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Monitoring of the Federal Legislation dated 19.06.2006

Decision of the Government of the Russian Federation No. 374 of June 13, 2006 on the Lists of Documents Necessary for Decision Taking to Transfer Property from the Federal Property in the Property of the Subject of the Russian Federation or Municipal Property, from the Property of the Subject of the Russian Federation in the Federal Property or Municipal Property, from the Municipal Property in the Federal Property or the Property of the Subject of the Russian Federation

For delimitation of authority between the federal centre and the subjects of the Russian Federation, as well as in the framework of the reform of the local government now underway, defines the lists of documents necessary for taking the decisions to hand over the federal property in the property of the subject of the Russian Federation or municipal property, form the property of the subject of the Russian Federation in the federal or municipal property, from the municipal property in the property of the subject of the Russian Federation or the federal property. Also defines the documents necessary for taking the decision to hand over state-run (municipal) enterprises and institutions as property complexes.

The proprietary right for the handed over property emerges from the moment of endorsement of the act of transfer.

Letter of the Federal Service for Financial Markets No. 06-OV-02-3/8946 of June 15, 2006 on the Procedure for Writing off from Custody Accounts of Securities of Liquidated Issuers

Explains the procedure for writing off by professional participants of the securities market engaged in depositary activities of securities of liquidated issuers from the custody accounts.

The depository may write off from custody accounts securities of the liquidated issuer according to the procedure defined in the terms of depositary activities after confirmation of information of the liquidation of the issuer legal entity by the body of executive power in charge of the keeping of the Joint State Register of Legal Entities.

Information Letter of the Federal Service for Financial Markets No. 06-OV-02/7220 of May 16, 2006 on the Procedure of Application of the Requirements of the Rules of Brokerage Activities When Committing Transactions at the Securities Market Using Monetary Resources and/or Securities Handed over by the Broker to the Client in Loan (Marginal Transactions) Endorsed by the Order of the Federal Service for Financial Markets of Russia No. 06-24/pz-n of March 7, 2006

In brokerage activities, when committing transactions at the securities market using monetary resources and/or securities handed over by the broker to the client in loan (marginal transactions), determination of sufficiency of monetary resources on internal account of monetary payments with the client or the quantity of securities on the internal account of payments with the client pertaining to securities, futures contracts and options necessary for conclusion of the transaction shall include the claims rights and obligations in monetary payments and securities in earlier concluded but not executed ones that must be terminated during the day when it was concluded.

In the case of separate records for marginal transactions and unsecured ones for each client committed by the broker, separate record keeping for marginal transactions in contrast to unsecured transactions is not necessary.

Brokers committing marginal and unsecured transactions without being participants of tenders are recommended to envisage a mechanism of transfer of the report to the trade organiser.

Letter of the Department of the Tax and Customs Tariff Policy of the Ministry of Finance of the Russian Federation No. 03-06-01-04/101 of May 15, 2006

Objects of fixed assets handed over to the borrower for temporary gratuitous use and transferred under conservation at the decision of the organisation for over three months or being under reconstruction or modernisation at the decision of the management of the organisation for over 12 months may not be written off from the records of the balance holder organisation. They are regarded as object of taxation for the property tax from organisations with this organisation. Not regarded as object of taxation for the property tax from organisations are fixed assets registered on off-balance accounts of the organisation according to established procedure of accounting work.

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