Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 27.08.2003

Decision of the Government of the Russian Federation No. 514 of August 21, 2003 on the Governmental Commission in Charge of the Development of the Normative Acts in the Sphere of Reformation and Regulation of Land Relations

The governmental commission is the coordinating body providing for the interaction of the federal bodies of executive power and organisations in the development of the normative legal acts and introduction of organisational and economic mechanisms in the sphere of reformation and regulation of land relations.

Direction of the Central Bank of Russia No. 1309-U of July 17, 2003 on the Procedure of Paying out of the Coupon Income (Redemption of the Nominal Cost, Part of the Nominal Cost) for the Federal State Securities Not Redeemed by the Bank of Russia

The paying out of the monetary resources shall be carried out on the 15th of each month or on the first working day after the mentioned day if the 15th falls on the weekend or holiday. To get the payment, investors must present to the territorial institution of the Bank of Russia application drawn up to the attached form, as well as a proxy for the dealer permitting to get the monetary resources.
For unredeemed bonds arrested by the tipstaff the monetary resources are transferred on the deposit account of the appropriate division of the tipstaff service after getting information of the mentioned account or on the correspondent account of the credit organisation opened in the Bank of Russia.
The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia.

Letter of the Central Bank of Russian Federation No. 04-15-1/2887 of August 5, 2003 on the Operative Direction of the Bank of Russia No. 68-T of May 5, 2003

In pursuance of the Operative Direction, the Bank of Russia recommends to the credit organisations to envisage in internal documents the need to approve by the Board of Directors (Supervisory Board) or the general meeting of stock-holders (participants) the deals with related parties if the mentioned deals are in excess of the limit of crediting of related parties fixed by the credit organisation, as well as depending on the crediting terms and other factors jeopardising the financial stability of the credit organisation.
In this case the term "approval" is used in the context other than that of the federal laws on joint-stock companies and limited-liability companies and does not restrict the authority of their executive bodies. It is desirable that the Board of Directors (Supervising Board) adopt a preliminary decision on the expediency of the deal with an insider of the credit organisation taking into account the higher risk of the mentioned operation for the credit organisation.

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