On 28 December 2010, the President signed Federal Law No. 409-FZ amending the Law on Joint Stock Companies, the Law on Limited Liability Companies and the Tax Code with respect to payment of dividends. The Law entered into force on 31 December 2010.

The amendments extend the JSC Law and LLC Law rules on payment of dividends to shareholders in joint stock companies and distribution of profits among participants in limited liability companies, respectively.

Thus, the term for payments of dividends (distributed profit) is to be specified either in the company charter or in the resolution of the general meeting of shareholders (participants) on the payment of dividends (distribution of profits) and may not exceed 60 days from the date of the resolution. If not so specified, this term is deemed to equal 60 days from the date of the resolution on the payment of dividends (distribution of profits).

If the dividends (profits) are not paid within the required term, a shareholder (participant) may request payment from the company within three years thereafter (or within a longer term that may be specified in the company charter, but which may not exceed five years). Upon expiry of this term the unclaimed dividends (profits) shall be reinstated as part of the company's undistributed profits. The unclaimed dividends (profits) reinstated as part of the company's undistributed profits are not subject to profit tax.

On 23 December 2010, the President signed Federal Law No. 375-FZ regarding suspension of certain rules of Federal Law "On the Insurance of Individual Bank Deposits in the Russian Federation." The Law entered into force on 7 January 2011. The Law on Insurance of Bank Deposits lists circumstances when a bank is not eligible to participate in the system of mandatory insurance of individuals' bank deposits (for example, the bank fails to comply with mandatory economic ratios or has "unsatisfactory" profitability). Therefore, such bank may not attract individuals' bank deposits.

In September 2009, a number of the above provisions of the Law on Insurance of Bank Deposits were suspended until 31 December 2010, allowing banks in temporary difficulty to continue attracting bank deposits from individuals. The Law extended this grace period until 1 July 2011.

On 27 December 2010, the Russian government issued Resolution No. 1149 "On Measures to Implement the Federal Law 'On Microfinance Activities and Microfinance Organisations'." The Resolution entered into force on 4 January 2011.

The Resolution vests the Ministry of Finance with the power to supervise microfinance activities. It is empowered to approve rules for maintaining a state register of microfinance entities, establish mandatory economic ratios and reporting forms for microfinance entities, and control their compliance with the Anti-Money Laundering Law.

On 28 December 2010, the President signed Federal Law No. 429-FZ amending the Bankruptcy Law. The Law entered into force on 31 December 2010. The Bankruptcy Law provides for the establishment of a publicly accessible state register of information on bankruptcy of Russian companies. Pursuant to the amendments, the Bankruptcy Law requirements to enter information on bankruptcy in the register will apply as of 1 April 2011.

Further, the Bankruptcy Law provides that sales with respect to the debtor's certain assets and the debtor's enterprise as a whole are to be conducted in electronic form, and, normally, via an open auction. Pursuant to the amendments, the requirement regarding electronic form of sales does not apply to open auctions that are announced before 1 October 2011.