPT OF DIGITAL CURRENCY CAN BE SUBMITTED VIA PERSONAL ACCOUNTS

A new function has appeared in the taxpayer's personal accounts. Using the online service, you can send information about receiving digital currency to the tax authority. Taxpayers who are engaged in digital currency mining must report to the authorised body on the mined currency no later than the 20th day of the month following the month in which the digital currency was received. 

The new functionality will be available when logging into personal accounts using a certified electronic signature. Individual entrepreneurs and legal entities will be able to submit information if they are included in the Register of Miners and Operators.
07.02.2025
FINANCIAL MARKET DEVELOPMENT FOR 2025-2027: GUIDELINES HAVE BEEN DEFINED

The priority task is to develop long-term savings and investment instruments for citizens. 

It is planned to improve the mechanism of individual investment accounts and long-term savings programs, as well as to develop sales channels for citizens of standard securities market instruments with a low level of risk.
The Bank of Russia intends to use the instrument of macroprudential surcharges on foreign currency loans. Surcharges can be established, including for foreign currency loans of exporters. 
It envisages the development of the capital market, increasing financial accessibility, introducing new digital and payment technologies, and developing international payments and settlements.
06.02.2025
RULES FOR CONDUCTING CONTROL MEASURES IN RELATION TO FINANCIAL COMPANIES HAVE BEEN UPDATED

The Bank of Russia has updated the procedure for conducting control measures in relation to supervised organisations. It applies to branches of foreign banks. The responsibilities of companies to be fulfilled following the results of the audit have been clarified.

05.02.2025
PROCEDURE FOR CONDUCTING CASH TRANSACTIONS WITH CASH CURRENCY HAS BEEN UPDATED

The issues of conducting cash transactions with foreign currency in authorised banks in Russia have been re-regulated. The actions of cashiers, requirements for accepting and issuing currency, for working with questionable banknotes, etc., have been clarified.

04.02.2025
PROCEDURE FOR THE WORK OF THE COMMISSION FOR REVIEWING CASES OF HARM CAUSED BY ARTIFICIAL INTELLIGENCE TECHNOLOGIES HAS BEEN REGULATED

Insurance of damage caused to life, health or property of other persons within the framework of the experimental legal regime in the area of digital innovations became mandatory from January 5, 2025. If, during the implementation of the regime, as a result of the use of solutions developed using artificial intelligence technologies, harm is caused to the life, health or property of a person or the property of a legal entity, then the regulatory body must create a commission to establish the circumstances under which such harm was caused. 

In this regard, the procedure for forming a commission, the rules for considering cases of harm, the procedure for preparing conclusions and the form of the conclusion have been approved. 
The conclusion may serve as the basis for a decision by the authorised body to suspend the status of a subject of the experimental legal regime.
03.02.2025
PROCEDURE FOR PROVIDING INFORMATION FROM THE REGISTER OF CRYPTOCURRENCY MINERS HAS BEEN CLARIFIED

In Russia, registers of persons mining digital currency and operators of mining infrastructure have been created. A notification of the entry of information into them serves as confirmation. No other documents should be attached to it. 

The information entered into the registers shall not be published. It is provided to government agencies, courts, the Central Bank, territorial grid organisations and the system operator of electric power systems through the Interdepartmental electronic interaction system (SMEV). Confirmation of the presence of information in the registers is a response from the Federal Tax Service sent to a request from an authorised body using the Interdepartmental electronic interaction system.
31.01.2025
THE MINISTRY OF FINANCE HAS CLARIFIED THE PROCEDURE FOR TAXATION OF INCOME OF A FOREIGN ORGANISATION FROM THE USE OF A COPYRIGHT OBJECT IN THE EVENT OF SUSPENSION OF AN INTERNATIONAL TREATY

A foreign organisation receiving income from sources in Russia is recognised as a payer of income tax; the tax is calculated and withheld by the tax agent. Such income includes income from the use of rights to intellectual property in Russia. 

Until the end of 2025, tax will not be calculated or withheld at reduced rates in the event of income payments to foreign organisations from countries with which international tax treaties have been suspended.
30.01.2025
THERE IS A SEPARATE LAW DEVOTED TO TECHNOLOGY POLICY

The technological policy has been regulated to achieve technological sovereignty, create conditions for accelerated development and implementation of technological innovations to solve socio-economic problems, as well as ensure the competitiveness of domestic high-tech products and the efficiency of their production through the development and implementation of technological innovations.

