Monitoring of the Federal Legislation dated 18.07.2003

Decision of the Constitutional Court of the Russian Federation of July 18, 2003 on the Case of Constitutionality of Provisions of Article 35 of the Federal Law on Joint-Stock Companies, Articles 61 and 99 of the Civil Code of the Russian Federation, Article 31 of the Tax Code of the Russian Federation and Article 14 of the Code of Arbitration Procedures of the Russian Federation Pursuant to the Appeals of Citizen A.B.Borisov, ZAO "Media-Most" and ZAO "Moscow Independent Broadcasting Corporation"

The Constitutional Court of the Russian Federation recognised as not contradicting the Constitution of the Russian Federation the provision of Item 2 of Article 61 of the Civil Code of the Russian Federation stating that a legal entity may be liquidated at the decision of the court if there are multiple violations of the law in its activities, since the envisaged sanction - liquidation of the legal entity - may not be imposed for a single formal reason of multiple violations of the legislation, but must be applied according to the common legal principles of legal responsibility and be commensurable with the violations available with the legal entity and their consequences.
Also complying with the Constitution of the Russian Federation is recognised to be the norm contained in the interconnected provisions of Item 4 of Article 99 of the Civil Code of the Russian Federation and Items 5 and 6 of Article 35 of the Federal Law on joint-stock companies used as the grounds to liquidate the joint-stock company at the decision of the court if the cost of its net assets becomes lower than the minimum amount of the registered capital specified in the law. This is because the negative value of net assets as a formal prerequisite for the liquidation of the join-stock company is implied to reflect its actual financial insolvency, namely: absence of profitability, inability to execute its obligations to creditors and execute the duty to transfer obligatory payments if the stock-holders could take measures to improve the financial standing of the company or decide to liquidate it using appropriate procedure.
The revealed by the Constitutional Court of the Russian Federation constitutional and legal meaning of these norms is obligatory to all and excludes their any other interpretation in judicial practice.
The provision of Item 3 of Article 35 of the mentioned Law stating that the cots of net assets of the company is estimated using accounting records according to the procedure specified by the Ministry of Finance of the Russian Federation and the Federal Commission for Securities Market of the Russian Federation is also in compliance with the Constitution of the Russian Federation, since it does not prevent the arbitration courts to assess the financial standing of the joint-stock company taking into account economic criteria on the basis of the principle of competition.
Not contradicting the Constitution of the Russian Federation is the norm of the interconnected provisions of Subitem 16 of Item 1 of Article 31 of the Tax Code of the Russian Federation, Item 3 of Article 61 of the Civil Code of the Russian Federation and Item 6 of Article 35 of the Federal Law on joint-stock companies envisaging the right of the tax bodies to present in court for the reasons stated in the Law the demand to liquidate the joint-stock companies.
The Decision is entered into force immediately after annunciation.

Decision of the Government of the Russian Federation No. 428 of July 16, 2003 on the Endorsement of the Indexing Coefficients from August 1, 2003 for the Basic and the Insured Parts of the Labour Pension

From August 1, 2003, endorses the indexing coefficients of the basic and the insured parts of the labour pension in the amount of 1.08.

Order of the Committee of the Russian Federation for Financial Monitoring No. 73 of June 16, 2003 on the Endorsement of the Regulation on the Procedure of Implementation by the Committee for Financial Monitoring of Russia of Control over Execution by Organisations Carrying out Operations with Monetary Resources or Other Property, Where Enforcement Bodies Are Not Available, of the Legislation of the Russian Federation on the Countermeasures against Legalisation (Laundering) of Incomes Obtained in a Criminal Way and Financing of Terrorism

The objects of control of the Committee for Financial Monitoring of Russia and its interregional departments are leasing companies, pawnshops, organisations maintaining totalizators and bookmaker offices, as well as arranging lotteries and other games where the organiser disposes of the prize fund to participants, including the ones in the electronic form.
The control is arranged in the form of the checks. An on-site check may be carried out no more than once in six months for one organisation.
Registered in the Ministry of Justice of the Russian Federation on July 16, 2003. Reg. No. 4902.

Order of the Ministry of Finance of the Russian Federation No. 54n of June 23, 2003 on the Amendments to the Order of the Ministry of Finance of the Russian Federation No. 51n of June 11, 2002 on the Endorsement of the Rules of Building of Insurance Reserves for Other Than Life Insurance

The changes are stipulated by the entry into force from July 1, 2003 of the Federal Law No. 40-FZ of April 25, 2002 on the obligatory insurance of the civil responsibility of the owners of transport vehicles.
The list of insurance reserves now includes the losses equalisation reserve for obligatory insurance of the civil responsibility of the owners of transport vehicles, as well as the stabilisation reserve to compensate for the insurance expenses for the coming years.
The losses equalisation reserve is built within the first three years from the moment of introduction of the obligatory insurance of the civil responsibility of the owners of transport vehicles (i.e. from July 1, 2003) and serves to assess insurer obligations pertaining to forthcoming insurance payments if the occurred losses coefficient exceeds its estimated value.
The stabilisation reserve is built to compensate for the insurer expenses to make insurance payments in subsequent years and serves to assess insurer obligations pertaining to forthcoming insurance payments if there emerges a negative financial result of the implemented obligatory insurance of the civil responsibility of the owners of transport vehicles.
Registered in the Ministry of Justice of the Russian Federation on July 11, 2003. Reg. No. 4896.

Order of the Ministry of Education of the Russian Federation No. 2057 of May 13, 2003 on the Endorsement of the Form of the Summons Certificate Permitting to Get an Additional Leave at the Place of Work and Other Benefits Pertaining to Studies in a Higher Educational Institution with a State Accreditation

Endorses the form of the document permitting to get a number of benefits to employees sent to study by the employer or admitted independently to an institution of the higher professional education with a state accreditation regardless of their organisational and legal forms in intramural and extramural departments undergoing study successfully.
The form of the summons certificate may also be used for students undergoing study in a higher educational institution with a state accreditation in intramural department, combining work and study and getting additional education on conditions determined in the collective or labour contract.
Registered in the Ministry of Justice of the Russian Federation on July 11, 2003. Reg. No. 4889.