Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 8.07.2008

Order of the Ministry of Regional Development of the Russian Federation and the Ministry of Economic Development of the Russian Federation No. 72/158 of June 16, 2008 on the Endorsement of the Form for the Application of the Higher Executive Body of State Power of the Subject of the Russian Federation for the Use of the Federally Owned Land Plot for the Purposes of Housing and Other Construction, Including Production of Construction Materials, Items and Structures

A prohibition was introduced for the federal bodies of executive power (until 2009) for coordination of transactions pertaining to the disposal of the federally owned land plots.

Order of the Federal Service for Financial Markets No. 08-24/pz-n of June 5, 2008 on the Amendments to the Regulation on the Procedure for the Federal Service for Financial Markets to Issue a Permission for the Placing and/or Circulation of Emission Securities of Russian Issuers outside the Russian Federation Endorsed by the Order of the Federal Service for Financial Markets of Russia No. 06-5/pz-n of January 12, 2006

The amendments reduce the normative of the amount of securities of the Russian issuer permitted for placing and circulation outside the Russian Federation.

Order of the Federal Service for Financial Markets No. 08-23/pz-n of June 3, 2008 on the Endorsement of the Requirements to the Rules of Organisation and Implementation of Internal Control in a Non-State Pension Fund

A non-state pension fund must arrange internal control of compliance of its activities in non-state pension support, pension insurance and occupational pension insurance with the requirements of the normative legal acts of the Russian Federation regulating the mentioned types of activities.

Order of the Federal Service for Financial Markets No. 08-22/pz-n of June 3, 2008 on the Amendments to the Standards of Issue of Securities and Registration of Prospectuses of Securities Endorsed by the Order of the Federal Service for Financial Markets of Russia No. 07-4/pz-n of January 25, 2007

Expands the list of documents necessary for the state registration of the report of the results of issue (additional issue) of securities.

Direction of the Central Bank of Russia No. 2030-U of June 18, 2008 on the Amendments to Appendix 1 to the Instruction of the Bank of Russia No. 110-I of January 16, 2004 on the Obligatory Normatives of Banks

Liquid assets include investments into unencumbered equity securities of residents of the Russian Federation (accounts (parts thereof)): 50605, 50606, (50621-50620), 50705, 50706, (50721-50720) except for the voting stocks where investments as of the date of calculation of the bank's current liquidity normative are greater than 5% of the registered capital of the joint-stock company where the bank is a stock-holder.

Direction of the Central Bank of Russia No. 2028-U of June 16, 2008 on the Amendments to the Regulation of the Bank of Russia No. 254-P of March 26, 2004 on the Procedure for Credit Organisations to Generate Reserves for Possible Losses in Loans, Debts in Loans and Similar Debts

When credit organisations generate reserves for possible losses in loans they compile a borrower file containing information on the borrower.

Order of the Federal Migration Service No. 142 of June 6, 2008 on the Endorsement of the Administrative Regulation of the Federal Migration Service on the Provided State Service of Drawing up and Issue of Invitations to Foreign Citizens and Stateless Persons to enter the Russian Federation

Regulates the procedure for the Federal Migration Service of Russia to draw up and issue invitations to enter the Russian Federation for foreign citizens and stateless persons.

Order of the Ministry of Regional Development of the Russian Federation No. 48 of April 14, 2008 on the Endorsement of the Method of Monitoring of Implementation of Production and Investment Programs of Organisations of the Communal Complex

Specifies the procedure and terms of monitoring of implementation of production and investment programs of organisations of the communal complex.

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