Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 15.08.2006

Regulations of the Central Bank of the Russian Federation 2006 ã. N 290-P of July 4, 2006 on the Procedure for the Bank of Russia's Issuing Permits to Credit Organisations for Having Affiliates on the Territory of a Foreign State

A licensing procedure is established for credit organisations to establish their affiliates on the territories of foreign states and to acquire the status of a basic company for operating non-resident legal entitles in which it can determine the decisions taken by the managerial bodies thereof.The permit may be issued if the credit organisation files a permit application, and if it meets certain requirements. For instance, such organisation must hold a general licence and it has to have been operating for at least three years since its state registration, to have its owner's equity (capital) in an amount of at least equal to 5 million euros, to have no debt owing the budget or the Bank of Russia. As the set of documents filed by the organisation is being examined it has to go through six structural units of the Bank of Russia.The Bank of Russia takes its decision on the issuance of the permit by taking into account the economic substantiation of the application, i.e. the prospects of a long-term operation of the affiliate as a financially-viable organisation. The total term of examination of these documents by the Bank of Russia cannot exceed three months after the registration of the application with a territorial institution of the Bank of Russia. The Regulations do not contain norms concerning the obtaining of new permits for affiliates that have been earlier instituted on the territory of a foreign state.The Regulations enter into force upon the expiry of ten days after the official publication thereof in Vestnik Banka Rossii.Registered by the Ministry of Justice of the Russian Federation, registration No. 8144 of August 11, 2006.

Order of the Federal Service on Financial Markets No. 06-76/pz-n of July 13, 2006 on Endorsing the Regulations on the Requirements Applicable to the Procedure for Committing Certain Actions in Connection with the Acquisition of over 30 Per Cent of Shares of Public Joint-Stock Companies

The Regulations establish a procedure for the filing of documents with the federal executive governmental body charged with securities market matters in connection with the acquisition of over 30% of shares of a public joint-stock company.Standards are established for the following documents: a voluntary offer to acquire shares and/or the serial securities convertible into such shares as conferring the right of vote at a general meeting of the shareholders having voting rights on all issues within its competence; a compulsory offer to acquire the serial securities of the public joint-stock company which confer the said right; a report on the results of acceptance of a voluntary or compulsory offer; a notice of the right to demand repurchase of serial securities if a person buys over 95% of the shares of the public joint-stock company; a demand on repurchase of serial securities of the public joint-stock company on the demand of a person which has acquired over 95% of the shares of the public joint-stock company; and a report on the results of acceptance of a voluntary or compulsory offer.A list is provided of the documents that have to be filed with the federal executive governmental body charged with securities market matters together with each of the said documents.Documentation may be filed either on paper or magnetic media, or in an electronic form.Also, rules are defined for disclosing information on the filing of a voluntary or compulsory offer concerning the acquisition of serial securities traded at public sales arranged by organisers of trading in the securities market, and the contents of such voluntary or compulsory offer. This information is disclosed by means of publication of a relevant announcement. Registered by the Ministry of Justice of the Russian Federation, registration No. 8143 of August 11, 2006.

on the Procedure for Drawing Up Documents when an Application for Registration of a Legal Entity or Individual Entrepreneur Is Filed

The Supreme Court of the Russian Federation has recognised as invalid the rule set out in the Requirements to the Drawing Up of the Documents Used in the State Registration of Legal Entities, and Also of Natural Persons as Individual Entrepreneurs approved by Decision of the Government of the Russian Federation No. 439 of June 19, 2002 according to which the documents for the purposes of registration of a legal entity have to be submitted to the registration body directly by the applicant. The decision has been issued on the occasion of an application of a person whose documents for organisation registration purposes have not been accepted from the person's representative holding a power of attorney, with reference being made to the disputed item of the Requirements.It is noted, that the Federal Law on the State Registration of Legal Entities and Individual Entrepreneurs establishes two methods for the filing of documents for state registration purposes: the direct delivery of the documents at the whereabouts of the registration body or the sending of the documents by post. Other document filing methods may be defined by the Government of the Russian Federation. Still, the disputed item of the Requirements does not establish another method for filing the documents, but it rather provides an explanation for a method established already. It gives a definition of the need for filing documents for registration purposes not only at the place where the registration body is located as indicated by the Law but it also vests the duty to do so directly in the applicant, which does not arise from the Law. Therefore, the Government of the Russian Federation is not entitled to limit in comparison with a federal law the citizens' right to file documents with a registration body directly by themselves, and deprive them of their right to commit such actions through a representative. Meanwhile, the applicable civil legislation contains provisions testifying that citizens may commit such actions through their representatives.

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