Natalia Demina commented to Pravo.ru on the accelerated registration of personal funds after the transfer of authority from the Ministry of Justice to the Federal Tax Service

In the summer of 2024, amendments to the legislation were adopted, simplifying the procedures for registering and managing personal funds, significantly strengthening the confidentiality protections for founders, and expanding opportunities for asset structuring.

One of the key changes in the regulation of personal funds was the transfer of registration functions from the Ministry of Justice (Minjust) to the Federal Tax Service (FNS). As noted by Natalia Demina, Partner and Head of the Private Wealth practice at Maxima Legal, this has significantly accelerated the fund creation process. Previously, registration was a two-stage procedure: first, the Minjust reviewed the documents within 14 business days, then forwarded them to the FNS for entry into the Unified State Register of Legal Entities (another 5 days). Additionally, the Minjust could suspend the procedure for up to 3 months, which significantly delayed the process. Now, registration takes only 3 business days. “Unlike the Minjust, the FNS does not analyze whether a fund’s founding documents align with its stated objectives. This makes the procedure more formal and eliminates the risk of delays,” explained the expert to Pravo.ru.

To read the full article (in Russian), please see on Pravo.ru website>>>