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4) on completion of construction of the uncompleted construction object, it contains a number of residential properties sufficient to satisfy the claims filed by all participants in the construction project with regard to that particular construction object, entered in the register of the creditors claims and the register of claims for the transfer of residential properties, in accordance with the terms of the contracts envisaging the transfer of residential properties (and there are no instances when one and the same residential property in the block of flats is simultaneously claimed by two or more participants in the construction project, except for the instances envisaged by Item 7, Article 201.10 of the Federal Law On Insolvency (Bankruptcy). With the consent of a participant in the construction project, he or she may be allotted a residential property whose layout design, floor space and location will differ from those stipulated in his or her contract envisaging the transfer of residential property;

5) the uncompleted construction object belongs to the developer by right of ownership;

6) the land plot where the uncompleted construction object is situated belongs to the developer by right of ownership or any other property right;

7) participants in the relevant construction project have adopted a decision that a housing cooperative or a specialized consumer cooperative of another type, corresponding to the provisions of Item 8, Article 201.10 of the Federal Law On Insolvency (Bankruptcy), should be established.

In the event that a debtor developer has a block of flats whose construction has been completed, the arbitration commissioner should put forward for consideration at a meeting of participants in the construction project, no earlier than 1 month and no later than 2 months after his or her appointment (if the objects construction is completed within the period of bankruptcy proceedings, no later than 2 months after the date of its completion), the issue of addressing the arbitration court with an appeal that the claims filed against the developer by participants in the construction project should be settled by transferring ownership of residential properties in that block of flats to participants in the construction project.

The transfer of residential properties to participants in a construction project may be carried out if the following conditions are simultaneously met:

1) a completed block of flats has been issued an official completion certificate authorizing its commissioning;

2) the developer and participants in a construction project have not signed the deeds of real estate or any other documents concerning the transfer of residential properties to participants in the construction project;

3) the value of the residential properties to be transferred does not exceed by more than 5% the aggregate amount of the claims filed by participants in the construction project, entered in the register of the creditors claims and the register of claims for the transfer of residential properties; or the decision that residential properties be transferred to participants in the construction project has been approved by the affirmative vote of three-quarters of the forthpriority participants in the construction project, with the exception of the juridical personsparticipants in the construction project; or the necessary amount of money has been paid into Section Institutional Issues the deposit account of the arbitration court in accordance with Item 4, Article 201.10 of the Federal Law On Insolvency (Bankruptcy);

4) the value of the property remaining in possession of the debtor after the transfer of residential properties to participants in a construction project is sufficient for covering the current payments and for settling the claims filed by the first-priority and second-priority creditors; or the necessary amount of money has been paid into the deposit account of the arbitration court in accordance with Item 5, Article 201.10 of the Federal Law On Insolvency (Bankruptcy);

5) the register of the creditors claims does not contain any claims filed by the creditors who are not participants in construction with regard to the obligations secured by a pledge of the developers rights to the completed block of flats, the land plot and the residential properties to be transferred; or the afore-said creditors have given their assent to the transfer of residential properties to participants in the construction project; or the necessary amount of money has been paid into the deposit account of the arbitration court in accordance with Item 6, Article 201.10 of the Federal Law On Insolvency (Bankruptcy);

6) all participants in a construction project are allotted residential properties in accordance with the provisions of their contracts envisioning the transfer of residential property, and the number and the size of the residential properties being transferred is sufficient to satisfy the claims filed by all participants in the construction project with regard to that particular construction object, entered in the register of the creditors claims and the register of claims for the transfer of residential properties, in accordance with the terms of the contracts envisaging the transfer of residential properties (and there are no instances when one and the same residential property in the block of flats is simultaneously claimed by two or more participants in the construction project, except for the instances envisaged by Item 7, Article 201.10 of the Federal Law On Insolvency (Bankruptcy). With the consent of a participant in the construction project, he or she can be allotted a residential property whose layout design, floor space and location will differ from those stipulated in his or her contract envisaging the transfer of residential property.

* * * On the whole, as far as the situation in the field of bankruptcy in 2009-2011 is concerned, it was the first time since 2004 that we saw a systemic development of Russias bankruptcy legislation. The impetus for those changes came from outside the legislative domain it was provided by the crisis phenomena in the global and Russian economy that resulted in a more than 15% rise in Russia over the period of 2009-2010.

The fact that the State made use of the key ideas for exiting the crisis supported the banking sector and protected financial institutions in their role of creditors by reducing the level of bad debts determined the adoption of a number of urgently needed legislative measures primarily designed to strengthen the creditors position and to improve the overall transparency of the bankruptcy process.

