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Rules for Concluding Special Investment Contracts (SPIC 2.0) are approved

Decree No.1048 of the Government of the Russian Federation, dated 16 July 2020, has approved rules for the conclusion, amendment and termination of SPIC 2.0, including:

 — Regulations on the procedure for forming and operating commissions to conclude, amend and terminate SPICs;

 — The methodology for evaluating applications to take part in the competitive selection process for the right to conclude a SPIC;

 — Requirements for the presentation and content of documents being filed as part of the application of a participant in the competitive selection process for the right to conclude a SPIC and for filings that are part of the SPIC conclusion procedure by decision of the President of the Russian Federation;

 — The methodology for calculating the total volume of expenditures and revenues lost in the budgets of the Russian Federation’s budgetary system, formed as a result of the application to use incentive measures in the industry in which the SPIC investment project is to be implemented.

On 20 July 2020 this Decree was published on the ‘Official Internet Portal of Legal Information’.

In addition, the Government of the Russian Federation also approved rules for monitoring the implementation of commitments made by investors under SPIC 2.0, as well as reports on their implementation

Thus, the main legal framework for launching the SPIC 2.0 mechanism has been formed, with the exception of:

 — A list of modern technologies. In June, the time for receiving applications for technologies to be included on the list ended. The list is currently pending approval. If a company has not submitted an initial application for technology to be included on the list, it may be added, inter alia, at the investor’s initiative, but only after the list is approved;

 — The Decree of the Government ‘On Amending Decree of the Government of the Russian Federation No. 1604, dated 21 December 2017’. This draft decree is posted on the site. According to the draft, the list of information that should be included in the State Industry Information System (GISP) and made publicly available is to be supplemented with information regarding the conclusion, amendment and termination of a SPIC / with the results from monitoring the implementation of commitments by investors under the SPIC, etc.

KPMG assistance

Even though the list of modern technologies has not yet been approved, it is still possible to assess a company and its investment project concerning its compliance with the SPIC 2.0 requirements, begin preparation of documents, etc.

KPMG has achieved an extensive list of successful projects in which we have supported projects to gain government support measures and conclude special investment contracts. We are now ready to provide you with comprehensive support in all stages when concluding a SPIC 2.0 contract, including assistance in the preparation and analysis of documents for participation in the competitive selection process and at all subsequent stages (including negotiations with the state authorities of the Russian Federation and the competitive selection process (encompassing evaluation of the draft SPIC 2.0 being proposed, preparation of a protocol of disagreements, etc.).