Bank of Russia informs about deadline for reviewing documents submitted for state control over acquisition of large block of shares in PJSCs

The Bank of Russia informs about the procedure for calculating the deadlines for review of documents submitted for state control over the acquisition of large blocks of shares of public joint-stock companies in line with Chapter XI.1 of the Law on Joint-stock Companies. The update is due to the fact that the days from 4 to 30 April inclusive were declared non-work days pursuant to clause 1 of the Decree of the President of the Russian Federation No. 239, dated 2 April 2020, ‘On Measures to Ensure Sanitary and Epidemiological Welfare of People in the Russian Federation due to the Spread of the New Coronavirus Infection (COVID-19)’.

The Bank of Russia will calculate the 15-day deadline stipulated in the Law on Joint-stock Companies for review of documents in normal mode, taking into account usual business days, weekends and holidays and without taking into account the non-work regime from 4 to 30 April. The deadline after which the entity who has submitted a preliminary notice to the Bank of Russia can send the corresponding documents to the public joint-stock company is calculated in a similar way.

The Bank of Russia also recommends that entities which intend to send a voluntary proposal or make a transaction that will incur an obligation to send a mandatory proposal clarify the operating schedule of the public joint-stock company of which securities they intend to acquire, the potential guarantor bank and appraiser, the registrar of the public joint-stock company with regard to their capability to perform actions required to meet the requirements stipulated in Chapter XI.1 of the Law on Joint-stock Companies.

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09.04.2020 00.00.00