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Russian company registry: new rules for shares held in trusts

On 26 April 2021, amendments to Russia’s Federal Law No. 129-FZ (the State Registration Law), which requires reporting to the company registry of transfers of shares in limited liability companies to trusts (including by way of inheritance), will come into force.

The registry will collect information on the trustee’s identity, with the power, when a new company is registered, to automatically enter information such as whether:

  • the company can act on behalf of another legal entity
  • the company is a founder or participant in another legal entity
  • the company  holds the register of shareholders of another legal entity

As for joint-stock companies, the register will state whether such a company has a sole shareholder and will contain information regarding him. For companies reorganised by a merger or consolidation that are sole participants of another legal entity, the registrar will independently update information about the company’s legal successor.

The amendment comes after the introduction in November 2020 of new registration forms aiming to simplify and harmonise Russian state registration regulations.

SOURCE: publication.pravo.gov.ru