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Dentons Prepares "Concept" for Regulating Alternative Finance Methods in Russia

Dentons Prepares "Concept" for Regulating Alternative Finance Methods in Russia

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Acting on behalf of Russia's Fund for Infrastructure and Educational Programs, Dentons has prepared what it calls a "Concept" for regulating alternative finance methods in Russia.

Dentons describes the Fund for Infrastructure and Educational Programs as "one of the key tools for implementing state innovation policy," and the firm reports that "it occupies an important place in the system for state support of innovation." According to Dentons, "the Fund was created on October 22, 2010 on the basis of Federal Law No. 211-FZ on Reorganization of the Russian Corporation of Nanotechnologies of July 27, 2010. It provides financial and other support to the nanotechnologies and related high-tech sectors, shapes the innovation infrastructure, creates a market for skilled personnel and a system of professional development, and helps to market technological solutions and finished products."

According to Dentons, "alternative finance methods are not related to traditional financial instruments (e.g., credit facilities, loans) and institutional investors (e.g., banks, insurers). They allow innovation entrepreneurs to raise investment to set up and develop a business when classic tools are unavailable."

Dentons reports that its "Concept" is "based on the first major research in this area in Russia." According to the firm, "carried out by a Dentons team led by Partners Victor Naumov and Evgenia Teterevkova, the research involved analyzing ideas, regulatory approaches, and solutions in the development of alternative finance in five jurisdictions: France, Germany, Japan, the United Kingdom, and the United States, as well as sector-specific statutes of the European Union. The Concept can be used in the future to amend sector-specific legislation."

The Concept does not touch on crowdfunding, in Russia, according to Dentons, "because there is already a special law regulating that alternative finance tool (Federal Law No. 259-FZ on Raising Investments via Investment Platforms and on Amendments to Certain Legislative Acts of the Russian Federation of August 2, 2019)."

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