Monitoring of the Federal Legislation dated 9.02.2004

Federal Law No. 1-FZ of February 5, 2004 on the Amendments to the Federal Law on the Hypothec (Real Estate Mortgage)

Introduced amendments permit for the mortgaging of any land plots except for those out of circulation or restricted for circulation on the basis of a federal law, as well as those available in the state or municipal property. Assessment of the land plot for the purposes of mortgaging is carried out according to the legislation regulating assessment activities in the Russian Federation. The mortgage value of the land plot handed over in mortgage under a mortgage contract is fixed in agreement with the mortgagee.

In cases of handing over of the land plot under a lease contract, the lessee may mortgage his lease rights, however, within the period of the lease contract for such land plot and with owner consent.

If there are tightly bound real estate objects owned by the owner of the land plot on the mortgaged land plot out of lands of agricultural destination, the mortgage contract for such land plot may be drawn up only with simultaneous mortgaging of the tightly bound real estate objects.

The Federal Law is entered into force from the day of its official publication.

Order of the State Customs Committee of the Russian Federation No. 55 of January 20, 2004 on the Fixing of the Competent Customs Bodies in Charge of the Customs Operations for Certain Commodities Moved by Natural Persons

Lists the specialised customs bodies with authority restricted exclusively to the customs operations for commodities requiring the issue of the certificates of transport vehicles, chassis, self-propelled vehicles and spare parts for them moved by natural persons across the border, as well as operations of registration of the transport vehicles temporarily imported by natural persons.

The authority to carry out customs operations of registration of the temporarily imported transport vehicles for the natural persons arriving temporarily or living permanently in Moscow and the Moscow Province, St.Petersburg and the Leningrad Province is vested exclusively in the Butovo Customs Post of he Moscow Western Customs Office and the St.Petersburg Highway Customs Post of the North-West Excise Duty Customs Office.

Registered in the Ministry of Justice of the Russian Federation on February 4, 2004. Reg. No. 5526.

Decision of the Federal Commission for Securities Market No. 03-47/ps of December 24, 2003 on the Specialists of the Securities Market

Introduces the new system of qualification requirements to the employees of professional participants of the securities market, organisations engaged in the management of investment funds, shared investment funds and non-state pension funds, as well as organisations engaged in activities of a specialised depositary of investment funds, shared investment funds and non-state pension funds.

Qualification certificates of the Federal Commission for Securities Market of Russia issued with restricted period of validity and not presented to put the "unlimited" stamp may be presented for it to the Federal Commission for Securities Market of Russia no later than January 1, 2005. After this date, the mentioned certificates are considered to be invalid. The holders of qualification certificates of specialists in corporate finances and specialists of specialised depositaries of the shared investment funds must confirm the necessary level of professional qualification.

Registered in the Ministry of Justice of the Russian Federation on February 4, 2004. Reg. No. 5525.

Order of the Ministry of Taxation of the Russian Federation No. BG-3-23/19 of January 16, 2004 on the Endorsement of the Form of the Annual Report of the Activities of a Foreign Organisation in the Russian Federation

Endorses the form of the annual report of activities of a foreign organisation in the Russian Federation (Form PO KND 1113020). The annual report is submitted through the permanent representation to the customs body at the place of location of the permanent representation.

Registered in the Ministry of Justice of the Russian Federation on February 4, 2004. Reg. No. 5523.