President of the Russian Federation Dmitry Medvedev has signed the Federal
Law expanding the range of entities recognized as the qualified investors in
the equity share market. According to the law, the Russian corporation of nanotechnologies
now has a status of the qualified investor, which will allow the Corporation
to purchase the shares of closed and interval mutual investment funds investing
into the projects in the sphere of nanotechnologies.
 |
|
Up to 2007 the activity of venture investment funds was excessively regulated
and drew much criticism from venture market participants. The amendments made
in the Federal Law No. 156-FZ “On Investment Funds” on the 6th of
December 2007 established more favourable environment for the investment fund
regulation. In accordance with the Decree No. 08-19/pz-n “On Approving
the Statement on Composition and Structure of the Joint-Stock Investment Fund
Assets and Mutual Investment Fund Assets” issued by Federal Financial
Markets Service (FFMS) of Russia on May 20; starting from March 1, 2009 the
shares of the venture investment funds can be allocated only among the qualified
investors. These categories of the investment funds are exactly the type interesting
for use in the Corporation’s innovative activity. Additionally, these
organizational and legal forms of the investment funds are optimal for providing
the venture financing of scientific and technical developments.
It is impossible to be a participant of the mutual investment fund providing
venture investments without having the status of a qualified investor. In order
to get a status of a qualified investor legal entity had to be a commercial
company which excluded the possibility for RUSNANO
be recognized as one, since the Corporation is not a commercial organization.
In order for the Corporation to become a qualified investor a draft of the
amendments to be made in article 51.2 of the Federal Law “On Equity Market”
was prepared. The law was passed by the State Duma on the 12th of December 2008
and approved by the Council of Federation on the 17th of December 2008.
Introduction of this norm will allow for the Corporation to participate and
create the mutual investment funds in the sphere of venture investments in order
to support hi-tech venture projects in the field of nanotechnologies and manufacturing
the nanoproducts.
Posted December 29th, 2008
