Windfall tax for major companies to be introduced in Russia
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Monitoring of the Federal Legislation dated 28.02.2006
Order of the Ministry of Agriculture of the Russian Federation No. 18 of February 1, 2006 on the Endorsement of the Method of Visual Determination of the Fact of Opening of the Container of Alcoholic Product
The Ministry of Agriculture of Russia has developed a method specifying the ways of visual determination of the fact of opening of the container and the conditions when the container is considered to be opened. Determination of the fact of opening is done by visual examination of the container with a naked or aided eye, with or without special devices that do not cause disruption of integrity or deformation of the closure but permit to determine visually the fact of opening.
The container is considered to be opened, in particular, in case of destruction of the cap sealing of aluminium foil, in the presence of cracks and breaking of wax coating, if the opening tab on the cans is torn out or deformed. When using a metal closure (wire hood), the container is considered opened if the tail of the lower hood is torn out, if there are cuts or breaking on the wire, as well as the hood tail has less than four waps.
Registered in the Ministry of Justice of the Russian Federation on February 26, 2006. Reg. No. 7540.
The container is considered to be opened, in particular, in case of destruction of the cap sealing of aluminium foil, in the presence of cracks and breaking of wax coating, if the opening tab on the cans is torn out or deformed. When using a metal closure (wire hood), the container is considered opened if the tail of the lower hood is torn out, if there are cuts or breaking on the wire, as well as the hood tail has less than four waps.
Registered in the Ministry of Justice of the Russian Federation on February 26, 2006. Reg. No. 7540.
Direction of the Central Bank of Russia No. 1656-U of February 6, 2006 on the Actions in Cases of Revealed Facts (Signs) of Generation of Sources of Own Resources (Capital) (Part Thereof) Using Improper Assets
Specifies the procedure of actions in cases of revealed signs of generation by the credit organisation of sources of own resources (capital) (part thereof) when investors use improper assets.
The authority to check and assess the assets and liabilities of credit organisations rests with the territorial institutions of the Bank of Russia and the structural divisions of its central office - Department of Bank Regulation and Enforcement of the Bank of Russia, Chief Inspection of Credit Organisations of the Bank of Russia, Department of Licensing of Activities and Financial Rehabilitation of Credit Organisations of the Bank of Russia. Each of the mentioned subjects, respectively, may reveal the fact or signs of generation of the sources of own resources (capital) (part thereof) of the credit organisation if investors use improper assets. Different rules of further actions are specified depending on who has initiated the check procedure.
In any case when appropriate facts are revealed, territorial institutions or structural divisions of the Bank of Russia shall prepare proposals to demand the credit organisation to adjust own resources (capital). According to the common rule, after revealing the facts or signs of generation of sources of own resources by the credit organisation when investors use improper assets, a check of obtained information is arranged, the credit organisation being provided with opportunity to repulse or explain the revealed facts.
If explanations of the credit organisation on generation of own resources fail to repulse the facts of attraction of improper assets, the credit organisation gets an order to liquidate the risks stipulated by the fact of providing property to investors permitting to generate sources of own resources with improper assets.
The methods to liquidate (cover) the mentioned risks shall be: reduction of the registered capital; reduction of emission incomes; replacement by investors of the credit organisation or third parties of assets of the credit organisation stipulated by the fact of providing property to investors permitting to generate sources of own resources with improper assets with assets that do not have improper signs and have a real value corresponding to the balance cost of replaced assets; creation for such assets and conditional obligations assumed by the credit organisation reserves for possible losses in the amount corresponding to the balance cost of replaced assets or the amount of conditional obligations assumed by the credit organisation.
In case of a failure on the part of the credit organisations to fulfil orders to liquidate the risks, measures of forced interference may be applied to them.
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 February 26, 2006. Reg. No. 7539.
The authority to check and assess the assets and liabilities of credit organisations rests with the territorial institutions of the Bank of Russia and the structural divisions of its central office - Department of Bank Regulation and Enforcement of the Bank of Russia, Chief Inspection of Credit Organisations of the Bank of Russia, Department of Licensing of Activities and Financial Rehabilitation of Credit Organisations of the Bank of Russia. Each of the mentioned subjects, respectively, may reveal the fact or signs of generation of the sources of own resources (capital) (part thereof) of the credit organisation if investors use improper assets. Different rules of further actions are specified depending on who has initiated the check procedure.
In any case when appropriate facts are revealed, territorial institutions or structural divisions of the Bank of Russia shall prepare proposals to demand the credit organisation to adjust own resources (capital). According to the common rule, after revealing the facts or signs of generation of sources of own resources by the credit organisation when investors use improper assets, a check of obtained information is arranged, the credit organisation being provided with opportunity to repulse or explain the revealed facts.
If explanations of the credit organisation on generation of own resources fail to repulse the facts of attraction of improper assets, the credit organisation gets an order to liquidate the risks stipulated by the fact of providing property to investors permitting to generate sources of own resources with improper assets.
