New POA cancellation procedure

19.07.2016

Legal Update No. 569

This update relies on legal acts and draft laws existing as of 3 July 2016. 

Goltsblat BLP advises of changes to the procedure for cancelling a power of attorney (the "New POA Cancellation Procedure")1.

The New POA Cancellation Procedure specifies that a POA is to be cancelled either in the same form as it was issued or subject to notarisation, in which case the information about its notarised cancellation must be included by a notary in the electronic notarial register (the “Register”) and published on the Internet.

As before, should the principal so wish, the information about POA cancellation performed in a simple written form may also be published in an official print edition publishing information about bankruptcies2 (the “Print Edition”). In this case, the signature on the relevant application for POA cancellation must be notarised.

In addition, the New POA Cancellation Procedure specifies a rule that, unless notified earlier, third parties are considered to have been informed about notarised cancellation of a POA on the day following this information’s inclusion in the Register and, if the cancellation is performed in a simple written form, one month from publication in the Print Edition.

The New POA Cancellation Procedure takes effect on 1 January 2017.

________________________________________

1Federal Law No. 332-FZ of 3 July 2016 "On Amending Articles 188 and 189, part I of the Civil Code of the Russian Federation and the Fundamentals of the Legislation of the Russian Federation on Notaries".
2Currently, the Kommersant newspaper.

Contact details

For all issues related to publications, news and press releases, please contact:

Ksenia Soboleva

Head of PR and Communications

Subscription

If you would like to receive our legal alerts and updates highlighting current legal issues relevant to your areas of interest and providing expert commentary by our lawyers, please click on "Sign Up" and fill out the form.