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The Companies Act 2013 brought about significant changes for private limited companies. Under the 2013 act, most of the exemptions available to private limited companies were withdrawn. As a result, they have been subject to a number of additional compliance requirements. In response, the government recently issued a notification exempting private limited companies from certain provisions.
During the past couple of years significant steps have been taken to modernise Russian commercial legislation, in particular the Civil Code. As part of these efforts, Federal Law 42/2015 recently entered into force. The law amends the Civil Code provisions regarding obligations and contract law and aims to implement certain foreign legal concepts used in practice in Russia-related finance transactions.
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