Clifford Chance
The Civil Code Reloaded (Russian)
19 April 2012
On 2 April 2012 the Russian President submitted to the State Duma a draft bill on amendments to the Civil Code of the Russian Federation (the "Draft Bill") which is expected to change significantly "the rules of the game" for all areas of business, from corporate relationships and M&A to the real estate market, banking activities and structured finance products (securitisation). We set out below a brief overview of the most salient of these changes.
There is much in the Draft Bill that is potentially helpful; and some that is potentially alarming. Over the coming weeks our internal cross-practice working group will be working to unpack these provisions more fully, and to understand better the possible opportunities and concerns they create, and we will be circulating further briefings as this process evolves. We also plan to arrange client seminars, including in London, to discuss the proposed changes in more detail.
The first reading of the Draft Bill in the State Duma is scheduled for 27 April. The majority of the amendments contemplated by the Draft Bill are expected to enter into force as early as 1 September this year.
