A change in the law on securities

On the basis of the Federal law No. 282-FZ of 29.12.2012, amendments to a number of Federal laws, namely, the Federal laws "on banks and banking activities", "on joint stock companies", "on the securities market", "on protection of the rights and legitimate interests of investors in the securities market", "on the Central Bank of the Russian Federation (Bank of Russia)", as well as changes to the Tax code of the Russian Federation, will come into force on 2 January 2013. 

The Federal law" on banks and banking activities " is supplemented by an article regulating the elimination of violations committed in the acquisition and (or) obtaining in trust management of shares (shares) of a credit institution. In addition, it is determined, in particular, that the establishment of legal or natural person as a result of the implementation of one transaction or several transactions of direct or indirect (through third parties) control over the shareholders (participants) of the credit institution, owning more than 20 percent of the shares (shares) of the credit institution, requires the prior consent of the Bank of Russia. 

The provisions of the Federal law "on joint-stock companies" concerning, in particular, increase in the authorized capital, issue of bonds and payment of dividends are specified. The Federal law" on the securities market " is supplemented by an article regulating the peculiarities of receiving dividends in cash on shares, as well as income in cash and other cash payments on registered bonds. It is also determined, in particular, that the Depositary shall not be entitled to issue an order for the transfer of securities of Russian issuers issued in the territory of the Russian Federation to an account opened to it in a foreign organization as a person acting in the interests of other persons. 

In addition, the procedure for issuing securities has been clarified. The tax code is supplemented by article 214.6 "Peculiarities of taxation of income from Federal state issue securities, as well as other issue-grade securities with mandatory centralized storage issued (issued) by Russian organizations paid to foreign organizations acting in the interests of third parties", as well as article 310.1 "Peculiarities of taxation of income from Federal state issue-grade securities, as well as other issue-grade securities with mandatory centralized storage issued (issued) by Russian organizations, paid to foreign organizations acting in the interests of third parties." 

The law comes into force on January 2, 2013, except for the provisions for which other terms of their entry into force are established. 
(information about the law from the site "www.consultant.ru")

January, 2013