Monitoring of the Federal Legislation dated 9.06.2004

Decision of the Central Bank of Russia No. 1426-U of April 28, 2004 on the Adjustment of Individual Normative and Other Acts of the Bank of Russia

Pursuant to the entry into force of the Instruction of the Bank of Russia No. 113-I of April 28, 2004 on the procedure of opening, closing, organisation of work of exchange offices and procedure of carrying out of individual types of bank operations by authorised banks and other transactions with foreign currencies in cash and the currency of the Russian Federation, cheques (including traveller's cheques) with the nominal value in foreign currencies involving natural persons invalidates the Instruction of the Bank of Russia No. 27 of February 27, 1995 on the procedure of organisation of work of exchange offices on the territory of the Russian Federation, carrying out and registration of currency exchange operations by authorised banks, Regulation of the Bank of Russia No. 22 of May 10, 1994 on the procedure of registration of exchange offices of authorised banks.

The Direction is entered into force from June 18, 2004.

Letter of the Central Bank of Russia No. 58-T of June 2, 2004 on the Reports Submitted in Electronic Form

Before the issue of the new wording of the Instruction of the Bank of Russia No. 812-U specifying the procedure of acceptance of reports of credit organisations in electronic form, territorial institutions of the Bank of Russia may continue existing contractual relations and conclude new contracts with credit organisations in acceptance of reports in electronic form in compliance with this Direction.

Letter of the Central Bank of Russia No. 57-T of June 2, 2004 on the Particulars of Application by the Bank of Russia of Sanctions to Credit Organisations after Revealing the Facts of Building of Own Resources (Capital) (Part Thereof) Using Inappropriate Assets

Explains possible consequences of the failure to execute by credit organisations of the Regulation of the Bank of Russia No. 215-P of February 10, 2003 on the method of determination of own resources (capital) of credit organisations. Provides options of actions of the territorial institutions of the Bank of Russia when revealing the facts (signs) of building of sources of own resources (capital) (part thereof) using inappropriate assets.

Emphasises that the credit organisation must reflect in its accounting and other reports the amount of own resources (capital) defined by the Bank of Russia.