Monitoring of the Federal Legislation dated 6.07.2005

Decree of the President of the Russian Federation No. 773 of July 2, 2005 "Issues of Interaction and Coordination of Activities of the Bodies of Executive Power of the Subjects of the Russian Federation and Territorial Bodies of the Federal Bodies of Executive Power"

Higher officials of the subjects of the Russian Federation (heads of the higher executive bodies of state power of the subjects of the Russian Federation) are empowered with authority to organise interaction and coordination of activities of the bodies of executive power of the appropriate subject and territorial bodies of the Ministry of Internal Affairs of Russia, Ministry of Emergency Situations of Russia, Ministry of Justice of Russia, Federal Service of Execution of Punishments, Federal Registration Service, Federal Bailiff Service, federal ministries and other federal bodies of executive power supervised by the Government of the Russian Federation, federal services and federal agencies subordinate to these ministries.

Federal ministers, before nominating a candidate for the position of the head of the territorial body of the federal body of executive power, shall coordinate the nomination with the higher official of the subject of the Russian Federation. The failure to coordinate the nomination must be reported by the federal minister to the President of the Russian Federation or the Government of the Russian Federation.

The Decree is entered into force from the day of its official publication.

Order of the Federal Service for Financial Markets No. 05-22/pz-n of June 22, 2005 on the Amendments to the Order of the Federal Service for Financial Markets No. 04-1245/pz-n of December 15, 2004 on the Endorsement of the Regulation on the Activities in Organisation of Trade at the Securities Market

Changes the time limits for the entry into force of the norms permitting securities for tenders. Provisions permitting to include in quotation list A of the first and second levels stocks and bonds for issuers preparing annual reports according to IAS or US GAAP shall enter into force from July 15, 2005. For other issuers, the mentioned provisions shall enter into force from January 1, 2006.

A suspension of participation in tenders for at least one month or termination of access to tenders is envisaged for the violation of the terms of tenders. The norm is introduced obliging the trade organiser to notify the Federal Service for Financial Markets of Russia of securities permitted for tenders no later than the following day after the date of adoption of the appropriate decision according to the procedure specified by the Federal Service for Financial Markets of Russia.

The Order is entered into force from July 15, 2005.

Registered in the Ministry of Justice of the Russian Federation on June 29, 2005. Reg. No. 6761.

Direction of the Central Bank of Russia No. 1589-U of June 28, 2005 on the Invalidation of the Direction of the Bank of Russia No. 999-U of July 16, 2001 on the Form of the Report of Faked Currency Notes of the Bank of Russia for Credit Organisations

Pursuant to the introduction from July 1, 2005 of the new form 0409207 "Information on Available Signs of Forgery of Currency Notes Handed over to the Territorial Bodies of Internal Affairs", invalidates the Direction of the Bank of Russia No. 999-U of July 16, 2001 having specified the form of the report of faked currency notes of the Bank of Russia for credit organisations.

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

Letter of the Central Bank of Russia No. 92-T of June 30, 2005 on the Organisation of Control of the Legal Risk and the Risk of Loss of Business Reputation in Credit Organisations and Bank Groups

Provides recommendations on organisation of control of the risks of losses with the credit organisation because of the influence of individual factors of legal nature, as well as because of the factors pertaining to business reputation.

Control of the legal risk is implemented to reduce (exclude) possible losses, including the cases of payments imposed by court rulings (decisions).

Control of the risk of loss of the business reputation is necessary to reduce possible losses, preserve and maintain business reputation of the credit organisation in the face of the clients and partners, founders (participants), participants of the financial market, bodies of state power and local government, bank unions (associations), self-regulating organisations where the credit organisation participates.

The Letter lists the provisions recommended for inclusion in internal documentation of credit organisations.

Taking into account the opportunities, nature and scale of activities of the credit organisation, it is recommended to define a division (assign an employee) in charge of control of the legal risk and the risk of loss of the business reputation.

Letter of the Federal Tax Service No. ShS-6-24/480@ of June 10, 2005 on Individual Issues of Filling and Submission of the Forms of Documents Containing Information on the Opening (Closing) and Change of Numbers of Bank Accounts of Legal Entities and Independent Entrepreneurs

Explains the procedure of filling and sending to the tax body of notifications of the opening of the bank account and of the change of its number. Such information may be submitted both in electronic form and on paper medium. In the latter case, the bank must send a notification by registered mail or otherwise permitting to determine the date of sending of the given message by the bank and the date of receiving it by the tax body.