Monitoring of the Federal Legislation dated 5.03.2004

Decision of the Federal Commission for Securities Market and the Ministry of Finance of the Russian Federation No. 04-1/ps, 15n of February 4, 2004 on the Amendments to the Procedure of Keeping of Internal Records of the Deals, Including the Urgent Ones, and Operations with Securities by Professional Participants of the Securities Market Engaged in Brokers', Dealers' Activities and Activities in Securities Management Endorsed by the Joint Decision of the Federal Commission for Securities Market of Russia No. 32 and the Ministry of Finance of Russia No. 108n of December 11, 2001

Specifies that the professional participant must provide for an opportunity to group client orders in the chronological order. The professional participant must keep an internal register of monetary resources and payments under the deals and operations with securities and the internal register of securities for each account of internal records.

If the professional participant concludes a deal through the trade system of the trade organiser envisaging an opportunity of fixing various terms of transfer of the rights for securities and the terms of payment for the securities, as well as in the framework of non-exchange tenders, the order must contain in addition the terms of transfer of the rights for securities, terms of payment for the securities being the subject of the deal, terms of transfer of the rights for securities under the second leg of the repurchase agreement and the terms of payment for the securities being the subject of the deal under the second leg of the repurchase agreement.

Registered in the Ministry of Justice of the Russian Federation on March 3, 2004. Reg. No. 5604.

Order of the Ministry of Taxation of the Russian Federation No. BG-3-24/179 of March 4, 2004 on the Endorsement of the Forms of Documents Containing Information on the Opening (Closing) of the Bank Account, Change of the Bank Account Number of Legal Entities and Independent Entrepreneurs and Its Submission Procedure

From April 1, 2004 enters into force the new recommended forms of the following documents: "Bank Report to the Tax Body of the Opening (Closing) of the Bank Account", "Information Letter of the Tax Body of the Receiving of the Bank Report of the Opening (Closing) of the Bank Account" and the "Bank Notification of the Change of the Bank Account Numbers of Bank Clients". Introduces the new procedure of submission by the banks of information to the tax bodies of the opening (closing) of bank accounts of the taxpayers being bank clients.

Order of the Ministry of Taxation of the Russian Federation No. BG-3-22/165@ of March 1, 2004 on the Invalidation of the Orders of the Ministry of Taxation of the Russian Federation No. BG-3-22/707 of December 10, 2002, No. BG-3-22/164 of April 3, 2003, No. BG-3-22/572 of October 28, 2003

Invalidates the Methodology Recommendations on the application of Chapter 26.3. "System of Taxation in the Form of the Uniform Imputed Income Tax for Individual Types of Activities" of the Tax Code of the Russian Federation with amendments.

Letter of the Department of Insurance Enforcement of the Ministry of Finance of the Russian Federation No. 24-00/KP-44 of March 4, 2004

Explains the issues of application of individual provisions of the Law of the Russian Federation No. 4015-1 of November 27, 1992 on the organisation of insurance in the Russian Federation in the wording of December 10, 2003.

If the insurance organisation accepting property insurance risks has a life insurance license, to reinsure (accept for reinsurance) such risks, the insurance organisation must "abandon" the license for the right of life insurance.

To do it, the insurer must present to the body of insurance enforcement the letter of termination of activities in life insurance and refusal from the license for the appropriate types of life insurance.

The requirements of the availability of a higher economic or financial education, as well as appropriate length of work, for the head and chief accountant of the insurer applies only to the heads and chief accountants of insurers assigned from January 17, 2004.