Bill on Resolution of Corporate Conflicts was Introduced at the RF State Duma
The bill specifies the notion and method of maintenance of register of stockholders, prevents occurring of the so-called binary registers
MOSCOW. May 5. VOSTOK-MEDIA – A Draft federal law concerning the introduction of amendments in certain enactments of the Russian Federation as related to improvement in accounting treatment of property rights within resolution of corporate conflicts was introduced at the State Duma of the Russian Federation.
According to one of the draftsmen Victor Pleskachevskiy, Chairman of Committee on Ownership, the bill is submitted to enhancement of property rights through the more detailed regulation of the root principles of accounting of property rights and also relationships formed in connection with maintenance of register of owners of inscriber securities between issuer, book runner and other individuals.
The bill specifies the notion and method of maintenance of register of stockholders, prevents occurring of binary registers even in case a ‘duplicating’ bodies of this kind will be formed in a joint-stock company.
The draft law defines that securities transactions register of companies contains all records concerning all registered securities of a company, including information on its ownership rights, owners of these rights and other data required by legislative acts of the Russian Federation. The bill introduces special responsibilities for issuers, namely that a company should have a duly qualified person on staff, complying with qualifying requirements, defined by the Federal Executive Bodies on Securities Market for specialists-registers.
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