Трек: 9. Private Law
Legislative review of the Russian Civil Code that began in 2011 with active participation of expert group has resulted in amendments of Part Two of the Civil Code on financial transactions (draft bill No 47538-6/10).
The bill includes several important changes that have long been awaited by and relevant for financial service market players: enhanced capabilities for the assignment of future debts in factoring agreements; new bank account types and, in particular, precious metal account contract that will now be brought under regulatory control. The bill introduces new account and LOC types that have previously not been regulated by the law directly but that are still important in banking practice: impersonal metal account, public deposit account, transferable letter of credit, etc. The amendments are supposed to regulate escrow agreement and in particular, to introduce immunity of the money on escrow account from suspension of account operations, seizure or draw-down due to third party obligations, as well as a number of other changes.
Legal community, however, does not support the proposed amendments unilaterally. There is an opinion that the legislator got “carried away” with isolated amendments to Part Two of the Civil Code at the expense of comprehensive approach to bank contract regulation, as a result of which the bill neglected the regulation of syndicated loan, loan participation, custody account, escrow agreements, etc.
Representatives of public authorities, Bank of Russia, leading experts of lending institutions, bank associations, academics and experts will all discuss the reforming of financial transaction legislation.
Board Member – First Vice-President, Gazprombank
Judge, Supreme Court of the Russian Federation
Associate Professor of Civil Law and Process, National Research University Higher School of Economics (HSE)
Director of the Legal Department, Bank of Russia
Vice-President - Director of the Legal Department, Sberbank SIB
Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on State Building and Legislation
Vice-President, Head of Legal Department, Gazprombank
Chairman, Court for Intellectual Rights of the Russian Federation
*This schedule may be subject to change