Current Development of Corporate Legislation

Abstract

Large-scale and permanent changes in the current conjuncture determine the development of law and legislation. In context of global business, the issue of competing national legal regimes remains topical. Countries develop dynamically and win greatly if they have a comfortable legal environment, which covers securities market and corporate governance. This paper analyzes the current corporate and securities market legislation. The modern Russian corporate law is at the stage of updating and gradual diverse development involving the activity of public and non-public companies, limited liability companies, exercising a shareholder information right. The article stresses the corporate law reform concerning public and non-public corporations in Russia and the legal assessment of modified rules. The objectives of the paper are to identify the challenges faced by the new corporate law and to comprehend to what extent the Russian experience is correlated with the similar processes in other countries and best international practices of corporate governance. Corporate relationships in limited liability corporations still have own specifics. It demonstrates only a technical convergence of the legal regimes for non-public joint stock corporations and limited liability corporations. Improving corporate law is closely related to the formation of the soft law regulation, in particular in corporate governance.