Economic Partnership

 

On 19 April 2012 the Federal Service for Financial Markets (“FSFM”) issued Order No. 12-26/pz-n on bonds which may be contributed to the joint capital of economic partnership.

The Order was registered with the Ministry of Justice on 9 June 2012.

According to the Federal Law “On Economic Partnerships” which entered into force on 1 July 2012 (check our update for 28 November – 11 December 2011), certain bonds, among other things, may be contributed to the partnership’s joint capital.

Now the Order sets out the requirements for such bonds.

Thus the bonds may be contributed to the economic partnership’s joint capital if they (i) have not matured yet and (ii) satisfy at least one of the following requirements:

  • They are included in the list of securities which are admitted to trades at the stock exchange or any other organizer of trades at the securities market;
  • Their nominal value together with the nominal value of other bonds of the same company does not exceed the company’s charter capital; and
  • They secure obligations which are guaranteed by the pledge, suretyship, or bank, state or municipal guarantee.

The Order entered into force on 1 July 2012.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

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