Upcoming Changes in Foreign
Exchange Legislation: branches of foreign companies’ settlements
will be converted into Tenge
In keeping with GRATA’s practice of informing clients of important legal developments that might influence their business, we would like to draw your attention to some important upcoming legislative developments regarding the foreign exchange regulation and foreign exchange control.
Syndicated lending regulation in
Russia
On 1 February 2018, the Federal Law, dated 31 December 2017, No. 486-FZ 'On Syndicated Lending and Introduction of Amendments to Certain Legislative Acts of the Russian Federation' (hereinafter - the 'Law No. 486-FZ') comes into force.
Kazakhstan has ratified the
Convention on avoidance of
double
taxation with Ireland
On 29 December 2017 the Republic of Kazakhstan has ratified the Convention on avoidance of double taxation with Ireland[1] and the Protocol thereto (hereinafter – the ‘Convention’).
Changes in the Russian currency
legislation in 2018
As of 1 January 2018, the Instruction No. 181-I of August 16, 2017 of Bank of Russia establishing the procedure for the submission by Russian residents and non-residents to authorised banks of supporting documents and information on the performance of currency transactions, as well as unified forms of accounting and reporting on currency transactions, the procedure and timing of their submission becomes effective. In particular, the requirement to submit a transaction passport by Russian residents with an authorised bank is cancelled, instead, the procedure for registering foreign trade contracts with banks with unique numbers being assigned to them is established.
Amendments to foreign currency
exchange regulations in
Uzbekistan
Resolution of the Cabinet of Ministers as of June 30, 2017 No. 449 introduced the market rate of foreign exchange for certain transactions in the over-the-counter foreign exchange market.
Changes in Russian Banking Law:
Universal Banks and Banks with a
Basic License
On 1 June 2017, the Federal Law No. 92-FZ dated 1 May 2017 came into force that, in particular, established two categories of Russian banks depending of a list of permitted operations: banks with a universal license and banks with a basic license, as well as provided for new requirements for the minimum amount of the charter capital of credit institutions.
Islamic finance in Kazakhstan
Though Kazakhstan adopted relevant legislation for domestic (such as the governed Kazakh law) Islamic banking transactions more than seven years ago and has a Muslim population of over 11 million, Islamic finance is still in the early stages of its development and Islamic products are rarely used. м
Change in the value of assets of
financial institutions for antitrust
control purposes in Russia
The Decree of the Government of the Russian Federation No. 1518 dated 26 December 2016 amended the value of assets of financial institutions for the purpose of antimonopoly control in Russia of transactions and other actions with respect to such institutions.