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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 13.04.2005

Declaration of the Government of the Russian Federation and the Central Bank of Russia No. 983p-P13/01-01/1617 of April 5, 2005 on the Strategy of Development of the Banking Sector in the Russian Federation for the Period until 2008

The strategy envisages an improvement of the normative legal support for the banking activities, termination of switchover of credit organisations to international standards of financial reports, creation of conditions to prevent the use of credit organisations for illegal purposes (first and foremost such as financing of terrorism and legalisation of incomes obtained in a criminal way), improving the quality of services provided by credit organisations.

The strategy envisages a further concentration and centralisation of capital, simplification of the procedure of opening and registration of a branch of the credit organisation.

From 2007, the requirements to the level of capitalisation of credit organisations will be increased: the requirement of sufficiency of capital, with the failure to observe it being regarded as grounds for obligatory revocation of the license for bank operations, will be set at the level of 10%. From 2007, there will also be a requirement to the minimum capital of operating banks in the amount of EUR 5 million. Operating banks with the capital below EUR 5 million as of January 1, 2007 will continue its activities on condition that their capital does not become lower than the level reached as of the moment of introduction of the mentioned requirements.

Decision of the Government of the Russian Federation No. 208 of April 11, 2005 on the Interim Rate of the Import Customs Duty for Offset Printing Machines

Endorses for 9 months the import rate for the offset printing machines (code according to the Foreign Trade Commodity Nomenclature of the Russian Federation 8443 19 390 0) in the amount equal to zero (earlier, 5% of the customs cost).

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

Order of the Federal Service for Ecological, Technological and Nuclear Enforcement No. 324 of December 22, 2004 on the Endorsement of the Regulation on the Organisation of Issue of Permissions by the Federal Service for Ecological, Technological and Nuclear Enforcement to Import Poisonous Substances to the Russian Federation

Lists the documents to be submitted by the applicant to the Federal Service for Ecological, Technological and Nuclear Enforcement to get the permission to import poisonous substances. Depending on the results of examination of submitted documents, the applicant gets a permission to import poisonous substances or a motivated refusal.

The Regulation does not apply to transit shipments of poisonous resources through the territory of the Russian Federation.

Registered in the Ministry of Justice of the Russian Federation on April 11, 2005. Reg. No. 6495.

Order of the Ministry of Transport of the Russian Federation No. 14 of March 3, 2005 on the Amendments to the Order of the Federal Service of the Air Transport of Russia No. 125 of May 15, 2000

The rate of the fee for the air safety is fixed per ton of the maximum take-off weight of the air vessel or per dispatching passenger with a ticket, per kilogram of cargo, mail. If the rate per ton of the maximum take-off weight is applied, the weight in the airworthiness certificate is implied.

When the rate per passenger or kilogram of cargo, mail is applied, the fee is collected on the basis of information of the loadsheet.

Registered in the Ministry of Justice of the Russian Federation on April 11, 2005. Reg. No. 6494.

Order of the Ministry of Public Health and Social Development of the Russian Federation No. 216 of March 16, 2005 on the Amendment to the Order of the Ministry of Public Health of the Russian Federation No. 328 of August 23, 1999 on the Rational Assignment of Medicines, Rules of Prescribing Them and Procedure of Release by Apothecary Institutions (Organisations)

The list of the maximum permissible quantity of narcotic medicines permitted under one prescription is extended to include buprenorphine. Provides the form of issue and the dosage of the mentioned narcotic medicine.

Registered in the Ministry of Justice of the Russian Federation on April 8, 2005. Reg. No. 6490.

Direction of the Central Bank of Russia No. 1567-U of March 25, 2005 on the Amendments to the Direction of the Bank of Russia No. 1482-U of July 28, 2004 on the List of Securities Forming the Lombard List of the Bank of Russia

The Lombard List of the Bank of Russia shall include also "other bonds of resident legal entities of the Russian Federation". Decision to include or exclude particular emissions of bonds is taken by the Board of Directors of the Bank of Russia taking into account the following. The issuer of securities must have the rating of long-term solvency for obligations in foreign currencies in at least one of the foreign rating agencies, not lower than BB according to Standard&Poor`s or Fitch Ratings classification or 2 according to Moody`s classification, or obligations of issuer of securities must be backed by the state guarantees of the Russian Federation, its subjects.

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 April 8, 2005. Reg. No. 6482.

Direction of the Central Bank of Russia No. 1568-U of March 28, 2005 on the Procedure of Accounting Work in the Agent Banks and Bankrupt Banks for Operations Envisaged in the Direction of the Bank of Russia No. 1517-U of November 17, 2004 on the Payments of the Bank of Russia on the Deposits of Natural Persons in Bankrupt Banks Failing to Participate in the System of Obligatory Insurance of the Deposits of Natural Persons in the Banks of the Russian Federation and on the Procedure of Interaction of the Agent Banks with the Bank of Russia

Specifies the procedure of accounting work for operations pertaining to payments of the Bank of Russia by the agent banks on the deposits of natural persons in the bankrupt banks failing to participate in the system of obligatory insurance of deposits of natural persons in the banks of the Russian Federation and of accounting work in the bankrupt banks for the amounts of payments of the Bank of Russia.

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 April 8, 2005. Reg. No. 6481.

Order of the Federal Service of Enforcement in the Sphere of Protection of Consumer Rights and Human Well-Being No. 363 of March 21, 2005 on the State Registration of Products, Substances, Preparations by Territorial Departments of the Federal Service of Enforcement in the Sphere of Protection of Consumer Rights and Human Well-Being

From April 15, 2005, territorial departments of the Federal Service of Enforcement in the Sphere of Protection of Consumer Rights and Human Well-Being shall provide for the state registration of drinking water, child nutrient products, child cosmetics, as well as cosmetics specially developed for professional use and cosmetic means of individual skin protection against adverse industrial factors.

The earlier issued sanitary and epidemiological statements for the products subject to the state registration shall preserve their force until expiry.

Registered in the Ministry of Justice of the Russian Federation on April 7, 2005. Reg. No. 6479.

Order of the Ministry of Public Health and Social Development of the Russian Federation No. 160 of February 24, 2005 on the Determination of the Level of Damage to Health in Industrial Accidents

Provides a scheme of determination of the level of damage to health in industrial accidents. Industrial accidents are divided into two categories according to the level of damage: heavy and light.

The qualifying signs of the level of damage shall be the nature of injuries and complications associated with them, development and enhancing of available chronic diseases because of the injury, as well as the consequences of the received injuries.

Presence of one of the qualifying signs is enough to establish the category of the industrial accident.

Registered in the Ministry of Justice of the Russian Federation on April 7, 2005. Reg. No. 6478.

Information Letter of the Central Bank of Russia No. 31 of March 31, 2005 "Issues of Application of the Federal Law No. 173-FZ of December 10, 2003 on Currency Regulation and Currency Control and the Normative Acts of the Bank of Russia"

Envisages paying out of dividends in foreign currencies without restrictions by residents from their current currency accounts in the authorised banks to non-residents for the stocks of Russian issuers being internal securities.

Authorised banks may collect payment for their fulfilled functions of currency control agents, including the clients having drawn up transaction certificates for the foreign-trade contracts in these banks. In this case, the banks may determine independently the amount and procedure of collection of payment for their fulfilled functions of currency control agents.

Explains that the field "Ranking of Payments" in the payment order of the Bank of Russia to return the reserved amount is not filled out.

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