Large foreign IT companies were obliged to open branches in Russia

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Daily Monitoring of the Legislation

Monitoring of the Federal Legislation dated 10.10.2007

Decision of the Government of the Russian Federation No. 655 of October 8, 2007 on the Endorsement of the Rules of Drawing up of Invitations to Enter the Russian Federation for Foreign Citizens and Stateless Persons

Invitation to enter the Russian Federation for a foreign citizen serves as grounds to issue the visa to the foreign citizen or enter the Russian Federation according to the visa-free procedure in cases envisaged in the Federal Law or international treaty of the Russian Federation.

Order of the Federal Service for Financial Markets No. 07-93/pz-n of August 30, 2007 on the Amendments to the Regulation on the Disclosing of Information by Issuers of Emission Securities Endorsed by the Order of the Federal Service for Financial Markets of Russia No. 06-117/pz-n of October 10, 2006

Adjusts the procedure of disclosing of information at the stages of issue of exchange-traded bonds.
      Registered in the Ministry of Justice of the Russian Federation on October 3, 2007. Reg. No. 10250.

Regulation of the Central Bank of Russia No. 310-P of September 7, 2007 on the Supervisors of Credit Organisations

Supervisors are assigned with the goal of improvement of banking enforcement, including a better understanding and assessment of such aspects of activities of the credit organisation as financial stability, corporate management (including the risk and internal control systems, strategic planning) transparency of the property structure, structure of the group where the credit organisation acts as the parent organisation or participant.
      The Regulation must be published officially in the Herald of the Bank of Russia and is entered into force from January 1, 2008.
      Registered in the Ministry of Justice of the Russian Federation on October 3, 2007. Reg. No. 10249.

Letter of the Central Bank of Russia No. 160-T of October 3, 2007 on the Rouble Equivalents of the Figures Envisaged in the Direction of the Bank of Russia No. 1755-U of December 11, 2006

According the Federal Law on the banks and banking activities, the minimum amount of the registered capital of the newly registered bank and non-bank credit organisation is fixed in the amount of the rouble equivalent of EUR 5 million and EUR 500,000 respectively. Besides, a requirement is also introduced from January 1, 2007 to the minimum amount of own resources (capital) for the acting banks and non-bank credit organisations requesting the status of a bank in the amount of the rouble equivalent of EUR 5 million.

Letter of the Federal Tax Service No. ShS-6-18/716@ of September 14, 2007 on the Procedure of Application of Explanations of the Ministry of Finance of the Russian Federation on the Issues of Application of the Legislation of the Russian Federation on Taxes and Fees

The Federal Tax Service of Russia emphasises that the letters of the Ministry of Finance of Russia expressing the position of the Ministry of Finance of Russia on particular or general issues available in the appeals of citizens and organisations may not be regarded as introducing obligatory for the tax bodies rules of conduct for application on the permanent basis in the course of implementation of the functions of tax control.

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