Monitoring of the Federal Legislation dated 28.03.2002

Decision of the Federal Commission for Securities Market No. 2/ps of February 7, 2002 on the Time Limits for Drawing Up and Submission of the Quarterly Report of the Issuer of Emission Securities

Extends the time limit for submission of the reports of the issuer of emission securities to 45 days instead of 30 as specified in Item 5 of the Regulation on the quarterly report of the issuer of emission securities endorsed by the Decision of the Federal Commission for Securities Market No. 31 of August 11, 1998. The given measure is adopted because the earlier fixed time limit coincided with the time limit of submission of the quarterly accounting reports, which made it difficult to observe the fixed requirements by the issuers.
Registered in the Ministry of Justice of the Russian Federation on March 21, 2002. Reg. No. 3324.

Decision of the Federal Commission for Securities Market No. 1-ps of January 4, 2002 on the Endorsement of the Regulation on the Requirements to the Organizers of Trade at Securities Market

Sets forth obligatory requirements to legal entities engaged in activities at securities market on the basis of a license of the stock exchange or a license of a professional participant of securities market for activities in the organization of trade at securities market.
The Decision is entered into force from April 1, 2002 with exceptions.
Registered in the Ministry of Justice of the Russian Federation on March 21, 2002. Reg. No. 3319.

Direction of the Central Bank of Russia No. 1128-U of March 20, 2002 on the Amendments to the Instruction of the Bank of Russia No. 1 of October 1, 1997 on the Procedure of Regulation of Activities of Banks

The amendments are introduced pursuant to the entering into force from April 1, 2002 of the Direction of the Bank of Russia No. 1054-U of November 20, 2001 on the amendments to the rules of accounting work in credit organizations located on the territory of the Russian Federation No. 61 of July 18, 1997.
The Direction must be published in the Herald of the Bank of Russia and is entered into force from April 1, 2002. The text of the Direction is published in the Herald of the Bank of Russia on March 26, 2002, No. 15.

Direction of the Central Bank of Russia No. 1127-U of March 20, 2002 on the Amendments to the Regulation of the Bank of Russia No. 159-P of November 26, 2001 on the Method of Calculation of Own Resources (Capital) of Credit Organizations

The amendments are introduced pursuant to the entering into force from April 1, 2002 of the Direction of the Bank of Russia No. 1054-U of November 20, 2001 on the amendments to the rules of accounting work in credit organizations located on the territory of the Russian Federation No. 61 of July 18, 1997.
The Direction must be published in the Herald of the Bank of Russia and is entered into force from April 1, 2002. The text of the Direction is published in the Herald of the Bank of Russia on March 26, 2002. No. 15.

Order of the Ministry of Finance of the Russian Federation No. 18n of March 14, 2002 on the Amendments to the Directions on the Procedure of Application of the Budget Classification of the Russian Federation Endorsed by the Order of the Ministry of Finance of the Russian Federation No. 38N of May 25, 1999.

Classification of incomes of the budgets of the Russian Federation is extended to include the new Subarticle 1010205 "Income Tax from Natural Persons Engaged in Entrepreneurial Activities without the Forming of the Legal Entity". The Order omits Subarticles 1010511 "Debts, Fines, Penalties in the Uniform Social Tax (Contribution) as of January 1, 2002 Earlier Transferred to the Budget of the Pension Fund of the Russian Federation" and 1400504 "Tax for the Maintenance of the Housing Fund and Objects of the Social and Cultural Sphere".

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. SA-6-04/341 of March 22, 2002 on the Granting of the Property Tax Exemption

Explains the procedure of use of the property tax exemption granted for the income tax from natural persons to construction organizations or buyers of houses or flats. It is established, in particular, that the taxpayers who used the tax exemption in full amount on the basis of the Law of the Russian Federation No. 1998-I of December 7, 1991 on the income tax from natural persons before January 1, 2001 may get the property tax exemption for the house or flat purchased or built after January 1, 2001. Also explains the rights of the taxpayers who did not use the exemption of the Law on the income tax from natural persons in full amount before January 1, 2001.

Letter of the Ministry of Taxes and Revenues of the Russian Federation and the Ministry of Finance of the Russian Federation Nos. VG-6-02/263, 04-02-04/32 of March 6, 2002 on the Rates for the Profit Tax

Legislative (representative) bodies of the subjects of the Russian Federation may reduce the rate of the profit tax of organizations for the amounts transferred to the budgets of the subjects of the Russian Federation.
Redistribution of the amounts of taxes transferred to the budgets of the subjects of the Russian Federation may be carried out on the basis of Article 58 of the Budget Code of the Russian Federation. According to this Article of the Code, own incomes of the budgets of the subjects of the Russian Federation from regional taxes, as well as from the federal taxes allocated to the subjects of the Russian Federation, may be transferred to the local budgets on a permanent basis completely or partly in percent portion endorsed by the legislative (representative) bodies of the subjects of the Russian Federation.