08.12.2016 — Federal Tax Service to Assess Banks’ Reliability
The Federal Tax Service can independently evaluate the economic position of the banks on the market, making the decision to transfer the banks to a specialized “bank” tax office (MI FTS № 9).With high probability, it can be assumed that the license of a bank which has not been transferred into MI FTS № 9 will be revoked soon. In order to find out the FTS’s opinion in respect of bank’s reliability it is sufficient to know the bank’s details, which indicate the inspection number, where the bank is registered.
At the end of 2014, it was decided to register the main banks depending on their financial performances with MI FTS № 9. Currently 352 of 643 existing banks are registered at the said tax office (according to the Central Bank on November, 1 2016).
Thus, FTS when making the decision to transfer a bank to a specialized tax office provides a signal to the participants of the market regarding the stability of the said bank. It is possible to know the FTS’s opinion regarding a bank’s reliability by finding out the tax office number where the bank is registered. For this purpose, it is sufficient to find the registration reason code (RRC) of the bank, which is usually published in the “Bank details” section on banks’ websites. The first two digits of the RRC contain information about the region of registration, whereas the second two digits represent the tax office of registration.
However, only the Central Bank of Russia can make a decision to revoke the license of any bank. That’s why potentially unreasonable assessment of the FTS, based only on publicly available information, such as bank statements and ratings, may lead to the fall of the bank’s financial stability and provoke reputational risks. The time will show the FTS’s competence in this matter and the reasonableness of its forecasts, but the banks which have not been listed on the new “bank” tax list are under threat of high reputational risks.
07.12.2016 — Procedure for Selling State Property Improved
The Government of Russia has adopted a new decree, improving the procedure of selling property acquired into the state’s ownership through confiscation, inheritance or other mechanisms. It is clarified, in particular, that property that costs less than 100.000,-- rubles will be sold to the first applicant directly, without holding an auction. Property that costs more than 100.000,-- rubles will be sold by way of electronic auction, as opposed to in-person open auctions that were obligatory before.
Initially, sale of movable property that was acquired by the state through confiscation, inheritance, etc. was excluded from the sphere of application of privatization laws. As a result, the Government implemented a simpler procedure for alienation of such property aimed at facilitating this process.
In particular, for this purpose, it was established that if a certain item is not sold for a long amount of time, its price will periodically drop by 30% and up to 90% overall. Apart from that, it was decided to shift from usual auction procedures towards a more simplified regime, such as electronic auction. The Government also specified in details the procedure for such electronic auctions.
06.12.2016 — PRAVO RU 2016 RANKING
30.10.2016 — Artem Sirota Took Part in the EMEA Meeting of Mackrell International
The regional meeting of Mackrell International, one of the leading international networks of law firms, took place in Paris, France on October 28-30, 2016.
Artem Sirota represented Sirota & Partners, a long-standing member of the network. As such, he actively took part in various events and discussions aimed at facilitating the network’s global outreach and expertise, and exchanging ideas with the world’s most profound lawyers.