Monitoring of the Federal Legislation dated 21.04.2004

Decision of the Ministry of Labor of the Russian Federation No. 41 of March 30, 2004 On the Approval of Forms of Certificate Confirming the Disability Status, of Extract From the Report of Examination of Citizen Found To Be Disabled To Be Issued by Agencies of the State Medical and Social Examination Service and Of Recommendations For Filling Them In

It approves the form of certificate (code 1503004) confirming the granting of a disability status to be issued by agencies of the State Medical and Social Examination Service and also of an extract (code 1503003) from the report of examination of citizen found to be disabled.
Registered with the Ministry of Justice of the Russian Federation in April 19, 2004. Registration No. 5758.

Decision of the Social Insurance Fund of the Russian Federation No. 26 of March 22, 2004 On Making Changes and Amendments in the Methodological Directives For Performing In-Chamber Audits of Insurers of Obligatory Social Insurance and of Obligatory Social Insurance Against Industrial Accidents and Occupational Diseases

It fixes the period during which the executive body of the Fund is obligated to notify the Insurer of non-fulfillment by it of obligations to present accounts and reports and of the necessity to make good eventual irregularities in execution of same - not later than within the next following working day since receipt of the pay-roll. It cancels the provision to the effect that the executive body of the Fund has no right to refuse to accept the insurer's reports. It reduces from 5 down to 2 working days the period during which the insurer shall amend the reports proceeding from the results of the in-chamber audit.
It also approves basic forms of documents to be used in performing in-chamber audits: decision to institute proceedings against the insurer, request to make amendments in the reports, request to make payments of arrears of insurance premiums and of penalty, request to pay penal sanction, etc.
Registered with the Ministry of Justice of the Russian Federation in April 16, 2004. Registration No. 5757.

Directive of the Central Bank of Russia No. 1410-Y of March 30, 2004 On the Criteria That the Bank Outside the Territory of the Russian Federation Must Comply With To Ensure the Fulfillment of Obligation of the Non-Resident Vis-a-Vis the Resident

It prescribes that the bank outside the territory of the Russian Federation must meet one of the following criteria, viz.:
- to have not lower than "AA3" indicator of the long-term creditability rating awarded to it by the "Moody's" rating company or not lower than "AA-" indicator awarded by the "Standard and Poor's"/"FITCH Ratings" rating company;
- to rank among 1000 major banks by the amount of assets according to the "Banks' Bulletin" (the use may be made of any issue of the reference book issued in a calendar year preceding a calendar year of the transaction).
Directive shall take effect as from June 18, 2004.
Registered with the Ministry of Justice of the Russian Federation in April 16, 2004. Registration No. 5754.

Directive of the Central Bank of Russia No. 1416-Y of April 1, 2004 On the Procedure For Preparation and Submission by the Banks of Reports On the Residues of To-Be-Insured Monetary Funds of Individuals Placed Into Deposits

It approves a new quarterly form of banks' reports (code of form 0409345) "Data On the Daily Residues of To-Be-Insured Monetary Funds of Individuals Placed Into Deposits" and procedure for preparation and submission of same.
The Directive shall take effect upon the expiration of 10 days after its official publication in "the Bulletin of the Bank of Russia".
The report shall be presented to a territorial agency of the Bank of Russia within a period not later than on the fifteenth day of the first month of the quarter following the quarter under review. The first accounting period is a period running from the day of entering the bank into the register of banks put on the register within the system of insurance of deposits until the day of termination of a respective quarter inclusive.
Registered with the Ministry of Justice of the Russian Federation in April 16, 2004. Registration No. 5751.

Directive of the Central Bank of Russia No. 1409-Y of March 29, 2004 On the Amending the Regulations of the Bank of Russia No. 227-P of May 14, 2003 On the Procedure For Account-Keeping and Submission of Information On the Affiliated Persons of Credit Institutions

It declares invalid form of bank reports No. 053 (code 0409053) "Data On the Financial and Industrial Group Which Comprises Credit Institution As Its Member". The data on the said groups shall be submitted as part of forms 0409051 "List of Affiliated Persons" and 0409052 "List of Affiliated Persons Belonging to the Group of Persons Which Comprises Credit Institution As Its Member" which data shall be set forth in a new wording. The Directive shall take effect upon the expiration of 10 days after its publication in "the Bulletin of the Bank of Russia".
Registered with the Ministry of Justice of the Russian Federation in April 15, 2004. Registration No. 5749.

Order of the Ministry of Finance of Russia No. 35n of March 31, 2004 On Making Changes and Amendments In the Terms of Issuance and Circulation of Federal Loan Bonds With Debt Amortization, Approved By Order of the Ministry of Finance of Russia No. 37n of April 27, 2002 (registered with the Ministry of Justice of Russia in May 13, 2002 under No. 3427)

It establishes that the interest rate of the coupon income may be either a fixed one for each coupon period of an individual issue of bonds or a variable one. In case of bonds with a fixed interest rate of the coupon income, the amount of the interest rate and of the coupon income in respect of all coupons shall be announced not later than two working days before the commencement of placing the issue. In case of bonds with a variable interest rate, its amount shall be determined, proceeding from official indicators characterizing the inflation. The amount of the interest rate of the coupon income and of the coupon income under the first coupon shall be announced not later than two working days before the commencement of the placing, under the second and next following coupons, including the last one - not later than two working days before the date of payment of income under the preceding coupon.
Earlier, the interest rate of the coupon income could only be a fixed one for each coupon of an individual issue of bonds.
Registered with the Ministry of Justice of the Russian Federation in April 15, 2004. Registration No. 5748.