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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 27.05.2004

Decision of the Government of the Russian Federation No. 249 of May 22, 2004 on the Measures to Improve the Efficiency of Results of the Budget Expenses

Approves the concept of reformation of the budget process in the Russian Federation for the years 2004-2006. Endorses the plan of measures to implement it and the Regulation on the reports of the results and the main directions of activities of the subjects of budget planning.

The essence of the reform is the shifting of the emphasis of the budget process from the "management of the budget resources (expenses)" to the "management of the results" by enhancing responsibility and enlarging independence of the participants of the budget process and administrators of the budget resources in the framework of the clearly defined average-term guidelines. Within the concept of the "management of the results", the budget is built proceeding from the goals and planned results of the state policy. Budget allocations are clearly tied to the functions (services, types of activities). The main emphasis in their planning is placed on the substantiation of the final results in the framework of the budget programs.

The concept also implies a switchover to the long-term budget planning while fixing clearly defined rules of changing of the volume and structure of allocations and improving the forecasting of the volume of resources to be managed by the administrators of the budget resources.

Direction of the Central Bank of Russia No. 1429-U of May 21, 2004 on the Invalidation of Individual Normative Acts of the Bank of Russia

Pursuant to the adoption of the Regulation of the Bank of Russia No. 253-P of March 16, 2004, invalidates the Regulation of the Bank of Russia No. 35 of February 28, 1996 on the procedure of depositary record keeping at the organised market of securities and the Order of the Bank of Russia No. 02-51 of February 28, 1996 on the endorsement of the Regulation on the procedure of depositary record keeping at the organised market of securities.

The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia. The text of the Direction is published in the Herald of the Bank of Russia No. 31 of May 26, 2004.

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