Windfall tax for major companies to be introduced in Russia

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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 30.09.2002

Federal Constitutional Law No. 5-FKZ of September 27, 2002 on Amending the Federal Constitutional Law on the Referendum of the Russian Federation

Amendments are introduced in Article 8 of the law as envisaging the establishment of a ban on federal referendum initiation during federal election campaigns and also when a referendum coincides with the last year in office of the President of the Russian Federation, the State Duma of the Federal Assembly of the Russian Federation. This measure is aimed at preventing an overlap of a referendum and the pre-election agitation period of a federal governmental body election as it can lead to a significant distortion in Russian citizens' voting. Accordingly, amendments are made to Article 12 of the law ("Purpose of the Referendum of the Russian Federation") to establish a ban on holding a Russian Federation referendum during the said period of time.
The federal constitutional law enters into force as of the date of its official publication.

Federal Law No. 119-FZ of September 27, 2002 on Amending Article 11 of the Federal Law on the Basic Guarantees of Electoral rights and the Right to Participation in a Russian Federation Referendum

It has updated the procedure for entry into force of the regulatory legal acts of a Russian region or a municipal formation setting out a procedure for the preparation and conduct of an election, a referendum of a Russian region or a municipal formation which were adopted during an election campaign, the campaign relating to a Russian Federation referendum or a local referendum. The said regulatory legal acts and also amendments thereto are applicable to the elections, referendums of Russian regions or municipal formations announced after the entry into force of these regulatory legal acts and amendments.
The federal law enters into force upon the expiration of ten days after its official publication.

Decree of the President of the Russian Federation No. 1096 of September 29, 2002 on Drafting Citizens of the Russian Federation in the Months of October - December, 2002 for Undergoing Military Service and on Discharging from Military Service the Citizens Who Undergo Military Service under Draft

From October 1 through December 31, 2002 Russian citizens aged 18 to 27, all in all 174,215 persons, who are not reserve servicemen and who are subject to draft under the Federal law on the Duty to Undergo Military Service and on the Military Service are going to be drafted to undergo military service.

Decision of the Government of the Russian Federation No. 704 of September 25, 2002 on the Prolongation from January 1, 2002 to December 31, 2004 of the Effective Term of the Double Control System without Quantitative Limits on the Exportation from the Russian federation to the Member-States of the European Community of Some Steel Articles Subject to Agreements on the Formation of the European Community and the European Coal and Steel Union

Approval is given to the draft Agreement extending the effective term of the double control system without quantitative limits on the exportation from Russia to European Community member-states of some steel articles subject to the agreements on the formation of the European Community and the European Coal and Steel Union. The double control system was effective from November 5, 1997 to December 31, 2001.
From January 1, 2002 through December 31, 2004 the importation of the said goods to European Community member-states is going to be done under an observation document issued by authorised European Community bodies in the format attached thereto or under an export document issued by authorised bodies of the Russian Federation.

Order of the Ministry of Finance of the Russian Federation No. 95n of September 26, 2002 on Amending the Terms and Conditions for the Issuance of and Trading in Federal Fixed-Coupon Yield Federal Loan Bonds Endorsed by Order of the Ministry of Finance of the Russian Federation No. 65n of August 16, 2001 (registered by the Ministry of Justice of the Russian Federation, reg. No. 3024 of November 12, 2001)

Changes have occurred in the coupon interest disbursement term and in the procedure for coupon yield disbursement relating to federal loan bonds. It is established that interest on the first coupon is accrued from the calendar day following the bond floatation date through the date of termination of the first coupon term. Interest on the other coupons is accrued from the calendar day following the end date of the preceding coupon period through the date of end of the current coupon term (redemption date).
The disbursement of coupon yield is effected for the benefit of the bond holders who were depositors of a custodial account as of the time of end of a relevant coupon term.
Registered by the Ministry of Justice of the Russian Federation, reg. No. 3818 of September 26, 2002.

Order of the Federal Securities Market Commission No. 1124/r of September 18, 2002 on Endorsing the Methodological Recommendations for Keeping Internal Record of Deals, in Particular, Time Deals and Transactions in Securities, for the Professional Participants in the Securities Market Pursuing Brokerage, Dealership and Securities Management Activities

The Methodological Recommendations have been issued to further develop the Procedure for Keeping Internal Record of Deals, in Particular, Time Deals and Transactions in Securities, for the Professional Participants in the Securities Market Pursuing Brokerage, Dealership and Securities Management Activities approved by Joint Decision of the Federal Securities Market Commission and the Ministry of Finance of the Russian Federation No. 32 and No. 108n of December 11, 2001. The Methodological Recommendations highlighted issues relating to the designation of internal recording objects, the procedure for reflecting information on deals and transactions in securities, keeping internal record documents, choosing internal record account keeping methods etc.

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