According to the World Bank, in 2019 Russia is ranked 31st out of 190 economies in terms of ease of doing business in 1 general, 32nd for starting a business, 12th for registering property and 18th for enforcing contracts. Within past years, significant market-oriented reforms have been implemented in almost every area of law, including administrative, civil, corporate, tax, customs, and currency, providing for a more transparent legal framework. In particular, fundamental changes have been introduced in the Civil Code of the Russian Federation liberalising the regulation of internal corporate relations of private companies, detailing the norms on corporate (shareholders') agreements, introducing the instruments of contractual law similar to those existing in common law jurisdictions (in particular, warranties regarding circumstances, indemnity, option for entering into a contract and option agreement) which facilitate, inter alia, mergers and acquisitions transactions and investment projects under Russian law. The procedures of the state registration of legal entities and individual entrepreneurs and the approval of major and interested party transactions entered into by limited liability and joint stock companies have been simplified. The reform of arbitration tribunals was implemented with the enactment of the Federal Law dated 29 December 2015 No. 382-FZ 'On Arbitration in the Russian Federation' and amendments to the Arbitration Procedural Code of the Russian Federation which provide, in particular, for the possibility to refer most of corporate disputes to arbitration tribunals.