The authorities approved the draft law of the Ministry of Economic Development on the reform of transactions with large blocks of shares in public companies. Most of the amendments are aimed at protecting the rights of minority shareholders, the department said. The RSPP considers that the entry date should be delayed by one year.
This is reported by RBC with reference to the text of the bill approved by the commission on December 18. It is planned to introduce changes to the federal laws “On Joint Stock Companies” and “On the Securities Market”.
The explanation of the project states that its task is to improve the regulation of the purchase of large blocks of shares in public companies. The changes should increase investor confidence in the Russian financial market, the document notes.
The Russian Union of Industrialists and Entrepreneurs (RSPP) expressed its comments on the draft law. They believe that minority shareholders have the opportunity to “enrich themselves unjustifiably.”
The changes will take effect on October 1, 2024, but the volume and complexity of the changes will require more time for businesses to adapt, especially in the current environment. According to the head of the union, Alexander Shokhin, it is worth postponing the entry date for one year.
Author:
Karina Pardaeva
Source: RB
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