However, the motives behind the recent legislative initiatives have inevitably narrowed the States focus and thus have left a number of most important issues on the waiting list. Some of those issues are as follows:

- the issue of participation of the tax agencies in bankruptcy procedures (for the purpose of eliminating the conflict of interests between their major task of collecting taxes and the necessity of liquidation of potentially lucrative enterprises, and for the purposes of pre RUSSIAN ECONOMY IN trends and outlooks venting the Federal Tax Services bodies from hampering the application of financial recovery mechanisms and the conclusion of amicable agreements);

- issues relating to the development of bankruptcy prevention mechanisms (bankruptcy hindrance mechanism, mechanism for the conclusion of amicable agreements, financial recovery mechanism), and to the restoration of the solvency of enterprises and their preservation (especially those whose output is export-oriented and competitive) in the instances when this approach is economically and/or socially feasible;

- the issue of supervision over the activities of SROs of commissioners in bankruptcy and SROs of valuators still failing to efficiently perform their functions and to provide high levels of service;

- the issue of monitoring and analyzing the practical implementation of legislation, of detecting problems in the areas of application of the new legal norms (adopted over the period December 2008 through January 2011) concerning the activities of commissioners in bankruptcy and their SROs (including the legal norms on the application of liability measures, by a SRO, to arbitration commissioners, and by the controlling agencies to a SRO and the legal norms regulating the accreditation, by a SRO, of organizations of valuators and organizations maintaining registers of securities); the issue of the practical effectiveness of the legal norms establishing the liability of person exercising control over companies, and the issue of the practical effectiveness of the legal norms for contesting suspicious transactions and transactions resulting in preference being given to one creditor at the expense of another.

6.5. Self-Regulated Organizations the Evolution of the Law (20072011) The development of the Laws on Self-Regulated Organizations 1 (hereinafter SRO) can be conventionally divided into two stages:

I April 1994 July 2007;

II August 2007 till now.

Let us review their main features.

At the 1st stage that began in April 1994 by the establishment of self-regulated associations as a SRO prototype for professional participants of the security market and ended in July 2007, self-regulated organizations were created spontaneously and on a limited basis.

During this period, the SRO establishment was regulated by certain types of professional businesses limited to isolated areas, outside industries and major markets such as evaluation/appraisal business, investment foundations managers, bankruptcy commissioners, etc.

The key elements and tools of regulating SROs during this period were:

1) definition of the notion of a self-regulated organization as an entity established for coordination of its activities, representation of its members and for the purpose other than profit generation;

2) identification of state authorities that would control the self-regulated organizations;

3) the right and procedure for development of SRO performance standards and control over activity of the SRO members by the SRO.

As of November 1, 2010, 634 self-regulated organizations have been registered in Russia. Out-of-court settlement of disputes in SRO Bankruptcy Commissioner, 2010, No. 6.

Section Institutional Issues During this period, SROs were not in majority: for 13 years they were set up in three areas only: valuation/appraisal (in May 1998), bankruptcy commissioners (October 2002) and audit boards of agricultural cooperatives (November 2006).

Starting 2001, the process of establishment of self-regulated agencies has intensified each year new legal norms regarding SRO were established in Federal Laws such as: On investment foundations (2011), On insolvency (bankruptcy) (2002), On communications (2003), On housing and construction cooperatives (2004), On organization of insurance (2005), On advertisement and On agricultural cooperatives (2006).

With the enforcement of Federal Law of 01.12.2007 No. 315-FZ On self-regulated organizations in July 2007, the 2nd stage of the development of the Laws on self-regulation began. Efforts to introduce the self-regulation intensified, and the share of organizations with mandatory self-regulation increased considerably.

The SRO Laws developed in two directions: by enforcing and amending the general Federal Law and by enforcing special Laws in all the areas where self-regulation was adopted.

6.5.1. Federal Law of 01.12.2007 No. 315-FZ On self-regulated organizations According to the new Law, a self-regulated organization shall be a non-commercial organization based on the membership that unites the subjects of entrepreneurship by one of the following attributes:

- a unity of the sector of production of goods (works, services), e.g. construction. communications;

- a unity of the market of produced goods (works, services), the e.g. market of real estate/ appraisal services/cadaster services;

- unification of subjects of professional business of a certain type, e.g. mediators, patent attorneys, auditors.

Such division, however, seems very conventional since the subjects of a certain professional activity can render their services on one market and can satisfy two attributes simultaneously, e.g. support to the commercial infrastructure of electric energy wholesale market - the Market Council.

The content of self-supported and initiative activity of such associations includes:

- development and establishment of SRO standards and rules;

- control over compliance with these standards and rules.

According to Federal Law On self-regulated organizations (Federal Law On SRO) (jointly with special norms about SRO), all self-regulated organizations were divided into 3 categories:

1) SRO to which the general legal norms are not applied and which are governed by special norms (see section 6.5.3 for details);

This category includes mainly SROs1 established before 2001 that had sufficiently developed legal framework of regulation and practices of application of the legal norms; these relate to a financial market segment. Among these SRO are professional participants of the securities market, share investment funds, non-state pension funds, etc. 2;

SRO of housing funded cooperatives enforced in 2004 are an exception.

See item 3, Article 1 of Federal Law On self-regulated organizations for details.

RUSSIAN ECONOMY IN trends and outlooks 2) SRO that are governed by special norms on a number of issues defined by the general law; however these SRO are subject to general norms of the Federal law On SRO;

3) SRO that are not governed by special norms but are regulated by FZ On SRO exclusively; however special norms can be enforced also.

Two categories of entities can become SRO members:

1) subjects of entrepreneurship are individual entrepreneurs and legal entities engaged in entrepreneurship. To set a SRO, at least 25 such entities are required if the applicable federal laws do not provide otherwise;

2) subjects of professional activity are individuals (physical persons) engaged in professional business. To set a SRO, at least 100 such subjects of a certain type are required.

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