29.01.2025
THE MINISTRY OF FINANCE HAS INDICATED IN WHICH CASES PERMITS FROM THE SUBCOMMITTEE OF THE GOVERNMENT COMMISSION FOR CONTROL OVER FOREIGN INVESTMENTS WILL NOT BE REQUIRED FOR TRANSACTIONS WITH SHARES IN LIMITED LIABILITY COMPANIES

If transactions entailing the establishment, change or termination of rights of ownership, use and (or) disposal of shares in the authorised capital of limited liability companies (except for credit and non-credit financial institutions) are concluded between a resident who is not under the control of a person of an unfriendly state and a person not from such a country, then it is not necessary to obtain a permit from the Subcommittee of the Government Commission for Control over Foreign Investments.

28.01.2025
THE EAEU HAS INTRODUCED A NEW PROCEDURE FOR REGISTERING MEDICINES AT THE INITIATIVE OF THE RESPONSIBLE AUTHORITY

A new option is provided for the registering of a drug at the initiative of the authorised agency of a EAEU member state. 

The authorised agency will be entitled to register a drug if it and its analogues are not registered in this EAEU state, the state does not have an established procedure for registering such drug, and it is registered in a reference state. Written consent of the holder of the registration certificate will be required. 
Recognition at the initiative of the authorised agency of the results of registration of a drug registered in the reference state will be carried out on the basis of the registration dossier data, the current version of the expert assessment report in the reference state, and also taking into account open publicly available information in the drug.
27.01.2025
OPEN TRADES - HOW WILL THE CENTRAL DEPOSITORY AND CENTRAL COUNTERPARTIES ACCOUNT FOR FOREIGN EXCHANGE EXPOSURES?

 From January 1, 2025, new rules for accounting for open trades in foreign exchange exposure (net foreign currency exchange position) are established for credit institutions being a central depository and also for non-bank credit institutions that are central counterparties. 

Net foreign currency exchange positions to be calculated in order to limit risks, as well as to assess the impact of risks on the amounts of base equity, core assets & net worth. The amounts (limits) of net foreign exchange positions are established to be observed daily.
24.01.2025
SECURITIES AND SHARES IN THE AUTHORISED CAPITAL OF RUSSIAN LEGAL ENTITIES FOR WHICH TEMPORARY MANAGEMENT IS INTRODUCED: LISTS HAVE BEEN EXPANDED

In the event that Russia, Russian legal entities or individuals are deprived of the right to own property in unfriendly countries, property rights, restrictions on such rights, or threats of such deprivation (restriction), temporary management to be introduced with respect to the assets of persons and entities from unfriendly countries. 

The list of assets for which temporary management is introduced has been expanded. A number of securities and shares in the authorised capital of certain organisations are included.
23.01.2025
INFORMATION THAT FINANCIAL COMPANIES MAY NOT DISCLOSE IN 2025: THE COMPOSITION HAS BEEN DETERMINED

The composition of information is defined that may not be disclosed in 2025 by the following entities:

- credit institutions and foreign banks operating in Russia through branches, non-credit financial companies, credit bureaus, credit rating agencies, audit organisations, entities of the national payment system; 
- mutual insurance companies and the Bank of Russia. 
However, the obligation to provide information to the Bank of Russia has not been cancelled.
22.01.2025
BUSINESSES ARE EXEMPTED FROM ANNUAL CONFIRMATION OF TYPES OF ECONOMIC ACTIVITY

Entities and entrepreneurs will no longer need to annually confirm their types of economic activity. They will have to notify the Federal State Statistics Service about changes in the main type of activity, as well as about changes in the share of more than 20% of at least one type of activity. The Federal State Statistics Service will send this information to the Federal Tax Service. The Unified State Register of Legal Entities and the Unified State Register of Individual Entrepreneurs will become the only sources of data on types of economic activity. They will contain information on the shares of activities.

21.01.2025
FROM SEPTEMBER 2026, MARKETPLACES WILL BE REQUIRED TO POST LINKS TO PRODUCT QUALITY CERTIFICATES

Amendments have been made to the Law on the Protection of Consumer Rights, establishing the obligation of the seller (owner of the aggregator) to inform the buyer of a link to the entry in the register of issued certificates of conformity and registered declarations. This link will be placed on the product card. If the products being sold are not subject to mandatory confirmation of conformity, the owner of the aggregator must provide the seller with the technical ability to provide this information in the product description, and the consumer must be able to read it. The specified requirements do not apply to used goods and cases where the purchase and sale agreement is concluded in a retail facility where consumers are provided with the opportunity to familiarize themselves with information on mandatory confirmation of conformity of goods.

20.01.2025
TOBACCO-FREE HEATING MIXTURE ARE EQUATED TO NICOTINE-CONTAINING PRODUCTS

Amendments have been made to the Law on the Protection of Citizens' Health from the Effects of Second-Hand Tobacco Smoke, the Consequences of Consuming Tobacco or Nicotine-Containing Products, according to which tobacco-free heating mixtures should be classified as a nicotine-containing product. The concept of such mixture has been introduced.

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