Government lowers foreign investments control threshold for fishing industry
13 Jul 2021
On 13 July 2021, the amendment to the Federal Law on Fisheries and Conservation of Aquatic Biological Resources (Федеральный закон «О рыболовстве и сохранении водных биологических ресурсов») and the Federal Law On foreign investments in companies of strategic importance for ensuring the country's defense and state security (Федеральный закон «О порядке осуществления иностранных инвестиций в хозяйственные общества, имеющие стратегическое значение для обеспечения обороны страны и безопасности государства») entered into force. As a result, the control threshold that requires prior governmental approval of a foreign acquisition in a fishing company was lowered from 50 per cent to 25 per cent.
Within 365 days from the date of entry into force of this amendment a foreign investor who already has control over 25 per cent and up to 50 per cent is obliged to perform one of the following:
1) to submit a petition for approval of the establishment of control over the company in accordance with the Federal Law on foreign investments in companies of strategic importance for ensuring the country's defense and state security;
2) to alienate corresponding shares in the company in order to comply with the amended law and send a notice on this regard to the public authority.
-
Type:
-
Entry and establishment (Ownership and control, Approval and admission)
-
Industry:
-
Primary (Agriculture, forestry and fishing)
-
Sources:
-
Federal Antimonopoly Agency (FAS) , Президент России подписал закон, который защитит российскую рыбодобывающую отрасль от контроля со стороны недобросовестных иностранных инвесторов, https://fas.gov.ru/news/31362, 02 Jul 2021
-
Official website of legal information (Официальный интернет-портал правовой информации - www.pravo.gov.ru), Федеральный закон от 02.07.2021 № 339-ФЗ "О внесении изменений в Федеральный закон "О рыболовстве и сохранении водных биологических ресурсов" и Федеральный закон "О порядке осуществления иностранных и, http://publication.pravo.gov.ru/Document/View/0001202107020044, 02 Jul 2021