The methods to liquidate (cover) the mentioned risks shall be: reduction of the registered capital; reduction of emission incomes; replacement by investors of the credit organisation or third parties of assets of the credit organisation stipulated by the fact of providing property to investors permitting to generate sources of own resources with improper assets with assets that do not have improper signs and have a real value corresponding to the balance cost of replaced assets; creation for such assets and conditional obligations assumed by the credit organisation reserves for possible losses in the amount corresponding to the balance cost of replaced assets or the amount of conditional obligations assumed by the credit organisation.
In case of a failure on the part of the credit organisations to fulfil orders to liquidate the risks, measures of forced interference may be applied to them.
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 February 26, 2006. Reg. No. 7539.
Order of the Federal Service for Financial Markets No. 06-4/pz-n of January 12, 2006 on the Amendments to the Regulation on Activities in Organisation of Trade at the Securities Market Endorsed by the Order of the Federal Service for Financial Markets No. 04-1245/pz-n of December 15, 2004
Amends the Regulation defining the requirements to activities in organisation of trade at the securities market of the Russian Federation permitting to include securities in quotation lists A (first and second level) and B, but also in quotation list C in the course of the listing procedure.
Includes additional provisions regulating the procedure of inclusion of stocks in quotation list C. Defines the requirements for inclusion of stocks in the given list, among which, in particular, is the one that the stocks of the issuer shall be placed for the first time through an open subscription, the services of placing the stocks to be provided by a broker, or offered for public circulation for the first time through a stock exchange or a broker to commit transactions of stocks alienation pertaining to such offer.
The stocks in quotation list C shall be included for the period not greater than 3 months from the date of the end of placing the stocks at the stock exchange. Upon expiry of the mentioned time limit, the stocks must be transferred into another quotation list (the list of securities permitted for tenders without the listing procedure) on condition of compliance with the requirements for inclusion of stocks in the appropriate quotation list (to permit the securities for tenders without the listing procedure).
Also defines the terms of delisting of securities by the stock exchange (exclusion of securities) from quotation list C.
Specifies the procedure of inclusion in the quotation list of securities of issuer created by reorganisation of several legal entities. Securities of such issuer may be included not higher than the lowest level of the quotation lists including securities of legal entities having created the issuer.
Specifies the duty of the stock exchange to suspend the tenders for the futures contract and/or option contract in case of change of the current market price (current value) of the appropriate contract envisaging an increase of the initial margin to be transferred by participants of tenders. When the tenders are renewed, participants of tenders having failed to transfer the initial margin may commit only transactions to close their positions in the earlier committed transactions.
Registered in the Ministry of Justice of the Russian Federation on February 26, 2006. Reg. No. 7538.
Includes additional provisions regulating the procedure of inclusion of stocks in quotation list C. Defines the requirements for inclusion of stocks in the given list, among which, in particular, is the one that the stocks of the issuer shall be placed for the first time through an open subscription, the services of placing the stocks to be provided by a broker, or offered for public circulation for the first time through a stock exchange or a broker to commit transactions of stocks alienation pertaining to such offer.
The stocks in quotation list C shall be included for the period not greater than 3 months from the date of the end of placing the stocks at the stock exchange. Upon expiry of the mentioned time limit, the stocks must be transferred into another quotation list (the list of securities permitted for tenders without the listing procedure) on condition of compliance with the requirements for inclusion of stocks in the appropriate quotation list (to permit the securities for tenders without the listing procedure).
Also defines the terms of delisting of securities by the stock exchange (exclusion of securities) from quotation list C.
Specifies the procedure of inclusion in the quotation list of securities of issuer created by reorganisation of several legal entities. Securities of such issuer may be included not higher than the lowest level of the quotation lists including securities of legal entities having created the issuer.
Specifies the duty of the stock exchange to suspend the tenders for the futures contract and/or option contract in case of change of the current market price (current value) of the appropriate contract envisaging an increase of the initial margin to be transferred by participants of tenders. When the tenders are renewed, participants of tenders having failed to transfer the initial margin may commit only transactions to close their positions in the earlier committed transactions.
Registered in the Ministry of Justice of the Russian Federation on February 26, 2006. Reg. No. 7538.
Letter of the Central Bank of Russia No. 19-T of February 10, 2006 on the Methodology Recommendations on the Procedure of Drawing up and Submission of Financial Reports by Credit Organisations
The new methodology recommendations take account of the requirements of the actual international accounting standards as of January 1, 2005. The document examines the structure and content of the forms of financial reports, preparation and drawing up of financial reports, their audit, publication, submission and use.
Invalidates the Letter of the same name of the Bank of Russia No. 181-T of December 25, 2003.
Invalidates the Letter of the same name of the Bank of Russia No. 181-T of December 25, 2003.
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