Russian lawyer Fedor Teselkin is the only CEE representative of the 21 new partners at Freshfields Bruckhaus Deringer worldwide.
As already mentioned in our previous news on this topic, due to COVID-19 the Russian State Duma adopted on 18 March 2020 Federal Law No. 50-FZ according to which Russian joint stock companies (JSC) can, based on the decision of the Board of Directors, conduct annual shareholders’ meetings in 2020 via absentee voting.
In the current situation, many Russian companies, especially those with foreign investment, have found they are unable to hold their annual meetings (“Annual Meetings”) in full compliance with applicable laws. This is due to both the recent tightening of formal requirements for corporate resolutions and new restrictions on movement, meetings and business operations in connection with the COVID-19 pandemic.
On March 19, 2020, CEE Legal Matters reported that Linklaters had advised Sovcombank on its arrangement of a RUB 5.7 billion domestic green project bonds issued by an orphan special purpose vehicle, SFO RuSol 1 LLC. We spoke to Sergei Kaduk, Executive Director for Securitization and Project Finance at Sovcombank, about the Issuance.
Following Mr. Putin’s speech on 2 April 2020, measures promoting isolation such as nationwide non-working days and regional quarantine measures are being extended until end of April/beginning of May. This will also impact the activity of the Russian Federal Antimonopoly Service (FAS). It can be expected that at least the measures currently implemented by FAS will be extended. So far FAS has done the following in connection with the COVID-19 epidemics.
The Covid-19 pandemic has created new legal challenges for many businesses worldwide. However, certain aspects of privacy law still have to be complied with, despite the difficult situation in the market. This poses additional challenges to businesses struggling in the new, rapidly changing environment. Recently, the Russian data protection authority (Roskomnadzor) clarified how employers could monitor the health status of their employees in compliance with Russian privacy law.
“The Russian Government has been very active in addressing concerns of business regarding inadequate regulatory control that has been increasing over last years,” says Andrey Ryabinin, Partner at Integrites in Moscow. “Several declarations have been made in this respect. As part of the reform known as 'regulatory guillotine' the Government is expected to eliminate in 2020-2021 several thousand outdated and excessive regulations in various industries regarding technical standards and requirements in business practice, most of which date back all the way to the Soviet times.”