Under the Federal Law dated 03 February 2014 No. 12-FZ "On
Amending Article 22 of the Federal Law On Banks and Banking
Activity and Article 1 of the Federal Law on Foreign Investments in
the Russian Federation" representative offices of foreign
banks and other credit organizations in Russia shall be accredited
by the Bank of Russia according to the procedure set forth by the
latter and shall be authorized to conduct their activity from the
moment of such accreditation.
At the same time the obligation of foreign credit organizations
to notify the Bank of Russia on opening of representative offices
in Russia remains effective.
The Bank of Russia shall be authorized to process the personal
data of the head and deputy head of a representative office of a
foreign credit organization as well as of candidates to these
The abovementioned amendments come into force from 6 May
The Federal Law dated 03 February 2014 No.9-FZ "On Amending
the Federal Law On Communication" an operator that occupies a
significant position in the public communication network within the
territory of at least two thirds of the constituent entities of
Russia shall be obliged to provide all-in-one communication
services and may not waive such obligation. A contract for
provision of all-in-one communication services with such operator
should include the material conditions set forth by the
Federal Law On Communication.
All-in-one communication services include the following services
provided with the use of collective access means and access
telephone communication services with usage of payphones,
multifunctional devices, information kiosks and similar
data transfer services and provision of access to Internet by
using collective access means and access points.
The terms "collective access means" and "access
points" are introduced in the Federal Law On
The procedures and terms for provision of all-in-one
communication services shall be set forth by the Government of
Russia upon the proposal of Roscomnadzor taking into account, in
particular, the following principles,:
the time for access by a user of the collective access means
without using any transport should not exceed one hour;
at least one access point should be provided for in residential
areas with the population from 250 to 500 people where there is a
collective access means for the purposes of provision of telephone
an access point should be connected with by using fiber-optic
communication lines and should provide for data transfer to the end
users equipment at the speed not less than 10 megabit per
The abovementioned Federal Law comes into force from 7 March
The Government of Russia introduced for consideration of the
State Duma a draft Federal Law No. 444366-6 "On amending
Article 90 of the first part of the Civil Code of the Russian
Federation and Article 16 of the Federal Law On Limited Liability
Companies" according to which the founders of a limited
liability company (an LLC) shall be permitted to pay the charter
capital in the full within two months after the state registration
of the company.
Currently not less than 50% of the charter capital of an LLC
should be paid for by the founders by the moment of its state
registration and the application for the state registration under
Р11001 should contain the confirmation of such payment
otherwise the application shall be deemed not duly filled in and
the authorized body may refuse in the state registration of the
LLC. The remaining part of the charter capital should be paid
within one year after the state registration. In the event of
failure by a founder of its participation interest in the charter
capital of the LLC a part thereof which has not been paid for vests
with the company and should be disposed of by the latter in
accordance with Article 24 of the Federal Law On Limited Liability
Companies within one year.
The proposed amendments will allow to reduce time required for
establishment of an LLC since founders of a company will not need
to open a cumulative (temporary) bank account for the purposes of
payment of the first part of the charter capital. At the same time
the consequences of a failure by the founders to pay the charter
capital in the full in term shall remain the same.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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