The Legal Commission on Foreign Investments can make decisions in absentia

The Legal Commission on Foreign Investments can make decisions in absentia

The Government Commission on Control over Foreign Investments in the Russian Federation has the right to make absentee decisions on petitions filed by foreign investors. The relevant amendments are made by No. 46 Decree of the Government of the Russian Federation of 30 January 2016.

The draft Decree was prepared by the Federal Antimonopoly Service (FAS Russia) – the body authorized to exercise control over foreign investments in Russian strategic sectors.

“Upon signing the Decree, the Legal Commissionis given a possibility to make decision on petitions of foreign investors by absentee vote. It will enable to accelerate transaction reviews in some cases and, as a consequence, shorten the periods of receiving decisions by a foreign investors”, emphasized Armen Khanyan, the Head of FAS Department for Control over Foreign Investments.

Decisions on absent voting are made by the Commission Chairman – the Prime-Minister Dmitry Medvedev. If the Commission members cannot reach a unanimous position, the issues must be put to vote in person.

Reference:

No. 46 Decree of the Government of the Russian Federation of 30 January 2016 made amendments to the Regulations on the Government Commission on Control over Foreign Investments in the Russian Federation.