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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 10.08.2005

Decision of the Government of the Russian Federation No. 482 of August 2, 2005 on the Endorsement of the Forms of Reports of a Non-State Pension Fund on Obligatory Pension Insurance

Endorses six following forms of reports: "Report of Generation of Resources of Accumulated Pensions", "Report of Investing of Resources of Accumulated Pensions", Report of Generation and Use of Incomes from Investing of Resources of Accumulated Pensions for the Reported Period", "Report of Expenses Pertaining to Investing of Resources of Accumulated Pensions", "Report of the Insured and the Heirs of the Insured" and the "Report of the Cost of the Property Allocated to Provide for the Chartered Activities of a Non-State Pension Fund".

The reports are drawn up as a sum total from January 1, of the reported year as of the last calendar day (reporting date) of each reporting period. The reports as of the end of the I, II and the III quarters are submitted to the Federal Service for Financial Markets of Russia within the time limits not greater than 30 calendar days following the most recent calendar day (reporting date) of the appropriate quarter.

Instruction of the Central Bank of Russia No. 124-I of July 15, 2005 on the Fixing of the Amounts (Limits) of Open Currency Positions, Method of Their Calculation and Particulars of Monitoring of Their Observation by Credit Organisations

The amounts (limits) of open currency positions are calculated as a correlation of open currency positions of individual foreign currencies and precious metals, the balancing position in roubles, sums of open currency positions of individual foreign currencies and precious metals and own resources (capital) of credit organisations. The Instruction specifies the particulars of calculation of the net balancing position, net "spot" position, net forward position, net optional position, net position for the (bank) guarantees, letters of credit, balancing position.

The sum of all long (short) open currency positions of individual foreign currencies and precious metals on the daily basis must not be greater than 20% of own resources (capital) of the credit organisation. In this case, any long (short) open currency position, as well as the balancing position in roubles on the daily basis must not be greater than 10% of own resources (capital) of the credit organisation.

The Instruction is entered into force 6 months 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 5, 2005. Reg. No. 6889.

Order of the Ministry of Finance of the Russian Federation No. 82n of June 30, 2005 on the Procedure of Granting of Subsidies and Subventions to the Budget-Supported Institution in 2005 from the Federal Budget

The subsidies (subventions) are granted on the basis of the agreements (contracts) concluded by the budget-supported institution with the chief administrator of resources of the federal budget or recipient of resources of the federal budget supervised by him. The mentioned agreements (contracts) must envisage the amount, time limits, goals and terms of granting of subsidies (subventions), as well as the procedure of submission of reports of the results of fulfilment by the recipient of subsidies (subventions) of the measures envisaged in the agreement.

Registered in the Ministry of Justice of the Russian Federation on August 5, 2005. Reg. No. 6886.

Regulation of the Central Bank of Russia and the Ministry of Finance of the Russian Federation No. 272-P/91n of June 13, 2005 on the Procedure of Payment and Cash Servicing by the Divisions of the Payment Network of the Bank of Russia and Credit Organisations (Branches) of the Accounts of the Bodies of Executive Power of the Subject of the Russian Federation and the Bodies of Local Government Providing Cash Services for the Execution of the Budget of the Subject of the Russian Federation and Local Budgets

The payment and cash servicing is arranged according to the procedure defined in the Regulation of the Bank of Russia and the Ministry of Finance of Russia No. 257-P/46n of May 20, 2004.

Registration of resources to hand out cash to chief administrators, administrators and recipients of resources of the budget of the subject of the Russian Federation and local budgets, as well as the registration of cash received from chief administrators, administrators and recipients of resources of the budget of the subject of the Russian Federation and local budgets is arranged on the Balance Accounts 40201 "Resources of the Budgets of the Subjects of the Russian Federation" and 40204 "Resources of Local Budgets".

The Regulation 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 5, 2005. Reg. No. 6879.

