Monitoring of the Federal Legislation dated 22.05.2007

Federal Law No. 83-FZ of May 17, 2007 on the Amendments to Individual Legislative Acts of the Russian Federation Pursuant to the Adoption of the Federal Law on the Bank of Development

Pursuant to the creation of the Bank of Development, introduces amendments to the Tax Code, as well as the Federal Laws on the banks and banking activities, on the organisation of insurance activities in the Russian Federation, on non-commercial organisations, on the securities market and on the currency regulation and currency control.
      The Federal Law is entered into force 10 days after the day of its official publication except for individual provisions where special time limits are specified.

Federal Law No. 82-FZ of May 17, 2007 on the Bank of Development

The Federal Law defines the legal fundamentals of creation of the state corporation Bank of Development and Foreign Trade Activities (Vnesheconombank), specifies the legal status, principles of organisation, goals of creation and activities, procedure of reorganisation and liquidation of this bank.

Federal Law No. 81-FZ of May 17, 2007 on the Ratification of the Protocol to the Agreement between the Government of the Russian Federation and the Government of the Republic of Belarus on Avoidance of Double Taxation and Prevention of Avoidance of Payment of Taxes for the Income and Property Taxes

The ratified Protocol introduces equal conditions of taxation of incomes of natural persons from employment in Belarus and Russia respectively.

Federal Law No. 80-FZ of May 17, 2007 on the Amendment to Article 14 of the Federal Law on the Military and Technical Cooperation of the Russian Federation with Foreign States

Changes the wording of the provision of the Federal Law on the military and technical cooperation of the Russian Federation with foreign states having specified that international treaties of Russia in the sphere of military and technical cooperation must be ratified according to the procedure specified by the legislation of the country. According to the new wording, the Russian Federation agrees to observe international treaties in the sphere of military and technical cooperation in compliance with the norms of the international law and provisions of the Federal Law on the international treaties of the Russian Federation.

Decision of the Government of the Russian Federation No. 297 of May 19, 2007 on the Endorsement of the List of Agricultural Products Sold at the Agricultural Market and the Cooperative Agricultural Market

From January 15, 2007, the Federal Law has entered into force to regulate the relations pertaining to organisation of retail-trade marketplaces and activities of sale of commodities (carrying out works, rendering services) at retail-trade marketplaces. The retail-trade marketplaces are subdivided into the multipurpose and the specialised ones.

Order of the Federal Service for Financial Markets No. 07-34/pz-n of March 29, 2997 on the Amendments to the Regulation on the Information on the Concluded Transactions Endorsed by the Order of the Federal Service for Financial Markets No. 06-67/pz-n of June 22, 2006

According to the Federal Law on the securities market, the Federal Service for Financial Markets of Russia provides, among other things, for creation of a public-access system of disclosing of information at the securities market.
      Registered in the Ministry of Justice of the Russian Federation on May 17, 2007. Reg. No. 9501.

Direction of the Central Bank of Russia No. 1821-U of April 25, 2007 on the Procedure for the Subject of Credits Histories to Send Requests and Obtain Information from the Central Catalogue of Credits Histories through Divisions of Postal Communication

According to the Federal Law on credit histories, the Central Catalogue of Credit Histories is crested by the Bank of Russia for the subjects of credit histories and users of credit histories to collect, store and provide information on the credit history bureaus generating credit histories of subjects of credit histories and to store temporarily databases of liquidated (reorganised) credit history bureaus.
      The Direction is entered into force 10 days after the day of official publication in the Herald of the Bank of Russia.
      Registered in the Ministry of Justice of the Russian Federation on May 17, 2007. Reg. No. 9494.

Order of the Federal Tax Service No. MM-3-03/239@ of April 18, 2007 on the Endorsement of the Forms of Documents Used by the Tax Bodies While Implementing Their Authority in Relations Regulated by the Legislation on Taxes and Fees

Federal Law No. 137-FZ of July 27, 2006 amended the Tax Code to improve tax control and adjust tax checks.
      Registered in the Ministry of Justice of the Russian Federation on May 17, 2007. Reg. No. 9489.

Order of the Federal Service for Financial Markets No. 07-39/pz-n of April 5, 2007 on the Endorsement of the Regulation on the Procedure of Amending of the Register of Holders of Securities and Depositary Records When the Stocks Are Bought out by the Joint-Stock Company at the Demand of Stock-Holders

Endorses the Regulation defining the procedure of amending of the register of holders of securities and depositary records when the stocks are bought out by the joint-stock company at the demand of stock-holders. The Regulation applies also to issuers of securities keeping the register of personal securities independently.
      Registered in the Ministry of Justice of the Russian Federation on May 16, 2007. Reg. No. 9481.