Syndicated Lending: Intensification of Transactions and Development of Legal Regulation in Modern Russia
Abstract
This paper deals with the tendencies of development of the legal regulation of syndicated lending in the modern Russian banking sector. The authors reveal the legal regulation problems, elimination of which will contribute to development of syndicated lending to domestic borrowers and, as consequence, growth of the real sector of the national economy as a whole. The legal nature of a syndicated loan and agreement concluded by the syndicate members is revealed. The authors study the problem of slow development of syndicated lending to economic entities in modern Russia. It is noted that this financial technology has been used abroad for a long time and very successfully, while in the Russian Federation syndicated lending is considered to be an innovative banking product. It is concluded that this situation is due to the absence of the detailed legal regulation of this field of business relations, as well as the poor development of the mutual credit partnership among the commercial banks. However, the institution of syndicated lending enables to transact for the financial support of major innovative projects. The development of this institution will contribute to reducing the risks of the parties involved, as well as intensifying the syndicated lending in Russia.
References
[2] Golovinsky, V. 1872. On the origin and division of obligations. Warsaw, 343 p.
[3] Gravin, D. I. 2013. Syndicated lending in Russian and English law. Russian law journal, 12: 100 - 109.
[4] Kachalova, A.V. 2006.Legal aspects of the conclusion of agreements on granting syndicated loans. The law, 2: 75-83.
[5] Meyer, D. I. 1997. Russian civil law: In 2 Vol. Vol. 2. M., 229 p.
[6] Popkova, L.A. 2012. Syndicated lending: advantages, drawbacks, development trends of the market. Legal work in a credit organization, 2: 104 - 112.
[7] Sarbash, S. V. 2009. The obligations with a plurality of persons and the features of their performance. M., 114 p.
[8] The Civil Code of the Russian Federation (part two) from January 26, 1996 #14-FZ (ed. of May 23, 2016).// Russian newspaper, #23, 06.02.1996, #24, 07.02.1996, #25, 08.02.1996, #27.10.02.1996.
[9] The decision of the Arbitration court of Moscow of 26.01.2015 in case #A40-85130/14// Commercial Case File. Available at: http://kad.arbitr.ru/PdfDocument/b115e21b-fdb7-4045-a24f-13f69e3e257d/A40-85130-2014_20150126_Reshenija%20i%20postanovlenija.pdf (Accessed: 31.01.2017).
The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.