Monitoring of the Federal Legislation dated 3.06.2004

Decision of the Government of the Russian Federation No. 263 of June 2, 2004 on the Council for Competition and Entrepreneurial Activities of the Government of the Russian Federation

The Council for Competition and Entrepreneurial Activities of the Government of the Russian Federation is a permanent advisory body created to provide for the practical interaction of the federal bodies of executive power, entrepreneurial community and the scientific public to work out proposals to create efficient mechanisms, improve competition potential of the economy and develop entrepreneurial activities in the Russian Federation.

The Council is headed by the Chairman of the Government of the Russian Federation.

Decision of the Government of the Russian Federation No. 259 of June 1, 2004 on the Procedure for Writing off of Debts in Penalties and Fines from Organisations of Strategic Significance for the National Security of the State or Social and Economic Significance Where the Decisions on the Restructuring of the Debts in Taxes and Fees to the Federal Budget, As Well As the Debts in Accrued Penalties and Fines, Were Taken by the Government of the Russian Federation

The debts of the mentioned organisations in penalties and fines are written off after the Government of the Russian Federation takes the decision on the restructuring of the appropriate part of the debts of these organisations in taxes and fees to the federal budget and its redemption within 2 (half of the debts) or 4 years (full redemption of the debts). The writing off is carried out under the condition of making current tax payments in full amount by organisations and absence of debts in the payment of interest.

The Decision provides the rules of preparation of materials to specify the special terms of writing off of the restructured debts in penalties and fines.

Direction of the Central Bank of Russia No. 1425-U of April 28, 2004 on the Procedure for Carrying out Currency Operations in Transactions between Authorised Banks

No restrictions apply to the following currency operations in transactions between authorised banks committed by them in their name and at their own expense:

- operations qualified as bank operations in compliance with the legislation of the Russian Federation;

- operations of execution of obligations to pay out foreign currency under guaranty and bail contacts, execution of guarantor recourse claims;

- operations of purchase from third-party authorised banks, as well as the cession to third-party authorised banks for foreign currency, of monetary claims;

- operations of payments in foreign currency under financial leasing contracts;

- operations with external securities;

- operations of payments in foreign currencies in operations with internal and external securities;

- operations of attraction of monetary resources in foreign currencies in the from of credits;

- operations of trust control of monetary resources;

- operations of payment of commission (payment for the services of the authorised bank);

All other currency operations are carried out by the authorised banks according to the procedure specified for the resident legal entities not being authorised banks.

The Direction is entered into force from June 18, 2004.

Registered in the Ministry of Justice of the Russian Federation on June 2, 2004. Reg. No. 5822.