Monitoring of the Federal Legislation dated 18.03.2004

Decision of the Constitutional Court of the Russian Federation of March 18, 2004 on the Case of Constitutionality of Part 2 of Article 6 of the Law of the Russian Federation on the Pension Support for the Persons Having Undergone Military Service, Service in the Bodies of Internal Affairs, State Fire Service, Bodies in Charge of Control over Circulation of Narcotic and Psychotropic Substances, Institutions and Bodies of the Criminal Execution System and Their Families Pursuant to the Requests of the Supreme Court of the Russian Federation and the Meshchyansky Regional Court of the City of Moscow

The Constitutional Court of the Russian Federation recognised as not contradicting the Constitution of the Russian Federation the provision of Part 2 of Article 6 of the Law of the Russian Federation of February 12, 1993 on the pension support for the persons having undergone military service, service in the bodies of internal affairs, State Fire Service, institutions and bodies of the criminal execution system and their families stating that pensioners out of persons mentioned in Article 1 of the given Law have their assigned pension for the length of service suspended during the service when they are admitted to the military service or service in the bodies of internal affairs, State Fire Service, bodies in charge of control over circulation of narcotic and psychotropic substances or institutions and bodies of the criminal execution system (including the one in any other states).

The Constitutional Court emphasised that the right to get the pension for the length of service may be implemented by the citizens having undergone military and/or law enforcement service only if they quit the appropriate service permitting to get the given pension. The monetary subsistence paid out to the pensioners having returned to this service, other types of support are assigned proceeding from their available length of the military and/or law enforcement service, with the amount of increased monetary subsistence envisaged for the length of service compensating for the suspended payment of the length-of-service pension to a certain extent.

The Decision is entered into force immediately after annunciation.

Decision of the Government of the Russian Federation No. 143 of March 16, 2004 on the Endorsement of the Rates of Export Customs Duties for Raw Oil and Raw Oil Products from Bituminous Materials and Commodities of Oil Exported from the Territory of the Russian Federation outside the Member-States of the Customs Union Agreements

The rates of the export customs duties for the commodities of oil are increased from USD 30.5 to USD 31.7 per 1,000 kg. The export rate for raw oil and raw oil products from bituminous materials is increased from USD 33.9 to USD 35.2 per 1,000 kg.

The Decision is entered into force one month after the day of its official publication except for the rate of the export customs duty for raw oil and raw oil products from bituminous materials (code according to the Foreign-Trade Commodity Nomenclature of Russia 2709 00) entered into force from April 1, 2004.

Decision of the Ministry of Labour of the Russian Federation No. 17 of February 16, 2004 on the Procedure of Submission by a Non-State Pension Fund of Application for Activities in Obligatory Pension Insurance As an Insurer, Its Registration and Publication of Information of the Registration of Such Application

Provides the form of the application of the non-state pension fund for the activities in obligatory pension insurance as an insurer. Defines the requirements to the procedure of submission of such application, the list of the necessary attached documents, procedure of consideration and registration of such application, as well as publication of information of its registration.

To get the right of work in obligatory pension insurance as an insurer, the fund must provide the certificate confirming the presence of experience of simultaneous keeping of at least 5,000 personal pension accounts for at least one year, or at least 20,000 from July 1, 2009. Besides, the fund must confirm the monetary assessment of the property ensuring the registered activities that must be at least Rbl 3 million, or at least Rbl 30 million from January 1, 2005, at least Rbl 50 million from July 1, 2009. The amount of the fund aggregate contribution of the founders (founder contribution) in the monetary form must be at least Rbl 3 million, or Rbl 30 million from January 1, 2005.

Registered in the Ministry of Justice of the Russian Federation on March 9, 2004. Reg. No. 5634.

Decision of the Federal Commission for Securities Market No. 04-6/ps of February 18, 2004 on the Endorsement of the Procedure of Calculation of the Market Value of Assets and the Cost of Net Assets Being the Object of Investments of the Resources of Accumulated Pensions

The calculation of the market value of assets and the cost of net assets being the object of investments of accumulated pensions is made every working day as of the end of the day separately for each contract of trust control of the resources of accumulate pensions concluded by the management company with the pension fund.

Determination of the market value of the valuable paper is made under the condition that the volume of the market deals used to estimate its average weighted price makes at least Rbl 500,000. If the volume of the mentioned deals is less than Rbl 500,000, the securities are accepted for the estimate of the cost of the investment portfolio at the latest market price defined by the trade organisers (stock exchange) for the given valuable paper. The Decision provides the forms of the estimates of the cost of the investment portfolio, net assets being the object of investments of the resources of accumulated pensions.

Registered in the Ministry of Justice of the Russian Federation on March 9, 2004. Reg. No. 5632.