6 January 2005
The concept of “entrepreneurial activity” is the closest in Russian law to the concept of traders or merchants. This concept derives from the type of the activity in which the person is engaged. Entrepreneurial activity is defined as “an independent activity carried out at own risk and directed at the systematic realization of profits from exploiting property, selling goods, performing works, or rendering services.” The definition of an entrepreneur extends to commercial organizations as well as to individual entrepreneurs (solo businessman)...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
The Russian legal system is a continental legal system where statutory law is more important than precedents. In resolving cases, the judges interpret legislation rather than search for a close match in prior jurisprudence. Most legislation is quite recent. It was developed in the 1990s after proliferation of economic and political reforms. Comparative law methods were an important instrument in developing a body of new law. For this reason, different legal institutions derive more or less from laws of different countries. For instance, securities law is based on the US model whereas the RF Civil Code is closer to the European tradition, while bankruptcy law relies heavily on German legislation...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
Bills of exchange, promissory notes, and checks are classified in the Russian law as valuable papers. The category of valuable papers includes also shares of stock, obligations, treasury notes, bills of lading and other documents certifying the economic right. Strict formal rules apply to the form of valuable papers, and especially bills of exchange and promissory notes. Defects of form of valuable papers may render them void or at least deprive such documents of the special status of valuable paper...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
The Russian law does not expressly address “assignment of a contract” as such, but instead regulates assignment of individual elements of the contract such as rights and obligations of the parties. Assignment of rights under a contract is called “assignment of claim”, while the assignment of obligations is called “assignment of debt” (Art. 382 - 392 of the RF Civil Code)...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
In the contract of delegation, one person (a principal) designates and authorizes another person (an attorney) to perform legally binding acts on its behalf and issues a power of attorney to such another person. In this relationship only the principal is bound by actions of the attorney-in-fact within the scope of its mandate...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
A contract is an agreement of two or more persons that constitutes, modifies, or terminates private rights and obligations. General rules on contracts and their formation are included in Chapters 27, 28 of the RF Civil Code. Section IV of part two of the RF Civil Code establishes specific rules applicable to individual types of contracts...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
Special regulation of rights, obligations and guarantees for foreign investors in Russia is implemented through a number of federal and local laws and other legal instruments. The Federal Law On Foreign Investments in the Russian Federation of 9 July 1999 No. 160-FZ (as amended) and bilateral investment treaties of the RF are among the most important acts...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
The procedure of execution (enforcement) of judicial acts is governed by Section VII of the new Arbitrazh Procedure Code of the RF of 24 July 2004 No. 95-FZ (hereinafter the “APC”), Chapter 47 of Section VI and Section VII of the new Civil Procedure Code of the RF of 14 November 2002 No. 138-FZ (hereinafter the “CPC”), the federal law No. 118-FZ On Court Bailiffs of 21 July 1997 and the Federal Law On Execution Procedure No. 119-FZ of the same date...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
The Constitution provides for creation of two systems of courts: federal courts and courts of subunits of the Russian Federation. Today both systems are functioning...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office
6 January 2005
The basic document of the Russian joint-stock legislation is the RF Federal law On Joint-Stock Companies of 26 December 1995 with latest amendments from 6 April 2004 (hereinafter “the law On Joint-Stock Companies”). Considerable amendments to this Law have been also introduced in 2001...
by Ilya Nikiforov, managing partner of EPA&P St.Petersburg office