Development Concept for Moscow as Financial Center and Importance of Legal Services – Russia Law Newswire

LawFuel.com – Legal Announcements Europe – On 19 May 2009, the Moscow Government adopted the Ruling No. 445-ПП “On Development Concept for Moscow as National and International financial Services Center”. The purpose of this concept is to develop the capital into a large Euro-Asian and further into the world’s financial center. This move will contribute to the whole country’s economic development and will ensure Russia’s leading position on global capital and financial services markets.

It is important that the Concept is the first document of such a high level where the state body touches upon the issues connected with the role of legal services sector as one of the most important part of infrastructure necessary for the successful functioning of national and international financial center. The following moments are reflected by the document:

· High rates of economic development of Moscow are accompanied by creation of the legal infrastructure unique both for Russian and CIS countries which is formed by the leading Russian and
international law firms and other institutions;

· Necessity of providing conditions to form and rationally establish financial centers providing the corresponding services in Moscow, including legal support;

· Priorities in the area of education include creation of conditions and motivation for the development of legal education system of international level;

· Necessity to create first call services, including the legal one, for the foreign citizens living in Moscow.

Alexander Muranov, Managing Partner of Muranov, Chernyakov & Partners Law Firm, is a member of the Moscow Government Advisory Council, which has been created to develop the concept. Attorneys of the firm proposed a number of amendments to the original text of the Concept, which was adopted by the Moscow Government and became part of the document’s final edition.

ENDS

Notes to Editors:

Muranov, Chernyakov & Partners is one of the Russia’s top ten national law firms with more than 30 lawyers based in Moscow. The firm focuses on providing practical and cost-effective legal advice to Russian and international public and private corporations and financial institutions, asset management clients and state bodies. Main areas of our expertise include banking and finance, corporate/M&A, competition and anti-monopoly, litigation and dispute resolution, with industry focus on Financial Institutions, Energy & Natural Resources and Technology, Media & Telecom.

For further information about this press release please contact: Alexei Merkuriev, PR Manager, Tel: +7 495 783 7450, emai: [email protected]

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