Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 1.11.2008

Decision of the Government of the Russian Federation No. 790 of October 27, 2008 on the Amendments to the Typical Rules of Trust Control of the Open-Type Shared Investment Fund

Revises the typical rules of trust control of the open-type shared investment fund.

Regulation of the Central Bank of Russia No. 325-P of October 29, 2008 on the Particulars of the Issue (Additional Issue) and Registration of Stocks of a Bank in the Course of Implementation by the Central Bank of the Russian Federation (Bank of Russia) and the State Corporation Deposit Insurance Agency of the Measures to Prevent the Bankruptcy of a Bank Participating in the System of Obligatory Insurance of Deposits of Natural Persons in the Banks of the Russian Federation

The Deposit Insurance Agency may be assigned the bank's interim administration.

Direction of the Central Bank of Russia No. 2110-U of October 29, 2008 on the Amendments to the Instruction of the Bank of Russia No. 109-I of January 14, 2004 on the Procedure for the Bank of Russia to Take the Decision of the State Registration of Credit Organisations and Issue of Licenses for Bank Operations

To prevent the bankruptcy of banks, the Central Bank of Russia is empowered with authority to reduce on a compulsory basis their registered capital to the amount of own resources (capital).

Direction of the Central Bank of Russia No. 2107-U of October 29, 2008 on the Assessment of the Bank's Financial Standing to Solve the Issue of Expediency of Participation of the State Corporation Deposit Insurance Agency in the Measures of Prevention of Its Bankruptcy

The Central Bank of Russia and the state corporation Deposit Insurance Agency are authorised to take measures to prevent the bankruptcy of banks.

Direction of the Central Bank of Russia No. 2106-U of October 29, 2008 on the Procedure for the Bank of Russia to Take Decisions to Send a Proposal to the State Corporation Deposit Insurance Agency to Participate in the Prevention of the Bankruptcy of a Bank and on the Coordination (Endorsement) of the Plan of Participation of the State Corporation Deposit Insurance Agency in the Prevention of the Bankruptcy of a Bank

Regulates the procedure for the Central Bank of Russia to take the decision on the measures to prevent the bankruptcy of a bank.

Direction of the Central Bank of Russia No. 2108-U of October 29, 2008 on the Procedure for the Bank of Russia to Take the Decision to Reduce the Registered Capital of a Bank to the Amount of Own Resources (Capital)

The Bank of Russia and the state corporation Deposit Insurance Agency are authorised until the end of 2011 to take measures to prevent the bankruptcy of banks.

Direction of the Central Bank of Russia No. 2109-U of October 29, 2008 on the Amendments to the Regulation of the Bank of Russia No. 279-P of November 9, 2005 on the Interim Administration for the Management of the Credit Organisation

The Deposit Insurance Agency is permitted now to execute the functions of the bank's interim administration.

Direction of the Central Bank of Russia No. 2111-U of October 29, 2008 on the Amendments to the Regulation of the Bank of Russia No. 271-P of June 9, 2005 on the Processing of Documents Submitted to the Territorial Institution of the Bank of Russia to Obtain the Decision of the State Registration of Credit Organisations, Issue of Licenses for Bank Operations and the Keeping of Databases of Credit Organisations and Their Divisions

The amendments are adopted since the Bank of Russia and the Deposit Insurance Agency are empowered with authority to prevent the bankruptcy of banks until December 31, 2011.

Direction of the Central Bank of Russia No. 2112-U of October 29, 2008 on the Amendments to the Instruction of the Bank of Russia No. 126-I of November 11, 2005 on the Procedure to Regulate Relations Pertaining to the Measures of Prevention of Insolvency (Bankruptcy) of Credit Organisations

The prevent the bankruptcy of banks, the Bank of Russia may demand from them to take measures of financial rehabilitation or reorganisation.

Direction of the Central Bank of Russia No. 2113-U of October 29, 2008 on the Amendments to the Direction of the Bank of Russia No. 1483-U of July 30, 2004 on the Procedure to Prohibit to Attract in Deposits Monetary Resources of Natural Persons and to Open Bank Accounts of Natural Persons to the Bank Having Refused to Participate in the Deposit Insurance System or Failing to Comply with the Requirements of Participation in the Deposit Insurance System

To support the stability of the banking system, the Central Bank of Russia and the state corporation Deposit Insurance Agency are empowered with additional authority.

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