Minek has updated the rules for concluding agreements on the protection of investments

by time news

The Ministry of Economic Development has sent to the government a draft resolution with new rules for concluding agreements on the protection and encouragement of investment (SZPK), First Deputy Minister of Economic Development Andrei Ivanov told Vedomosti. According to the document (available to Vedomosti), the new rules will be in effect temporarily: from the moment of signing the document until June 1, 2022.They provide for the conclusion of the SZPK in paper form, but in 2022 it is planned to launch the state information system (GIS) “Investments “, Into which all work on the SZPK will be transferred.

One of the significant changes in the rules is the ability to reflect in the agreements changes related to the ruble exchange rate and key rate. If the ruble depreciates against the dollar or euro by more than 20%, and the key rate increases by more than 3 percentage points from the date of the agreement, the cost of the project and the timing of its implementation may change and the investor will have the right to reflect this in the agreement. The right to consolidate the list of force majeure and cases of significant changes in circumstances that may be the basis for amending the agreement is determined by the law on SZPK. Force majeure can be considered, including mass diseases in the territory of the project, natural disasters, fire, the establishment of a ban on the implementation of activities.

According to Ivanov, in the documents that are provided at the conclusion of agreements, there is information about the rates on loans – if they change, then the conditions for the implementation of the project change. “An investor, for example, can say that further continuation becomes unprofitable, because credit conditions change for him. Therefore, he has the right to terminate the agreement, ”the first deputy minister said.

Another innovation is the designation of the state corporation VEB.RF, the autonomous non-profit organization Investment Development Agency (AID) and Russian credit institutions as authorized organizations that will accompany the processes of concluding the SZPK and monitor the implementation of the terms of the agreements. A number of criteria will be set for banks – the size of the authorized capital of at least 3 billion rubles, a credit rating of at least A- (RU) according to the national rating scale ACRA or Expert RA, experience in banking support of contracts. In addition, a credit institution should not be in the process of liquidation, and a bankruptcy procedure should not be introduced in relation to it. According to the Ministry of Economic Development, 47 banks now meet these criteria. According to Ivanov, all banks that meet the criteria are in dialogue with the Ministry of Economic Development and are preparing to carry out this work. Thus, the investor, passing through the client’s path in the bank, will simultaneously be able to conclude the SZPK as an option, that is, to receive a boxed solution.

For the rest of the year, the Ministry of Economic Development plans to conclude agreements with a total investment of 1.7 trillion rubles, Ivanov said. He recalled that the government’s KPI provides for the conclusion in 2021 of 100 SZPK with a total investment of 2 trillion rubles. At the moment, contracts have been signed for 300 billion rubles, Ivanov specified.

To launch the GIS “Capital Investments”, it is necessary to put the conclusion of the SZPK on the stream, Ivanov notes. “We couldn’t just renew the old rules, because we had to go through all the procedures with the law. When we accepted it, we wanted to understand how it would work. But we will catch up and will do everything that the business needs, ”he added. According to the first deputy minister, GIS will become an ecosystem of interaction between federal authorities (the Ministry of Economic Development, the Treasury, the Federal Tax Service) and the investor. With its help, the Ministry of Economic Development will be able to conclude agreements, monitor the project, and there will be an investment deduction.

New agreements have not been concluded for more than six months. In August, Vedomosti wrote that the old rules for the conclusion of the SZPK ceased to apply from April 1, 2021, so investment contracts were paused. The representative of the Ministry of Economic Development reported that the system will be available in pilot mode in December this year. The ministry explained the big delay with the GIS by “the preparation of regulatory documents for the new legislative framework for the SZPK”. In early April, First Deputy Prime Minister Andrei Belousov, who is the curator of the NWPC, said that since the launch of the mechanism, 36 NWPC were signed for 1.3 trillion rubles. In addition, applications from companies were received for the implementation of 73 more new projects for a total amount of 1.6 trillion rubles.

Notes on the new rules

The Ministry of Finance presented its comments on the new rules for concluding agreements, most of them were settled as part of the finalization of the project, a representative of the Ministry of Finance told Vedomosti. “The Ministry of Finance reviewed the draft document in the prescribed manner and sent its position to the Ministry of Economic Development, which reflected a number of comments regarding the need to ensure transparency of the processes for the conclusion, amendment and termination of SZPK by investors, the expediency of accelerating the timing of such procedures, as well as the need to exclude norms that create the possibility of ambiguous interpretation provisions of the draft document, in order to increase the efficiency of the SZPK mechanism, “- said the source of” Vedomosti “.

Business also prepared and submitted a number of its comments to the new rules for the conclusion of the SZPK, said a source close to the RUIE. The comments concern, among other things, the choice of an authorized organization by investors who entered into agreements under the old rules before April 2. In addition, the business proposes to fix in the normative document the gratuitousness for investors of the support of SZPK by an authorized organization, to define the term “banking support” and to fix on the basis of which document the services will be provided by the authorized organization, the source said.

Delovaya Rossiya took part in the development of the SZPK mechanism, said Kirill Nikitin, head of the expert center for tax and budgetary policy of Delovaya Rossiya. “Many of our proposals and comments, including those on strengthening the level and mechanisms of guarantees, expanding and simplifying access, were taken into account, others were left for later and, we hope, will be reflected in the legislation later. In this regard, the organization welcomes any action aimed at the earliest possible resumption of the functioning of the mechanism, ”he adds.

According to Tatyana Kolodina, investment director of Infra One, a number of investors may be frightened off by the introduction of compulsory banking support in an authorized organization.

The package for the NWPC was prepared in a fairly short time, it was repeatedly supplemented and supplemented, says Daria Godunova, managing partner of Pioneers of PPP. “There was no race for quality, but rather for indicators and overall KPI. The first agreements were also concluded within a few literal weeks, ”Godunova said. According to her, the chosen approach raises questions in terms of carrying out all the proper procedures without competition, therefore, the appointed authorized organizations also shift the focus away from market approaches and the observance of the competition rights of participants.

.

You may also like

Leave a Comment