OREANDA-NEWS. January 29, 2010. The Federal Antimonopoly Service (OFAS Russia), jointly with other executive bodies, including the Federal Security Service, the Ministry of Industry and Commerce, the Federal Service for Technology and Export Control, the Ministry for the Protection of the Environment and Natural Resources and the Ministry of Economic Development of the Russian Federation devised the draft law "On Introducing Amendments to the Federal Law "Procedures for Foreign Investment in the Business Entities of Strategic Importance for Russian National Defence and State Security", reported the press-centre FAS Russia.

The draft law is devised to executive the instructions of the Government Commission for Control of Foreign Investments in the Russian Federation and improving the procedures for processing petitions and notifications specified in the Federal Law "Procedures for Foreign Investment in the Business Entities of Strategic Importance for Russian National Defence and State Security".

According to the proposed amendments, transactions aimed at purchasing stock (shares) constituting the authorized capital of a strategic business entity as a result of an additional emission (increase of authorized capital), if the scope of rights of the foreign investor for managing voting stock (shares) of such a company is not increased, do not require preliminary consent.

The draft law increases for up to 30 days the period for concluding agreements on foreign investor's executing the obligations, established by the Government Commission.

Passing the draft law will also clarify the rights of the authorized body for control over foreign investments to economic entities of strategic importance in order to duly perform the functions of informational and analytical support of the Government Commission, specified in No.510 Decree of the Government "On the Government Commission for Control over Foreign Investments in the Russian Federation" of 6th July 2008.

"Before we present the amendments to the law on foreign investments in strategic Russian industries to the Government, we will hold a number of joint discussions with both foreign and domestic investors. It is important for us to hear their opinions and proposals regarding suggested changes to the law, and elimination of possible uncertainties in interpretation and enforcement of some of its norms", emphasized Igor Artemyev the Head of FAS Russia.