Monitoring of the Federal Legislation dated 8.07.2005

Order of the Federal Service for Tariff Rates No. 212-e/2 of May 24, on the Amendments to the Method of Calculation of the Cost of Deviations of the Volumes of Actual Production (Consumption) of Electric Power of Participants of the Wholesale Market from the Volumes of Their Planned Hourly Production (Consumption) Endorsed by the Order of the Federal Service for Tariff Rates No. 44-e/3 of August 24, 2004

The method is extended to include new Section 6 defining the procedure of calculation of the cost of deviations of the volumes of actual production (consumption) of electric power of participants of the wholesale market from the volumes of their planned hourly production (consumption) for the groups of points of delivery located in the second pricing zone. The given section shall be in effect until October 1, 2005.

Also defines the procedure of calculation of the cost of electric power within the limits of the normative level of deviations when the volume of production is changed (increased or reduced) at the initiative from the outside.

Registered in the Ministry of Justice of the Russian Federation on July 6, 2005. Reg. No. 6766.

Order of the Ministry of the Industry and Power Supplies of the Russian Federation No. 119 of June 14, 2005 on the Minimum Amount of Own Capital of Organisations Selling Electric Power to Citizens

Endorses the minimum amounts of own capital of organisations selling electric power to citizens applied depending on the quantity of citizen consumers serviced by these organisations.

If the organisation serves up to 10,000 citizens, its minimum amount of own capital must be Rbl 1 million, and if it serves more than 1 million consumers - Rbl 10 million.

Registered in the Ministry of Justice of the Russian Federation on July 6, 2005. Reg. No. 6764.

Letter of the Central Bank of Russia No. 04-31-3/2325 of May 31, 2005 on the Application of the Acts of the Bank of Russia in the Sphere of Combating of Legalisation (Laundering) of Incomes Obtained in a Criminal Way and Financing of Terrorism

Explains that recommendations on the working out by credit organisations of the rules of internal control for combating legalisation (laundering) of incomes obtained in a criminal way and financing of terrorism endorsed by the Operative Direction of the Bank of Russia No. 137-T of November 28, 2001 are not being a normative act of the Bank of Russia. Application of the recommendations is the prerogative of the credit organisation depending on the particulars of its organisation, main directions of its activities, client base and the level of its risks pertaining to clients and their operations.