On this day, 34 years ago, on July 1, 1991 (May 20, 1991, the Soviet Parliament passed the Privatization Law. On July 1, 1991, the Supreme Soviet of the Soviet Union passed the "Law on Principles for Denationalization and Privatization of Enterprises" on July 1, or the Privatization Law. At the end of the first phase (1992), 40% to 50% of the fixed production funds of union-owned enterprises will be removed from the scope of direct state management; by the end of the second phase (1995), this proportion will rise to 60% to 70%. According to the Privatization Law, state-owned enterprises can be transformed into leasing enterprises or collective enterprises, or they can be transformed into joint-stock companies and sold by bidding or auction. They will mainly be purchased by enterprise employees, and other Soviet citizens or foreign citizens and legal persons also have the right to purchase.