Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 13.09.2002

Decision of the Federal Commission for Securities Market No. 33/ps of August 14, 2002 on the Endorsement of the Lists of Officials of the Federal Commission for Securities Market of Russia and the Regional Divisions of the Federal Commission for Securities Market of Russia Authorized to Drawn Up Protocols of Administrative Violations

Lists officials of the Federal Commission for Securities Market of Russia and the regional divisions of the Federal Commission for Securities Market of Russia in the federal districts authorized to draw up protocols of administrative violations in compliance with the Code of Administrative Violations of the Russian Federation.
Registered in the Ministry of Justice of the Russian Federation on September 6, 2002. Reg. No. 3780.

Decision of the Federal Commission for Securities Market No. 29/ps of July 31, 2002 on the Invalidation of Item 1 of the Decision of the Federal Commission for Securities Market No. 8 of April 20, 1998 on the Endorsement of the Regulation on the Procedure of Holding of the General Meeting of Stock-Holders by Absentia Vote and Introduction of Amendments to the Regulation on the Keeping of the Register of Holders of the Registered Securities Endorsed by the Decision of the Federal Commission for Securities Market No. 27 of October 2, 1997

Invalidates from August 20, 2002 the Regulation on the procedure of holding of the general meeting of stock-holders by way of absentia vote. The procedure of holding of the annual and extraordinary meetings of stock-holders of the closed-type and open-type joint-stock companies by arranging absentia vote is specified in the Decision of the Federal Commission for Securities Market of Russia No. 17/ps of May 31, 2002.

Decision of the Federal Commission for Securities Market No. 26/ps of July 3, 2002 on the Amendments to the Decision of the Federal Commission for Securities Market of Russia No. 4/ps of March 21, 2002 on the Requirements to the Amount of Own Resources of the Managing Company of Investment Funds, Shared Investment Funds and Non-State Pension Funds

Envisages a stepwise increase in the normative of sufficiency of own resources of the managing companies: Rbl 10,000 from January 1, 2003, Rbl 20,000 from April 1, 2003.
The increase in the minimum amount of own resources of the managing companies of investment funds, shared investment funds and non-state pension funds is aimed to reduce financial risks of the activities of these organizations.

Decision of the Federal Commission for Securities Market No. 28/ps of July 31, 2002 on the Endorsement of the Requirements to the Amount of Own Resources of the Joint-Stock Investment Fund

The amount of own resources of the joint-stock investment fund as of the date of submission of the documents to get the license must be at least Rbl 5 million.
Before the entry into force of the procedure of calculation of own resources of the joint-stock investment fund, its own resources are determined according to the procedure of calculation of own resources of the managing company of investment funds, shared investment funds and non-state pension funds endorsed by the Decision of the Federal Commission for Securities Market of Russia No. 5/ps of March 21, 2002.

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