Monitoring of the Federal Legislation dated 4.03.2008

Direction of the Central Bank of Russia No. 1978-U of February 5, 2008 on the Amendments to the Direction of the Bank of Russia No. 1755-U of December 11, 2006 on the Procedure of Determination of the Rouble Equivalent of the Minimum Amount of the Registered Capital of the Newly Registered Credit Organisation, Minimum Amount of Own Resources (Capital) of the Bank (Including the One Requesting the General License), Minimum Amount of Own Resources (Capital) of a Non-Bank Credit Organisation Requesting the Status of a Bank

Specifies the procedure of determination of the rouble equivalent of the minimum amount of the registered capital of the newly created bank or own resources (capital) of a bank younger than two years requesting the right to attract in deposits monetary resources of natural persons.

Direction of the Central Bank of Russia No. 1977-U of February 5, 2008 on the Amendments to the Instruction of the Bank of Russia No. 109-I of January 14, 2004 on the Procedure for the Bank of Russia to Take the Decision on the State Registration of Credit Organisations and Issue the Licenses for Bank Operations

The Bank of Russia now issues separate licenses for activities of the newly created banks attracting in deposits monetary resources of natural persons in roubles and foreign currencies.

Order of the Federal Tax Service No. MM-3-09/10 of January 17, 2008 on the Amendments to the Order of the Federal Tax Service No. SAE-3-09/861 of December 13, 2006 on the Endorsement of the Forms of Bank Reports of the Opening (Closing) of the Account, Change of Account Details

Enters into force a new procedure for the bank to inform in the electronic form the tax body at the place of location of the opening (closing) of the account, change of details of the account opened on the basis of the bank account contract and used to enter and spend monetary resources of the organisation (independent entrepreneur), private notary, lawyer having founded a lawyer office.