The government has submitted to the State Duma a draft law on special regulation of the financial market. Suggested innovations.
The Cabinet of Ministers of the Russian Federation continues to take anti-crisis measures in the face of sanctions adopted by unfriendly countries. Another draft law No. 140807-8 has been submitted to the State Duma, which provides for the specifics of the functioning of the financial market and the specifics of corporate relations in 2022.
Suggested innovations:
- law enforcement practice has shown that the burden on issuers has increased in the current conditions. In order to level it out, it is planned to temporarily cancel the requirement to update the prospectus annually. This change correlates with earlier relaxations of disclosure and disclosure obligations;
- to increase the possibilities of legal entities to attract investments by issuing bonds secured in the form of collateral, the list of collateral for these securities is expanded by investment shares;
- to introduce a one-year deferment on the requirement to admit to the provision of audit services only organizations included in the register under Federal Law-307. This requirement should come into force next year;
- attribute information about the gold reserve and state reserves in foreign currency to information that can be assigned the status of a state secret (now these data are classified as information that does not belong to state secrets, which, according to the Cabinet of Ministers, unfriendly countries can take advantage of);
- reduce the period for determining the weighted average price of shares of public companies to one month if the general meeting of PJSC decides on reorganization. This will take into account all current indicators and reduce costs;
- introduce a rule on the possibility of retaining the powers of the board of directors of a joint-stock company even if its number is reduced (but not less than two people);
- cancel the rule on the need to convene an extraordinary general meeting when the number of the board of directors is reduced below the established quorum;
- establish the possibility for companies to refuse to create a board of directors when sanctions are imposed on a legal entity;
- introduce new powers of the Board of Directors of the Central Bank to establish special requirements for the activities of subjects of the national payment system, for purchasers of bank shares, for the process of acquiring shares;
- to introduce a rule on the possibility of reorganization of sanctioned banks, under which obligations by foreign creditors can only be presented to new legal entities within their assets.
The bill aims to reduce the effect of anti-Russian measures on the Russian financial market and will not require new costs, according to the financial justification.
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