Monitoring of the Federal Legislation dated 15.11.2005

Decision of the Government of the Russian Federation No. 679 of November 11, 2005 on the Procedure for Working out and Endorsement of the Administrative Regulations for the Execution of State Functions and Administrative Regulations for Providing State Services

Defines general requirements to the working out and endorsement by the federal bodies of executive power of the mentioned administrative regulations, as well as the time limits and the sequence of actions (administrative procedures) for the federal body of executive power, procedure of interaction between its structural divisions and officials, as well as its interaction with other federal bodies of executive power and organisations.

When working out administrative regulations, excessive administrative procedures should be removed, periods of execution of actions and administrative procedures should be reduced and, if possible, personal responsibility of officials should be introduced for the observation of the requirements of administrative regulations.

Decision of the Government of the Russian Federation No. 676 of November 11, 2005 on the Amendments to the Decisions of the Government of the Russian Federation on the Issues of Participation in the Regulated Sector of the Wholesale Market of Electric Power in the Transient Period

The amendments define the mechanism and terms of participation in the regulated sector of the wholesale market of electric power for organisations included before November 1, 2005 in the list of commercial organisations being the subjects of the federal (all-Russia) wholesale market of electric power where tariff rates for electric power (amount of payment for the services) is specified by the federal body of executive power in charge of regulation of tariff rates.

Decisions granting the right of participation in the regulated sector of the wholesale market of electric power of the transient period to suppliers and buyers of electric power and refusing such right to suppliers and buyers of electric power shall be taken by the Federal Service for Tariff Rates of Russia.

The Decision is entered into force from November 15, 2005.

Order of the Federal Service for Financial Markets No. 05-41/pz-n of September 27, 2005 on the Endorsement of the Qualification Minimum for the Specialised Qualification Examination for the Specialist of the Financial Market for the Management of Investment Funds, Shared Investment Funds and Non-State Pension Funds (Fifth Series Examination)

Defines the minimum level of knowledge necessary for the passing of the specialised examination for the heads, controllers and specialists of specialised depositaries of investment funds, shared investment funds and non-state pension funds. The passing of the qualification examination of the Federal Service for Financial Markets of Russia is a necessary prerequisite for obtaining the qualification "specialist of the financial market" and obtaining the qualification certificate of the Federal Service for Financial Markets of Russia.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-03-04/2/89 of October 27, 2005

The interest accrued for the up-front sum paid by the contractor to the bank as a collateral for the execution of obligations under a futures transaction shall be taken into account in the determination of the taxable base for the profit tax in expenses in the form of interest in obligations (Item 2 of Article 265 of the Tax Code) according to the procedure specified in Article 269 of the Tax Code.