Partnership financing experiment extended through September 2028
The law extending the partnership financing experiment also provides for improving its mechanisms. The law was adopted by the State Duma and approved by the Federation Council.
The experiment has been held in Bashkortostan, Dagestan, Tatarstan, and the Chechen Republic since 1 September 2023. Initially, it was supposed to last for two years.
The law extends the list of partnership financing operations, which includes the opening of accounts by banks with the relevant licence. This list will also be supplemented with mutual insurance.
A special committee will be established to approve the standards of partnership financing. When advertising their services, companies should specify that they are participants in the experiment.
Furthermore, the law expands the grounds for denying companies’ inclusion in the register of experiment participants and the grounds for removing them from this register. This will help mitigate the risks associated with unscrupulous companies participating in the experiment.
The law is aimed at establishing a more consistent and accurate framework for partnership financing services and enhancing the transparency and attractiveness of the experiment, including to foreign investors.