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Civil Code Amendments Published

07.02.2012 17:14 / Rossiiskaya gazeta

The President’s Codification and Legislative Reform Council has published the latest draft of Civil Code amendments. The draft was presented to the head of state a few days ago.

The draft took longer than expected due to numerous debates. MIFC Taskforce opposed the excessive regulation of companies and tighter legal control of commerce.

Many have objected the proposed involvement of notaries in business and mandatory notarization of real estate trades. Finally, last November Russian President Dmitry Medvedev appointed the Minister of Justice Alexander Konovalov head of the working group for drafting a ‘compromise’ Civil Code draft. On 31 January the draft was forwarded to the President. Alexander Konovalov says that common ground has been found and the draft is well-balanced and ready for the State Duma.

“The Civil Code amendments encompass a wide range of issues”, said the Minister of Justice. “Today, they can make a lot of things easier, better, improve civil circulation. This includes good faith, lenders rights protection, property rights protection, and what is also important, the Civil Code has been augmented witha huge number of new forms of title to property, new ways of implementing ownership rights to various property types. If the draft becomes law and part of the Civil Code, this will undoubtedly make owners, investors and lenders interests protection in Russia guaranteed, correct and up-to-date".

The final Civil Code amendments draft retains the involvement of notary public in registration and legal service of companies, as well as mandatory notarization of real estate trades. "Thus the Russian state has de facto recognized the notary public as an intrinsic instrument of property rights protection for the first time in 200 years", comments the Federal Notary Chamber.

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