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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 20.10.2004

Decision of the Government of the Russian Federation No. 564 of October 18, 2004 on the Endorsement of the Rates of the Export Customs Duties for Commodities of Oil Exported from the Territory of the Russian Federation outside the Member-States of the Customs Union Agreements

Increases the rates of the export customs duties for oil products from USD 45.4 to USD 57 per ton. The new rates shall apply, in particular, to the light and medium distillates, gas oils, liquid fuels, benzene, toluene, xylene, propane, butanes, ethylene, propylene, butylene, butadiene, other liquefied gases, as well as the oil coke, oil asphalt and other residues of oil processing.

The Decision is entered into force one month after the day of its official publication.

Order of the Federal Service for Financial Markets No. 04-674-1/pz-n of October 11, 2004 on the Organisation of the Carried out in 2004 Contest of Selection of the Management Companies to Conclude with the Pension Fund of the Russian Federation the Contract of Trust Control of the Resources of Accumulated Pensions

Endorses the forms of the following documents: notification of the arranged contest to choose the management companies and the application for participation in the contest. Provides the contest documentation provided to the management companies wishing to take part in the contest arranged in 2004. The contract of trust control of the resources of accumulated pensions is concluded for five years permitting to prolong it for 15 years under the condition of compliance of the management company with the requirements of the legislation of the Russian Federation upon expiry of the first five years of the contract of trust control. Also provides the Regulation on the Contest Commission arranging the contest for the choice of the management companies to conclude with the Pension Fund of Russia the contract of trust control of the resources of accumulated pensions.

The Order is entered into force from October 20, 2004.

Registered in the Ministry of Justice of the Russian Federation on October 19, 2004. Reg. No. 6071.

Order of the Federal Service for Financial Markets No. 04-445/pz-n of September 2, 2004 on the Territorial Bodies of the Federal Service for Financial Markets

Endorses the Regulation on the territorial body of the Federal Service for Financial Markets. The territorial body is a regional division of the Federal Service for Financial Markets of Russia operating on the territory of several subjects of the Russian Federation. The territorial body shall provide for the implementation on the appropriate territories of the functions of control and enforcement in sphere of financial markets (except for the insurance, banking and audit activities) vested in the Federal Service for Financial Markets of Russia, as well as of protection of the rights of stock-holders and investors. The territorial body of the Federal Service for Financial Markets of Russia, in particular, may prohibit or restrict for up to six months individual operations at the securities market carried out by a professional participant.

The Order also renames the regional divisions of the abandoned Federal Commission for Securities Market into the territorial bodies of the Federal Service for Financial Markets of Russia.

Registered in the Ministry of Justice of the Russian Federation on October 19, 2004. Reg. No. 6070.

Order of the Federal Service for Financial Markets No. 04-442/pz-n of September 1, 2004 on the Submission to the Federal Service for Financial Markets of Electric Documents with Electronic Digital Signature

Specifies the new procedure of submission of electronic documents with electronic digital signature to the Federal Service for Financial Markets of Russia containing reports of professional participants of the securities market, including the specialised depositaries of investment funds, shared investment funds and non-state pension funds and other information.

Registered in the Ministry of Justice of the Russian Federation on October 19, 2004. Reg. No. 6069.

Direction of the Central Bank of Russia No. 1508-U of October 13, 2004 on the Invalidation of the Normative Acts of the Bank of Russia

Invalidates individual normative acts of the Bank of Russia regulating the procedure of granting to credit organisations of the lombard credits of the Bank of Russia secured with securities pledge (blocking).

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

Direction of the Central Bank of Russia No. 1507-U of October 13, 2004

Introduces from November 1, 2004 for the clearing non-bank credit organisations depositing obligatory reserves the equalisation factor to estimate the average value of obligatory reserves in the amount of 1.0. The mentioned non-bank credit organisations may calculate independently the average value of obligatory reserves for each subsequent equalisation period while applying the equalisation factor not greater than 1.0.

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