In December 2013, the Russian State Duma introduced a number of amendments to various pieces of legislation aimed at developing the bond market and project finance, which will come into effect in July 2014. In particular the amendments create two types of SPVs: a special finance company and a special project finance company, and set specific legal regime for those SPVs.

The concept of an escrow bank account will now appear in the Civil Code. This is a long awaited development which should make the implementation of a number of deals primarily in the M&A sphere easier.

In addition, the Civil Code will provide for a nominal account opened by its holder for the performance of transactions with funds that are property of another person (the beneficiary). This will create a legal regime for bank accounts in a number of situations where one person disposes of the funds of another person (including trustees, brokers, agents, notaries, etc.).