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Amendments to law on special operation of financial system in Crimea and Sevastopol

July 22, 2014

Vladimir Putin signed Federal Law On Amendments to the Federal Law On Special Operation of the Financial System in the Republic of Crimea and City of Federal Importance Sevastopol During the Transition Period.

The Federal Law defines the mechanism to continue trust management of unit investment funds set up on the territory of the Republic of Crimea and City of Sevastopol prior to March 16, 2014, which is being carried out by asset management companies, by way of registering such funds as unit investment funds that meet the requirements of applicable Russian Federation laws.

The law also set forth specific features of such registration, which include preliminary state registration and licensing of the asset management company that managed the unit investment fund.

The Federal Law aims to create a mechanism to convert hryvnia-denominated stocks of securities issuers domiciled in the Republic of Crimea and Sevastopol into stocks denominated in Russian rubles.

It also defines a mechanism for protecting the rights of those hryvnia-denominated stockholders, information on whom was not provided upon conversion, and whose stock will consequently not be re-issued in rubles. Trust management of such stock will be performed by non-commercial organisation Investor Protection Fund. The law also sets forth the term of such trust management and ways of restoring share rights.

The Federal Law set forth specific procedures for applying the legislation on combatting legalisation (laundering) of the proceeds of crime and financing terrorism with respect to both individuals and legal entities registered and/or operating on the territory of the Republic of Crimea and Sevastopol and engaged in various financial activities. Thus, such individuals are legally obliged to notify tax authorities at their place of registration of the accounts opened prior to March 16, 2014, with banks outside the territory of the Russian Federation.

The Federal Law also envisages the right of individuals and legal entities registered by the Accounting Chamber of Ukraine as audit companies and auditors prior to March 16, 2014, to continue their auditing activities on the territory of the Republic of Crimea and Sevastopol during the transition period, provided they have the appropriate documents. It also sets forth the mechanism for integrating such individuals into the legal system of the Russian Federation.

July 22, 2014