Monitoring of the Federal Legislation dated 4.09.2003

Decision of the Government of the Russian Federation No. 540 of September 1, 2003 on the Endorsement of the Investment Declaration of the Bank for Foreign Economic Activities for the Trust Management of Resources of Accumulated Pensions

Defines the goals of investments of the Bank for Foreign Economic Activities of the resources of accumulated pensions built by the Pension Fund of Russia in favour of the insured having abstained from choosing the investment portfolio, as well as the composition and structure of its investment portfolio. Lists the types of assets to be used for investing the resources of the Bank for Foreign Economic Activities.

Decision of the Government of the Russian Federation No. 535 of August 29, 2003 on the Implementation of Additional Measures to Improve Financial Standing of Agricultural Producers

Federal bodies of executive power represented in the interagency commissions for financial rehabilitation of agricultural producers are ordered to arrange work to write off before April 1, 2004 the debts in penalties and fines due to the budget and unredeemed as of January 1, 2002 of these producers having concluded an agreement on the restructuring of the debts.
Applications to write off the debts are submitted by debtors to the interagency territorial commissions before March 1, 2004.
The writing off of the debts of producers having concluded an agreement to write off the penalties and fines before the entry into force of the present Decision is drawn up on the basis of the new agreement drawn up to the attached form.

Regulation of the Central Bank of Russia No. 236-P of August 4, 2003 on the Procedure of Granting Credits to Credit Organisations by the Bank of Russia Backed with Securities Pledge (Blocking)

The credits are granted by the bank in the currency of the Russian Federation to maintain and regulate the liquidity of the bank system on the terms of backing, fixed term, return and payment of interest. The backing of the credits is the pledging (blocking) of securities included in the lombard list. The Bank of Russia grants daily, overnight and lombard credits to banks.
An expected borrower must be of category I of financial standing "Financially Stable Credit Organisations", must not have underpaid contributions to the obligatory reserves, unpaid fines for the violation of the normatives of obligatory reserves, unsubmitted estimate of regulation of the amount of obligatory reserves, as well as must not have overdue monetary obligations to the Bank of Russia.
Return of credits by the borrowing banks and payment of interest on them is carried out within the time limits specified in the concluded general credit contracts.
The Regulation is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia.
Registered in the Ministry of Justice of the Russian Federation on August 29, 2003. Reg. No. 5033.