Investment code to be established in Russia
The law will fix the period for the transition of companies to new regulatory standards, said Deputy Prime Minister Dmitry Kozak. This will increase the predictability of the authorities’ policies and create more comfortable conditions for investors.
The conditions of the transition period will be spelled out in the Law on SZPK (agreements on the protection and promotion of investments), which, according to Kozak, should become a kind of “investment code of the Russian Federation”.
“Any regulatory innovations that entail additional costs for non-state businesses should be introduced only after a transition period of sufficient length after the adoption and promulgation of the relevant regulatory act. These requirements should also refer to acts that make legitimate economic activity today illegal today, to put it simply, criminalize the relevant type of economic activity”, said Dmitry Kozak.
According to the Deputy Prime Minister, the Government considers 2-3 years after such a transition to take effect in such a transition period.
Also, Dmitry Kozak said, the law will contain a mechanism for public evaluation of all initiatives that contain deterioration for business.