Overview of draft laws of the State Duma of the eighth convocation

article 25/11/2021

The State Duma of the Federal Assembly of the Russian Federation of the eighth convocation has been working since October 12, 2021. During the past period, five Federal laws have been adopted and signed by the President of the Russian Federation, 3 laws have been sent to the Federation Council for approval, 73 bills have been sent for feedback and 22 for amendments. We offer an overview of the draft laws in the economic field currently under consideration in the State Duma.

By the second reading, draft Federal Law №1258306-7 mitigated previously planned deoffshorization measures. In order to limit the possibility of obtaining state support in the form of subsidies and budget investments by companies whose owners are registered in offshore zones, it is proposed to reduce the possibility of direct or indirect, i.e. through third parties, offshore ownership in the authorized capital of these legal entities from 50% to 25%. In addition, when determining the share owned by offshore owners, it is proposed not to take into account shares traded at organized auctions.

The draft Federal Law №1159731-7 on amendments to the law "On Accounting", which is under consideration in the second reading, proposes:

  • to limit the range of organizations exempt from reporting to the State Information Resource of Financial Accounts (GIRBO);
  • to empower the Government of the Russian Federation to determine cases in which access to information from GIRBO may be temporarily or permanently restricted for certain categories of users;
  • to establish a single deadline for submitting corrected reports to GIRBO;
  • to clarify the composition of the information to be placed by organizations in the Unified Federal Register of Legally Significant Information about activities of Legal Entities, individual entrepreneurs and other subjects of economic activity.

In the first reading, draft laws are being reviewed providing for:

  • preparation by the Government of the Russian Federation of proposals on the formation of a list of strategically important organizations of the military-industrial complex, which are submitted to the President of the Russian Federation for approval. It is supposed to establish special requirements for the possibility of alienation or transfer to trust management of shares or shares in the authorized capital of organizations that have strategic importance for the military-industrial complex and the security of the country;
  • elimination of the main legal conflicts and obstacles for joint-stock companies of employees (people's enterprises) to operate normally;
  • mitigating restrictions on obtaining support by small and medium-sized enterprises that have committed minor violations of the procedure and conditions for providing support;
  • elimination of a number of administrative barriers in the form of obtaining mandatory approvals for transactions aimed at restoring the previously lost control of the beneficial owner over a foreign company in the event of its registration as an international company in the special administrative regions of Russia.

Draft Federal Law №1256483-7 "On Financial groups and financial holdings" is under preliminary consideration. The Law is supposed to introduce the concepts of a financial group, a financial holding company and the conditions under which associations of legal entities are recognized as financial groups or holdings. Thus, as a general rule, a financial group may be recognized as an association of legal entities under the control or significant influence of a financial organization, and a financial holding is an association of legal entities under the control of a non-financial organization, one of the participants of which is a financial organization, and the share of financial activities which is at least 40%.