Monitoring of the Federal Legislation dated 9.01.2007

Federal Constitutional Law No.7-FKZ of December 30,2006 on the Amendments to Articles 48 and 52 of the Federal Constitutional Law on the Referendum of the Russian Federation <br>

Non-commercial organizations may not transfer donations to the fund of the referendum of the Russian Federation if during the year preceding the transfer of the donation they received monetary resources or another property from foreign states (including their bodies of power), foreign citizens and legal entities (including charitable organizations and religions associations), international organizations and international public movements, Russian legal entities with foreign participation (more than 30%), as well as from organizations founded by the state bodies or bodies of local government of the Russian Federation and legal entities with the share of the Russian Federation, subjects of the Russian Federation or municipal formations in the registered capital greater than 30%. The mentioned restrictions apply only if the monetary recourses or another property received by the non-commercial organizations were not returned to the parties having transferred them (or handed over as incomes to the Russian Federati on if it is impossible to return them).

Federal Constitutional Law No. 6-FKZ of December 30, 2006 on the Forming of the New Subject of the Russian Federation As a Result of the Merger of the Irkutsk Province and the Ust-Ordynsk Buryat Autonomous District <br>

Forms a new subject of the Russian federation - the Irkutsk Province - as a result of the merger of the two bordering subjects of the Russian federation - the Irkutsk Province and the Ust-Ordynsk Buryat Autonomous District.

The Federal Constitutional Law is entered into force from the day of its official publication.

Federal law No. 283-FZ of December 30, 2006 on the Amendments to the Criminal Code of the Russian Federation and Article 151 of the Code of Criminal Procedures of the Russian Federation

Amends Articles 158 and 175 of the Criminal Code of Russian Federation ("Theft" "Purchase or Sale of the Property Known to Be Acquired Through Crime") to enhance responsibility for the pilferage of oil, oil products and gas from the mainlines. Extends the Criminal Code to include Article 215.3 envisaging liability for making the mainlines unfit for use.

Federal law No. 282-FZ of December 30, 2006 on the Amendments to the Federal Law on the Securities Market <br>

Introduces a new emission security - Russian depository slip, which is a registered security without nominal value. The Russian depository slip certifies the proprietary right for a certain number of stocks or bonds of a foreign issuer. The Federal Law is expected to satisfy the demand of the Russian investor pertaining to access to foreign market of capitals and improve the investment appeal and liquidity of the Russian securities market.

Federal Law No. 275-F of December 30, 2006 on the Procedure of Forming and Use of the Specific Capital of Non-Commercial Organizations <br>

The Federal Law specifies the legal basis of regulation of relations pertaining to the forming of the specific capital of non-commercial organizations, as well as the control over the forming of the specific capital and the use of incomes from such capital. The goal of the specific capital and the use of incomes from such capital is assistance in the sphere of education, science, public health, culture, arts, archive activities, physical culture and sports, social support.

The Law also defines the particulars of management of the non-commercial organization being the owner of the specific capital.

The Federal Law is entered into force from the day of its official publication.

Federal Law No. 269-FZ of December 30, 2006 on the Simplified Procedure of Declaring of Incomes by Natural Persons <br>

Introduces a simplified procedure of declaring of incomes obtained until January 1, 2006 by natural persons to attract capital in the national economy and promote trust in relations between the authorities and citizens.

Federal law No. 268-FZ of December 30, 2006 on the Amendments to Parts 1 and 2 of the Tax Code of the Russian Federation and Individual Legislative Acts of the Russian Federation <br>

The amendments pertain to the procedure of submission of the tax declarations and revocation of individual tax benefits. From January 1, 2007, revokes the tax benefit exempting amounts from sale of securities from the payment of the incomes tax from natural persons.

Introduces an equal procedure of taxation of profits of organizations acquiring the right of use, possession and disposal of land plots and organizations concluding lease contracts for the land plots.

Federal law No. 267-FZ of December 30, 2006 on the Amendments to the Federal Law on the Currency Regulation and Currency Control <br>

Improves the issues of currency regulation in the payments in the sphere of international transportation.

Federal Law No. 254-FZ of December 29, 2006 on the Amendments to Article 5 of the Federal Law on the Amendments to the Federal Law on the Licensing of Individual Types of Activities, Federal Law on the Protection of Rights of Legal Entities and Independent Entrepreneurs in the Course of State Control (Enforcement) and the Code of Administrative Violations of the Russian Federation <br>

Shifts from January 1, 2007 to July 1, 2007 the time limit for the entry into force of individual provisions of the Federal Law No. 80-FZ of July 2, 2005 pertaining to the procedure of suspension of licenses, revocation of licenses, as well as the license control for activities of investment funds, management of investment funds, shared investment funds and non-state pension funds, activities of specialized depositaries of investment funds, shared investment funds and non-state pension funds in pension support and pension insurance.

Federal Law No. 252-FZ of December 29, 2006 on the Invalidation of Individual Provisions of the Legislative Acts of the Russian Federation <br>

The date of revocation of licensing of audit activities is shifted from January 1, 2007 to July 1, 2007. The same dates apply to the licensing of activities in design and construction of buildings and structures and engineering surveys for construction of buildings and structures.

The Federal Law is entered into force from the day of its official publication.

Federal law No. 248-FZ of December 29, 2006 on the Amendments to the Federal Law on the State Regulation of Production and Circulation of Ethyl Alcohol, Alcoholic and Alcohol-Containing Products <br>

The Federal Law No. 102-FZ of July 21, 2005 envisaged a set of measures aimed at stopping illegal production and circulation of alcoholic substitutes, products of dual destination.

The Federal Law is entered into force from January 1, 2007 except for individual provisions entering into force from July 1, 2007or from April 1, 2007.

Federal Law No. 247-FZ of December 29, 2006 on the Amendments to Articles 50.36 and 50.39 of the Federal Law on Insolvency (Bankruptcy) of Credit Organizations and Article 72 of the Federal Law on the Central Bank of the Russian Federation (Bank of Russia)<br>

The Federal Law eliminates restrictions in the sphere of legal qualification of individual types of borrowings and improves banking legislation to expand the sources of increase of capital of Russian banks.

Federal Law No. 246-FZ of December 29, 2006 on the Amendments to Articles 11 and 18 of the Federal Law on the Banks and Banking Activities and Article 61 of the Federal Law on the Central Bank of the Russian Federation (Bank of Russia)<br>

To attract foreign investments in the banking system of the Russian Federation and improve the quality of invested capital, abandons the requirement of obtaining a preliminary permission of the Bank of Russia by the credit organization to increase its registered capital at the expense of resources of non-residents and alienate its stocks (shares)in favor of non-residents, as well as for the participants of the credit organization to alienate their stocks (shares) in the credit organization in favor of non-residents. Also eliminates the right of the Bank of Russia to introduce additional requirements to credit organizations with foreign investments and branches of foreign banks pertaining to obligatory normatives and the minimum amount of capital of the newly registered branches of foreign banks.

Federal Lаw No. 244 of December 29, 2006 on the State Regulation of Activities of Organization of the Games of Chance and on the Amendments to Some of the Legislative Acts of the Russian Federation

The main novelty of the Law is creation of four special gambling zones permitting organization of the games of chance - the Altay Territory, the Maritime Territory, the Kaliningrad Province, the Krasnodar Territory and the Rostov Province.