$1.5 Billion Initiative 价值15亿美元的新提案

Amendments to The Information, Information Technology and Information Protection Law

信息、信息技术和信息保护法修正案

On October 11 Nasdaq shares of Yandex N.V., the parent company of Russian flagship internet company Yandex, suffered a 16% drop equal to $1.5 billion loss of capitalization. The Nasdaq linked the fall with the news of the amendments of the Information, Information Technology and Information Protection Law (Information Law).

10月11日，俄罗斯互联网公司旗舰Yandex的母公司Yandex N.V.在纳斯达克的股价下跌16%，相当于15亿美元市值蒸发。纳斯达克将这次股价暴跌与俄罗斯信息、信息技术和信息保护法（信息法）修正案的消息关联在一起。

As a means of background information, at the end of July 2019, a member of the Information Policy, IT and Communications Committee, Anton Gorelkin, brought in an initiative of amendments. The draft proposes to include in the text of the Information Law new subjects such as the Significant Information Resource (SIR). The area which may have caused the October drop is related to the 20% limitation of the foreign ownership in SIRs. Let’s take a closer look at the proposed amendments.

背景信息是，信息政策、信息技术和通信委员会成员安东·戈尔金于2019年7月底提出了一项修订草案。草案提议在信息法文本中列入重要信息来源等新内容。这一修订将外国投资者对认定为重要信息来源的公司所有权限制为20%，也是直接导致10月份股价下跌的重要原因。以下是对拟议的修正案详细解读：

What does a Significant Information Resource mean?

重要信息来源的含义是什么？

The text of the amendments provides four subjects that could be defined as an SIR, namely:

• Website;

• Site page;

• Information system; and (or)

• Computer programs.

修正案的案文规定了四个可以界定为重要信息来源的对象，即：

• 网站；

• 网站页面；

• 信息系统；和（或）

• 计算机程序。

To be acknowledged as an SIR, the above mentioned information resources must (1) Collect information about users located in the territory of the Russian Federation and (2) be recognized as significant for the development of the Russian information and communication infrastructure, and data processing technologies by result of specific procedures prescribed by the law. 

要被视为重要信息来源，上述信息资源必须（1）收集有关俄罗斯联邦境内用户的信息，（2）被视为对俄罗斯信息和通信基础设施的发展具有重要意义，以及法律规定的特定程序产生的数据处理技术。

What is the procedure for the recognition of resources as an SIR?

确认为重要信息来源的程序是什么？

The procedure for the recognition as an SIR may include the following:

确认为重要信息来源的程序可包括：

What are the potential consequences for the information source to be recognized as an SIR?

信息来源被确认为重要信息来源的潜在后果是什么？

The draft prescribes for a 20% limitation of foreign capital in the SIR which shall be fulfilled by the company within 2 months after the notification of the recognition of, for example, its website as an SIR.

草案规定，涉足重要信息来源的公司外资限额为20%，公司应当在收到确认其网站为重要信息来源的通知后的2个月内完成。

In case of violation of the limitations proposed, a ban will be imposed on the use of the SIR for advertisements aimed at Russian consumers. Additionally, as the shares of the foreign owner would be deemed as illegally owned, the portion exceeding 20% cannot be considered during the company decision making process.

如果违反了提议的限制，将禁止在针对俄罗斯消费者的广告中使用此重要信息来源。此外，由于外国所有者的股份将被视为非法拥有，超过20%的部分在公司决策过程中不予考虑。

However, the current draft version is highly applicable to the ordinary shares structure where the holders of ordinary shares are typically entitled to one vote per share. The companies with an AB shares structure, A class shares with controlling rights and B class shares without controlling rights, in a case in which a foreign owner has the controlling A class shares which are less than 20% of the overall company shares, the limitations will be considered to be in accordance with the limitations.

然而，现行草案高度适用于普通股权结构，普通股权持有人通常按每股拥有一票表决权设置。在拥有AB股权结构的公司（拥有控制权的A类股份和没有控制权的B类股份），如果外国投资人拥有的A类控制股份少于公司总股份的20%，则仍将视为符合限制。

Conclusion

结论

The new regulations could affect many Russian companies, besides the previously mentioned Yandex, the job search company HeadHunter, online marketplace retailer Ozon and tech giant Mail.Ru Group as well as the Russian business of AliExpress, which we have covered in our previous articles, may all suffer from the amendments. The silence in the definition in regards to the national nature of the SIR make it possible to also include a list foreign companies such as Google or Facebook into the mix.

新规定可能影响到许多俄罗斯公司，除了前面提到的Yandex，求职公司“猎头”，在线市场零售商Ozon和科技巨头Mail.ru集团，以及我们在之前文章中提到的AliExpress的俄罗斯业务，都可能受到这一修正案的影响。该定义对重要信息来源的国家属性保持缄默，这使得将Google或Facebook等外国公司也纳入其中成为可能。

Overall, the amendments have received negative feedback from experts as a potential barrier for foreign direct investments in the Russian IT sector. D’Andrea & Partners will keep you updated upon the status of the amendments. Do not hesitate to contact us in case you may have any inquiry for the regulation of investments in Russia.

总体而言，这一修正案得到众多专家的负面评价，认为这是外国直接投资俄罗斯信息技术领域的潜在障碍。D'Andrea & Partners随时为您提供最新的修订情况。如果您对俄罗斯投资法规有任何疑问，请随时与我们联系。

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