On improvement of legal regulation of a syndicated loan in the Russian Federation

A syndicated loan is one of the most common and effective ways of raising capital in the international financial market. A characteristic feature of a syndicated loan is the involvement of several credit lenders in legal relationship, which makes it possible to diversify the risks in relation to the borrower and also to attract a significant amount of funding. Nowadays, in the Russian legislation there are no specific documents or developed judicial practice governing this type of loan, which causes a lot of difficulties in the organization of syndicated loans under the Russian legislation. As a result, we use English, French, German or Swiss law in concluding the majority of transactions. A great number of syndicated transactions is structured on the basis of standard documentation developed by the London Association of the credit market. However, in recent years, our country has seen some economic, organizational and legal preconditions for the development of syndicated lending and for the increase in the number of transactions concluded under the Russian legislation. The article analyzes the changes in the Russian legislation and their importance for the development of syndicated lending.

bank, borrower, a syndicate of lenders, syndicated loan, pledge of property, collateral, collateral manager, assurances and guaranties, general partnership, decisions of the meetings

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