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Russian Legislation Update: 18 May - 21 June 2015

In this issue:

Undesirable organizations
On 23 May 2015 the Russian President signed Federal Law No. 129-FZ "On Amending Certain Legislative Acts of the Russian Federation." The Law amends, in particular, Federal Law No. 272-FZ, dated 28 December 2012 "On Sanctions for Individuals Violating Fundamental Human Rights and Freedoms of the Citizens of the Russian Federation," the Criminal Code and the Administrative Offences Code of the Russian Federation.

The 2012 Law No. 272-FZ (broadly known as the "Dima Yakovlev Law") is supplemented with a provision under which the operation (activity) of a foreign or international non-governmental organization (NGO) may be recognized as undesirable if such operation poses a risk to the Russian constitutional system, national defense or the safety of the state. The decision on the recognition of an NGO's activity as undesirable in Russia (as well as the cancellation of such a decision) can be rendered by the Chief Prosecutor of the Russian Federation, with the approval of the Ministry of Foreign Affairs of the Russian Federation. A list of undesirable NGOs will be maintained by the Ministry of Justice of the Russian Federation.

On 11 March 2015 the Bank of Russia issued Regulation No. 462-P regarding the procedure for preparing reporting forms for the supervision of credit organizations on a consolidated basis.

Employment/Court Practice: A Company's CEO and Members of the BOD
On 2 June 2015 the Supreme Court of the Russian Federation adopted at a plenary session Resolution No. 21 "On Certain Issues Courts Face When Applying Laws Regulating the Work of Company CEOs and Members of Collective Executive Bodies" (further – Directors).


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