While Russian law firms have taken off on the back of big transactions over the last ten years, Russian law has been notably less successful. A presidentially-mandated decree will try to bolster the domestic legal frameworks with the help of some of Russia’s leading commercial firms including EPAM.
The Moscow Times publishes commentary by Viktoria Burkovskaya on the proposed criminal punishment for legal entities
Russia may introduce criminal punishment for legal entities, Investigative Committee head Alexander Bastrykin said Thursday, claiming that it is needed to lure foreign investors — though experts believe it will work the other way around.
ITAR-TASS publishes commentary by Viktoria Burkovskaya on Dmitry Medvedev’s intention to tighten punishment for bribes
Russian President Dmitry Medvedev, who declared war on corruption as a major priority, intends to tighten punishment for bribes. To this end he submitted amendments to the Criminal Code and the Code of Administrative Offences to the State Duma on Wednesday with the intention to multiply fines and prison terms for commercial bribery and for receiving and giving bribes.
The London Stock Exchange has stopped trade in depositary notes of housing developer PIK Group on the orders of the British Financial Services Authority, and trading will not resume until the whereabouts is established of 8.6 percent of the group's shares frozen at the request of Nomos Bank.
Commercial Real Estate publishes commentary by Ekaterina Medeyko and Yuri Nadezhin on the peculiarities of shopping centers lease agreement
Out of 280 shopping centers in Moscow, only 78 meet all the requirements for a modern shopping mall. Considering the shortage of quality areas and no new facilities being commissioned in the capital city, the owners of older shopping centers will be forced to redevelop their commercial facilities, or at least create new concepts for them. The main criteria for success of shopping centers today are not limited to their owner's competent marketing policy; these are also a clear concept, strong positioning, as well as accountability and responsibility to the tenants.
The American Lawyer Specail Report publishes commentary by Irina Skidan on new privatization program in Russia
The Russian Government has introduced a radical new privatization program to invigorate the country’s economy. Although foreign investment is clearly an objective, the protection of property interests held by foreigners remains a concern for lawyers in Moscow.
Volatility of the Russian market - which saw its gross domestic product (GDP)contract by as much as 7.9% in 2009 but spring back to a growth of 5.4% this year – has seen it become both adversary and temptress for the law firms practicing in the market.
Commercial Real Estate features Elena Pristanskova commentary on legal requirements for facilities that use hazardous substances
Russia now has virtually no speculative projects in the segment of refrigerated warehouses. They are typically expensive to build, there are fewer chances to lease them, while they beget many specific requirements. Experts say this segment of warehouses will come back to the market as soon as the market stabilizes.
Commercial Real Estate publishes Igor Serebryakov commentary on Russia's Government support housing program
One of the recent actions of Russia's Government to support the housing program was to make VneshEconomBank issue a 40-billion-ruble credit for the Agency for Housing Mortgage Lending. According to the Stimulus Program, 2 million sq m of economy class residential real estate will be built. The program mainly targets projects in Russia's regions, as well as some projects near Moscow.
Reckitt Beckinser, the listed British consumer goods producer, has filed an application to Russian antitrust regulator FAS to acquire the Russian subsidiary of SSL, according to an FAS spokesperson.
Mergermarket publishes Evgeny Bolshakov’s commentary on Vimpelcom's acquisition of Wind Telecomunicazioni
Vimpelcom's acquisition of Orascom Telecom Holdings and Wind Telecomunicazioni would require specific regulatory approvals in certain countries, lawyers told this news service.
A Russian law firm said Anatoly Karpov, former world chess champion, nomination as a candidate for World Chess Federation (FIDE) president is illegal.
The Moscow Times features Dmitry Stepanov comments on a draft legislation against Russian-style corporate raiders
Kremlin-drafted legislation aimed against Russian-style corporate raiders — unscrupulous businesspeople who seize property through dubious registrations and share emissions — will come up for a first reading in the State Duma. But the legislation, which introduces harsh penalties for raiders, might also backfire and hurt rightful shareholders because of deep-rooted corruption, legal experts said.
The Moscow Times features Grigory Chernyshov comments on a bill that would fight circular ownership structures by depriving a company's subsidiaries of voting rights and dividends from owning shares in the parent firm
State Duma deputies have introduced a bill that would fight circular ownership structures by depriving a company's subsidiaries of voting rights and dividends from owning shares in the parent firm, although experts said the proposals went too far. The amendments limiting the use of cross holdings were submitted by four Duma committee chairmen from United Russia. When subsidiaries buy the parent company's shares, managers are able to control the firm to shareholders' detriment and the company becomes less transparent, the deputies wrote in explanatory notes to the bill. There are also risks of conflicts of interests, Viktor Pleskachevsky, a co-author of the bill and chairman of the Property Committee said.
Despite challenging economic and political conditions, Moscow law firms said they have not only stuck to their investment plans during the crisis but also intend to expand further in the near future.