FAS RUSSIA HAS SPECIFIED REQUIREMENTS FOR FOREIGN INVESTORS

The Ministry of Justice of the Russian Federation has registered Administrative regulationof the FAS Russia on the review of information of foreign companies about beneficial owners, beneficiaries and controlling persons

Previously, the rules for submitting data by foreign legal entities were only regulated by the Government Decree No. 14562. The approved regulation specifies the procedure for submitting documents to the FAS Russia as the authorized body for monitoring foreign investment, determines the form of information about beneficiaries, beneficial owners and controlling persons, as well as establishes the procedure for actions of officials of the antimonopoly authority when receiving and reviewing information from foreign investors and other persons.

The public service is provided without charging a fee or other charges. The period for reviewing information is 30 days, subject to the submission of all necessary documents and information.

"The new public service makes the process of submitting documents to the FAS Russia transparent and obvious for foreign companies. We hope that the approved regulation will significantly save time and effort for applicants. The response of the antimonopoly authority will depend on the completeness and reliability of the data provided," said Andrey Tsyganov, Deputy Head of the FAS Russia.