In August 2023, a law was adopted establishing the specifics of regulating corporate relations in economically significant companies. Later, by Decree of the Government of the Russian Federation dated November 1, 2023, No. 1836, the Rules for making a decision on the inclusion of a Russian business entity in the list of economically significant companies were approved. These rules establish the procedure for the Government of the Russian Federation to make a decision to include a Russian business entity in the specified list in accordance with Part 2 of Article 2 of the Federal Law “On the particularity of regulation of corporate relations in business entities that are economically significant companies“.
The document establishes that the federal executive body that carries out legal regulation in the field of activity (the economy) what is the main type of economic activity of a Russian business entity, forms a motivated proposal to include such a entity in the list, and submits it to the Ministry of Economic Development of the Russian Federation with attached information about the entity, as well as a draft of an act of the Government of the Russian Federation on the inclusion of a business entity in the list.
Within 14 working days from the date of receipt of a motivated proposal, the Ministry of Economic Development of the Russian Federation submits a draft of an act to the Government of the Russian Federation on the inclusion of a Russian business entity in the list. Based on this motivated proposal, the Government of the Russian Federation makes a decision to include such an entity in the list.
A motivated proposal is formed by the industry body based on the documents and information listed in clauses 4, 5-8 of this Decree.
Also, a Russian business entity has the right to apply to the industry body with an application in any form, attaching the required information and documents in 2 copies, bound, with a list of the documents being sent.
In addition, the Decree provides that the federal executive body authorized to apply to the arbitration court to suspend the exercise of corporate rights of an economically significant company in relation to a foreign holding company is the federal executive body specified in the Government decision to include a Russian business entity in the list of economically significant companies at whose proposal such a decision was made. This provision is valid until December 31, 2024.
The Decree came into force on November 20, 2023.
The document establishes that the federal executive body that carries out legal regulation in the field of activity (the economy) what is the main type of economic activity of a Russian business entity, forms a motivated proposal to include such a entity in the list, and submits it to the Ministry of Economic Development of the Russian Federation with attached information about the entity, as well as a draft of an act of the Government of the Russian Federation on the inclusion of a business entity in the list.
Within 14 working days from the date of receipt of a motivated proposal, the Ministry of Economic Development of the Russian Federation submits a draft of an act to the Government of the Russian Federation on the inclusion of a Russian business entity in the list. Based on this motivated proposal, the Government of the Russian Federation makes a decision to include such an entity in the list.
A motivated proposal is formed by the industry body based on the documents and information listed in clauses 4, 5-8 of this Decree.
Also, a Russian business entity has the right to apply to the industry body with an application in any form, attaching the required information and documents in 2 copies, bound, with a list of the documents being sent.
In addition, the Decree provides that the federal executive body authorized to apply to the arbitration court to suspend the exercise of corporate rights of an economically significant company in relation to a foreign holding company is the federal executive body specified in the Government decision to include a Russian business entity in the list of economically significant companies at whose proposal such a decision was made. This provision is valid until December 31, 2024.
The Decree came into force on November 20, 2023.