In his Address to the Federal Assembly in February 2019, Russian President Vladimir Putin set the goal of radically revising the mandatory requirements that entrepreneurs and state-owned companies must observe in their operations. Many of these existing mandatory requirements are outdated and have not been reviewed for over 20 years. The "regulatory guillotine" mechanism allows for excessive and ineffective regulation to be eliminated. A wide range of individuals, including representatives of the business, scientific, and expert communities, will be involved in revising Russian legislation.