Regulation of the Central Bank of Russia No. 273-P of July 14, 2005 on the Procedure of Granting Credits to Credit Organisations by the Bank of Russia Secured with Promissory Note Pledging, Claims Rights under Credit Contracts of Organisations or Guarantees of Credit Organisations

Credits of the Bank of Russia are granted to credit organisations being residents of the Russian Federation and meeting the criteria specified in the Regulation on conditions of specified time limit, repayment and security. In particular, a potential borrower must have category I financial standing according to "Financially Stable Credit Organisations", must not have underpaid amount in obligatory reserves, unpaid fines for the violation of the normatives of obligatory reserves, failure to submit the calculation of the amount of obligatory reserves, must not have overdue monetary liabilities to the Bank of Russia and must have a good credit history.

The credits are granted for up to 180 calendar days on the basis of the contracts drawn up to provided forms. Execution of liabilities of the borrowing banks under credits of the Bank of Russia is secured with property pledging (promissory notes, claims rights under credit contracts of organisations) or a guarantee of the credit organisation. The Regulation provides a procedure of calculation of sufficiency of security for the credit of the Bank of Russia pertaining to property pledging.

The Regulation 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 5, 2005. Reg. No. 6875.

Direction of the Central Bank of Russia No. 1600-U of August 1, 2005 on the Adjustment of the Normative Acts of the Bank of Russia

Invalidates the Letter of the Bank of Russia No. 493 of July 29, 1997 on the procedure of processing of documents submitted to the territorial institution of the Bank of Russia to register credit organisations and to license bank activities and the Direction of the Bank of Russia No. 1153-U of May 24, 2002 on the keeping of the registers of credit organisations (branches) and their divisions on paper medium.

The mentioned documents are invalidated pursuant to the entry into force of the Regulation of the Bank of Russia No. 271-P of June 9, 2005 specifying the procedure of processing by the territorial institutions of the Bank of Russia of the documents submitted to take decisions on the state registration of credit organisations and issue of licenses for bank operations.

The Direction is entered into force 10 days after the day of its official publication in the Herald of the Bank of Russia. The text of the Direction has been published in the Herald of the Bank of Russia on August 10, 2005, No. 40.

Decision of the Management Board of the State Corporation "Deposit Insurance Agency" of July 14, 2005, Protocol 51, on the Amendments to the Procedure of Payment of Insurance Contributions Endorsed by the Decision of the Management Board of the State Corporation "Deposit Insurance Agency" of February 5, 2004, Protocol 2

Changes the procedure of filling of the field "Destination of Payment" of the payment order when transferring the insurance contribution and the penalty. A requirement is introduced to indicate in the mentioned field the bank number according to the Register of Banks Participating in the Deposit Insurance System.

The changes shall apply from the calculation period following the quarter where the mentioned changes were adopted.

Information of the Central Bank of Russia of August 10, 2005 on the Issue in Circulation of the Banknote of the Bank of Russia with the Nominal Value of Rbl 5,000

Introduces in 2005 the banknotes of the Bank of Russia with the nominal value of Rbl 5,000. Description of the banknote and its main protection signs will be conveyed to the population in early 2006, however, it is already known that the theme of the banknote continues the so-called "urban series" and is dedicated to the city of Khabarovsk. The need to issue in circulation the mentioned banknotes is stipulated by the requirements of cash circulation and the growth of average earnings in the country.

Information of the Central Bank of Russia of August 1, 2005 on the Changes in the Structure of the Bi-Currency Basket - an Operative Benchmark of the Rates Policy of the Bank of Russia

Changes for the third time during the current year the structure of the bi-currency basket, which is expressed in the increase of the portion of euro and reduction of the portion of the US dollar. From August 1, 2005, the bi-currency basket will consist of EUR 0.35 and USD 0.65. Earlier, from May 16, 2005, the bi-currency basket consisted of EUR 0.3 and USD 0.7.

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