OREANDA-NEWS. On 30 December 2008 was announced, that President of the Russian Federation Dmitry Medvedev has signed the Federal Law expanding the range of entities recognized as the qualified investors in the equity share market. According to the law, the Russian corporation of nanotechnologies now has a status of the qualified investor, which will allow the Corporation to purchase the shares of closed and interval mutual investment funds investing into the projects in the sphere of nanotechnologies.

Up to 2007 the activity of venture investment funds was excessively regulated and drew much criticism from venture market participants. The amendments made in the Federal Law No. 156-FZ “On Investment Funds” on the 6th of December 2007 established more favourable environment for the investment fund regulation. In accordance with the Decree No. 08-19/pz-n “On Approving the Statement on Composition and Structure of the Joint-Stock Investment Fund Assets and Mutual Investment Fund Assets” issued by Federal Financial Markets Service (FFMS) of Russia on May 20; starting from March 1, 2009 the shares of the venture investment funds can be allocated only among the qualified investors. These categories of the investment funds are exactly the type interesting for use in the Corporation’s innovative activity. Additionally, these organizational and legal forms of the investment funds are optimal for providing the venture financing of scientific and technical developments.

It is impossible to be a participant of the mutual investment fund providing venture investments without having the status of a qualified investor. In order to get a status of a qualified investor legal entity had to be a commercial company which excluded the possibility for RUSNANO be recognized as one, since the Corporation is not a commercial organization.

In order for the Corporation to become a qualified investor a draft of the amendments to be made in article 51.2 of the Federal Law “On Equity Market” was prepared. The law was passed by the State Duma on the 12th of December 2008 and approved by the Council of Federation on the 17th of December 2008.

Introduction of this norm will allow for the Corporation to participate and create the mutual investment funds in the sphere of venture investments in order to support hi-tech venture projects in the field of nanotechnologies and manufacturing the nanoproducts.