Monitoring of the Federal Legislation dated 18.09.2003

Directive of the Central Bank of Russia No. 1325-U of August 26, 2003 On Amending Regulations of the Bank of Russia No. 39 of April 24, 1996 On the Procedure For Handling in the Russian Federation of Some Currency Transactions and On Accounting and Submission of Financial Statements On Some Currency Transactions

It establishes that no permission of the Bank of Russia is required for the acquisition and alienation by residents of issuing securities in foreign currency issued by residents, including the bonds issued on behalf of the Russian Federation, through duly authorized banks, with the currency of the Russian Federation and foreign currency. Besides, the residents are allowed, without the permission of the Bank of Russia to receive monies in foreign currency under the said securities, including in case of redemption of same.
The Directive shall take effect upon the expiration of ten days following an official publication in the Bulletin of the Bank of Russia.
Registered with the Ministry of Justice of the Russian Federation in September 17, 2003. Registration No. 5081.

Order of the State Customs Committee of the Russian Federation No. 938 of August 27, 2003 On the Introduction of Changes and Amendments in Order of the State Customs Committee of Russia No. 1152 of October 30, 2002

It establishes that the customs check-point of STO "For Motor Cars" of the Central Excise Custom House shall be the place of delivery and customs clearance of new passenger transport vehicles NISSAN MURANO AND INFINITI, since the date of whose manufacture there has been no more than one year.
VOLKSWAGEN PAETON, VOLKSWAGEN TOUAREG and BMW Z8 makes have been added to the list of motor cars whose customs clearance shall be effected after the approval of the State Customs Committee of Russia.
Registered with the Ministry of Justice of the Russian Federation in September 16, 2003. Registration No. 5076.

Decision of the Federal Securities Commission No. 03-38/pc of August 13, 2003 On Amending the Regulations On the Conduct of Broker's and Dealer's Activities In the Securities Market Endorsed by Decision of the Federal Securities Commission No. 9 of October 11, 1999

It establishes that in conducting broker's and dealer's activities in the securities market, professional participants may not issue, provide surety for or endorse the bills (except for endorsement without recourse) otherwise than only as payment for the goods that have been acquired or work that has been executed or services that have been provided. The said restrictions shall not apply to credit institutions.
Registered with the Ministry of Justice of the Russian Federation in September 16, 2003. Registration No. 5074.

Order of the Ministry of Taxes and Fees of the Russian Federation No. BG-3-03/478 of August 28, 2003 On the Endorsement of Methodological Recommendations On the In-Chamber Tax Auditing of Declaration of Excise Duties On Excise-Liable Goods (Under Forms Nos. 1, 2, 3)

It lays down uniform principles of organizing the work of tax bodies engaged in the in-chamber tax audits of declaration of excise duties on excise-liable goods. The objective of the in-chamber audit is to exercise control over the accuracy of computation and timeliness of payment of excise duties under transactions with excise-liable goods recognized as an object of taxation with excise duties.

Letter of the Ministry of Finance of the Russian Federation No. 16-00-22/11 of August 21, 2003 On Transfer of Property Into Economic Management (Operative Administration)

It clarifies the procedure for showing in the accounting records the transactions associated with a transfer to the unitary enterprise of property, including over and above the amount fixed under the charter fund of the unitary enterprise and also with the recovery of such property by the owner.