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Monitoring of the Federal Legislation dated 6.08.2004

Federal Law No. 97-FZ of July 29, 2004 on the Amendments to Some of the Legislative Acts Pursuant to the Adoption of the Federal Law on the Payments of the Bank of Russia under Deposits of Natural Persons in the Bankrupt Banks Failing to Participate in the System of Obligatory Insurance of the Deposits of Natural Persons in the Banks of the Russian Federation

The amendments to Article 64 of the Civil Code of the Russian Federation envisage satisfaction of claims of the Bank of Russia transferred to it because of the payments made under the deposits of natural persons in the banks in compliance with the law on the composition of the first priority creditor claims.

The amendments to the Federal Law on the Central Bank of the Russian Federation (Bank of Russia) fix the right of the Bank of Russia to make payments under the deposits in cases of bankruptcy of the banks failing to participate in the system of obligatory insurance of natural persons in the banks of the Russian Federation. The Decision to make the payments is taken by the Board of Directors of the Bank of Russia.

The Bank of Russia shall also enjoy the right, in cases of failure to execute within the specified time limit the orders to eliminate the violations revealed in the work of the credit organisation, to impose restrictions on the amount of the interest rate defined by the credit organisation in the bank deposit contracts concluded (prolonged) during the available restriction in the form of the maximum value of the interest rate (however, not lower than 2/3 of the rate of refinancing of the Bank of Russia for the bank deposits in roubles and not lower than the LIBOR rate for the bank deposits in foreign currencies as of the date of introduction of the restriction) for up to one year. The given norm shall remain in force until December 31, 2006.

The amendments to the Federal Law on the banks and banking activities envisage the duty of the credit organisation possessing the license of the Bank of Russia for the attraction in deposits of the monetary resources of natural persons to disclose information on the interest rates under bank deposit contracts with natural persons, information on the debts of the credit organisation under bank deposits of natural person and information on the amounts of cash received by natural persons under the bank deposit contracts (for the whole of the credit organisation and for the classification groups of clients and operations without disclosing the information on individual natural persons).

The Federal Law is entered into force from the day of its official publication with exceptions.

Federal Law No. 96-FZ of July 29, 2004 on the Payments of the Bank of Russia under the Deposits of Natural Persons in the Bankrupt Banks Failing to Participate in the System of Obligatory Insurance of the Deposits of Natural Persons in the Banks of the Russian Federation

Specifies the legal, financial and organisational fundamentals for the payments made by the Bank of Russia under the deposits of natural persons in the bankrupt banks failing to participate in the system of obligatory insurance of the deposits of natural persons in the banks of the Russian Federation.

Defines the terms of making the mentioned payments of the Bank of Russia, their amounts, procedure and the transfer to the Bank of Russia of the claims rights to the bankrupt bank in the amount of effected payments.

The payments of the Bank of Russia do not apply to the monetary resources on the bank accounts pertaining to entrepreneurial activities of natural persons, in the anonymous deposits, those handed over by natural persons to banks for trust control, placed in the deposits in the branches abroad.

The amount of payments of the Bank of Russia is determined proceeding from 100% of the acknowledged depositor claims, however, not more than Rbl 100,000, less the amounts of preliminary payments to first priority creditors made by the bankruptcy commissioner.

The Federal Law is entered into force one month after the day of its official publication. The Law shall apply to legal relations emerging because of the bankruptcy of the banks failing to participate in the system of insurance of the deposits with the license for bank operations having been revoked after December 27, 2003.

Order of the Ministry of Public Health and Social Development of the Russian Federation and the Social Insurance Fund of the Russian Federation No. 42/130 of July 23, 2004 on the Endorsement of the Amendments to the Instruction on the Procedure for Providing Blank Forms of Disability Sheets, Their Registration and Storage Endorsed by the Order of the Social Insurance Fund of the Russian Federation and the Ministry of Public Health of Russia No. 18/29 of January 29, 2004

Specifies the duty of the regional divisions of the Social Insurance Fund to provide blank forms of the disability sheets to medical organisations as soon as necessary, not on the quarterly basis as was specified before. Medical organisations may not stockpile blank forms of disability sheets in excess of their quarterly needs. The issue of the bank forms of disability sheets is drawn up using delivery notes in duplicate, with the first copy handed over to the medical organisation, and the second one being preserved in the regional division of the Social Insurance Fund.

All medical organisations must submit on the annual basis (before February 1 of the current year) to the regional division of the Social Insurance Fund beside the quarterly requests also a request for the blank forms of disability sheets for the following calendar year.

The Order omits the forms of the ledgers of received and handed out blank forms of disability sheets.

The amendments are entered into force from January 1, 2005.

Registered in the Ministry of Justice of the Russian Federation on August 3, 2004. Reg. No. 5956.

Direction of the Central Bank of Russia No. 1478-U of July 19, 2004 on the Amendments to the Direction of the Bank of Russia No. 1337-U of November 3, 2003 on the Procedure of Carrying out of Operations of Purchase of Coins of Precious Metals Sold by the Bank of Russia Being a Legal Means of Cash Payments on the Territory of the Russian Federation by Credit Organisations Enjoying Cash Services in the Divisions of the Moscow Directorate of the Bank of Russia

The Direction of the Bank of Russia No. 1337-U of November 3, 2003 shall apply to all credit organisations buying coins of precious metals begin a legal means of cash payments on the territory of the Russian Federation sold by the Bank of Russia through its territorial institutions.

The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia.

Registered in the Ministry of Justice of the Russian Federation on August 2, 2004. Reg. No. 5954.

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