Moscow, June 8, 2009 – Over 200 delegates have gathered today at the seminar on limited liability companies law reform organized by the Corporate Lawyer magazine and EPAM.

Speakers at the seminar included Supreme Arbitrazh Court judges, representatives from the Russian Ministry of Economic Development, Federal Tax Service, Federal Notarial Chamber, businesses and leading law firms who discussed nuances of implementing new provisions of the law and developed recommendations for its further application.

D. Stepanov, Partner at EPAM, spoke on the conceptual framework of the LLC law reform..

Supreme Arbitrazh Court judge A. Makovskaya focused on issues relating to criteria for good faith acquisition of interests in the authorized capital of a LLC and its consequences for preceding corporate actions and deals. Supreme Arbitrazh Court judge L. Novoselova spoke on pressing issues of legal practice relating to the LLC law.

E. Makhnonosov, Advisor to the President of the Federal Notarial Chamber on legal matters, and S. Fedchenko, Tax Service Advisor at the Legal Department of the Federal Tax Service of the Russian Federation, provided detail on the new mechanics of accounting relating to shareholder rights to participation interests and notarization of transactions involving such interests.

A special emphasis was placed on the institution of LLC shareholder agreements. At the discussion panel on practical implementation of this fundamentally new legal institution participants deliberated on enforcement of shareholders agreements, conflict resolution mechanics within shareholder agreements, relations of laws governing shareholder agreements and laws on assignment of participation interests, liberty of contract limits, autonomy of will in corporate law, including international private law issues, and finally, critique of flaws in the law relating to this legal institution. Differences in approaches to private and public companies entering into LLC participant agreements and shareholder agreements have been analyzed. Panelists at the discussion included Russia’s leading practicing lawyers and law academics.

The event was also supported by the Russian Corporate Counsel Association and STATUT law school.