MOSCOW, May 23 - RAPSI. The Federal Antimonopoly Service drafted amendments liquidating the need for companies to issue notifications when they purchase assets, according to a draft law published on the Economic Development Ministry's website.

Pursuant to the law on the protecting competition, companies must presently notify the watchdog of a new enterprise's establishment if its assets exceed 400 million rubles ($12.8 million), or if they purchase firms with total profits or with a joint assets value of over 400 million rubles.

The draft law eliminates this requirement.

The watchdog will only control transactions that require companies to obtain permission - such as when the joint assets exceed 7 billion rubles ($224.06 million), or the yearly profits are over 10 billion rubles ($320 million).

The explanatory note to the document states that the notification system is highly inefficient.

According to the watchdog, orders were given in only 14 of more than 2,000 notification cases considered by the agency last year.

Due to the amendments, several thousand companies will no longer have to endure notification paperwork procedures.