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. Last Updated: 07/27/2016

RECENT LEGISLATION:




Real Estate Fees Resolution of the Government of Russian Federation No. 248 of Feb. 26, 1998, "On Establishing the Maximum Rate for Fees for the State Registration of Real Estate Rights and Transactions and Providing of Information on Rights Being Registered."


In accordance with the Federal Law of July 21, 1997, "On State Registration of Real Estate Rights and Transactions," by this resolution the government of the Russian Federation establishes the maximum fee for the state registration of real estate rights and transactions.


Such fees are: (i) for individuals, three times the amount of the minimum wage; and (iii) for a property complex, 300 times the amount of the minimum wage. The fee for providing information on rights registered is not to exceed (i) 25 percent the amount of the minimum wage for individuals; (ii) for legal entities the amount of the minimum wage; and (iii) a property complex and any transaction with it -- three times the amount of the minimum wage.


Investment Fund Organization Decree of the president of the Russian Federation No. 193 of Feb. 23, 1998, "On Further Development of the Activities of Investment Funds." This decree provides that all investment funds should be organized in the form of an open joint-stock company in compliance with the "Joint-Stock Companies Law" and other applicable legislation.


The charter of the investment fund in addition to general requirements, should contain: (i) a provision stating that the subject of the fund's activities is investment in (a) certain securities or, (b) in securities and real estate or, (c) securities, real estate and real estate rights; (ii) an investment declaration (i.e. statement of the main purpose(s), investment restrictions, and the maximum and/or minimum amount of property that may be invested in securities or real estate); (iii) regulations regarding loans; (iv) a prohibition on the creation of any special funds; (v) a prohibition on redemption of shares (unless permitted by the "Joint-Stock Companies Law"); (vi) a prohibition on the issuance of shares other than ordinary shares; (vii) a prohibition on any other activity other that investment activities.


The investment fund may act only pursuant to the license granted by the Federal Securities Commission. The manager of the investment fund may only be a licensed legal entity.


It is strictly prohibited for investment funds to make any claims (including in advertising) or to anticipated profits and return on income.


Source: White & Case