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Law allowing any commercial entities to act as financial agents under factoring agreements adopted
Practical Law UK Legal Update 4-385-9124 (Approx. 2 pages)
Law allowing any commercial entities to act as financial agents under factoring agreements adopted
by White & Case LLP
| Published on 08 May 2009 • Russian Federation |
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From 26 April 2009, all commercial entities will be entitled to act as financial agents under factoring agreements, without requiring a licence.
On 9 April 2009, the President signed Federal Law No. 56-FZ amending Article 825 of the Civil Code. The Law will enter into force on 26 April 2009.
The Law allows all commercial entities to act as financial agents under factoring agreements. Previously the Civil Code required financial agents to be licensed entities (but the Law on licensing did not provide for licensing of factoring activities).