January 28 Constitutional Court of Russia declared the ruling on the case challenging the constitutionality of certain provisions of the Act on Joint Stock Companies ", according to which joint-stock company with the task of maintaining and keeping the register of shareholders to the registrar, is not relieved from liability for its maintenance and safekeeping. The Court recognized this provision does not contradict the Constitution.

occasion to review the case following complaints to the Constitutional Court of Russia, Gazprom, Orenburgneft, Sberbank of Russia "and" Gazprom Neft "in terms of which are joint-stock company, with more than 50 shareholders, may not itself keep a register of holders of securities securities. According to the companies, they should not be held responsible if the registrar has caused losses to shareholders.

Applicants believe that the contested provision aims stock companies and registrar at a disadvantage, says the official statement of the court. In addition, this rule is contrary to the recognized principle of legal liability, because it imposes the obligation to compensate the losses caused to the shareholder than the injurer (the registrar), and at JSC, whose fault in causing no damage.

Court, in turn, believes that by virce8tue of Art. 403 CC issuer shall be responsible for nonperformance or improper performance of obligations by third parties, which was charged with execution, ie the registrar. However, in case of damages caused by the registrar, the issuer may recover from the registrar of the amount of damages in part or in full, in order of regression.

"In any case, the issuer is obliged to exercise reasonable care and diligence in selecting a registrar, to prevent the infliction of damages to its shareholders," reads the trial transcript.
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