MINISTRY OF ECONOMIC DEVELOPMENT OF RUSSIA HAS ELABORATED A DRAFT LAW ON REDUCING THE RISKS OF UNJUSTIFIED CRIMINAL PROSECUTION OF INNOVATIVE AND HIGH-TECH COMPANIES
The Ministry of Economic Development of Russia has elaborated a package of draft laws providing for the right to risk to subjects of innovation, primarily representatives of high-tech companies. It is proposed to amend the federal law "On Science and the State Scientific and Technical Policy", the Budget Code and the Criminal Code. A notice on the elaboration of documents is posted on the federal page of draft regulatory legal acts.
Implementation of the regulations of the draft laws will help establish an acceptable level of financial risks for development institutions that carry out venture financing using budget funds.
“At present, Russia has no special regulation of both the venture capital industry as a whole and of the certain aspects related to its state financing. At the same time, venture capital market participants are responsible for using state funding on general grounds”, said Oksana Tarasenko, Deputy Minister of Economic Development of Russia.