Monitoring of the Federal Legislation dated 16.02.2004

Decision of the Government of the Russian Federation No. 73 of February 12, 2004 on the Amendments to the Decisions of the Government of the Russian Federation No. 318 of March 15, 1997, No. 346 of June 19, 2003 and No. 395 of June 30,

Application of the insured to choose the investment portfolio (management company) submitted before December 31, 2003 must be considered in the Pension Fund of Russia before March 1, 2004. In case of refusal to satisfy the application of the insured to choose the investment portfolio (management company), or the application remains unconsidered, the Pension Fund of Russia shall notify of it the insured no later than March 31, 2004.

The Pension Fund of Russia shall provide for the transfer before March 31, 2004 of accumulated pensions to the selected by the insured management companies and the state management company according to the procedure specified in the contracts of trust control of the resources of accumulated pensions. The transfer applies to the amounts of insurance contributions financing the accumulated part of the labour pension received in the Pension Fund of Russia during the year 2002 and the net financial result obtained from their temporary placement.

Decision of the Government of the Russian Federation No. 71 of February 10, 2004 on the Creation, Reorganisation and Liquidation of the Federal State Enterprises

Decisions on the creation, reorganisation and liquidation of the federal state institutions are taken by the Government of the Russian Federation on the basis of draft acts prepared by the federal bodies of executive power in coordination with the Ministry of Property Relations of Russia, Ministry of Economic Development of Russia, Ministry of Labour of Russia and the Ministry of Finance of Russia. The draft decision must contain the subject and goals of activities of the institution, as well as the limiting employee payroll and the amount of allocations to maintain the created (reorganised) institution within the limits of resources envisaged for these purposes in the federal budget. The charter of the federal state institution is endorsed by the federal body of executive power in charge of the coordination and regulation of activities in the appropriate sphere (sphere of management) in coordination with the Ministry of Property Relations of Russia and the Ministry of Finance of Russia.

Direction of the Central Bank of Russia No. 1378-U of January 16, 2004 on the Adjustment of the Acts of the Bank of Russia

Pursuant to the adoption of the Instruction of the Bank of Russia No. 110-I of January 16, 2004 on the obligatory normatives for the banks entering into force from April 1, 2004 invalidates the Instruction of the Bank of Russia No. 1 of October 1, 1997 on the procedure of regulation of activities of the banks with amendments, as well as individual operative directions on the application of this Instruction.

The Direction is entered into force from April 1, 2004.