Windfall tax for major companies to be introduced in Russia

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Monitoring of the Federal Legislation dated 19.11.2009

Direction of the Central Bank of Russia No. 2307-U of October 9, 2009 on the Invalidation of the Direction of the Bank of Russia No. 2237-U of May 22, 2009 on the Exclusion from the Reserved Obligations of the Ones to the State Corporation ~Deposit Insurance Agency~ and/or Obligations to Investors Not Being Credit Organisations

A new procedure of depositing of obligatory reserves by credit organisations in the Central Bank of Russia is applied from November 1, 2009.

Direction of the Central Bank of Russia No. 2306-U of October 9, 2009 on the Particulars of the Right to Average Obligatory Reserves Granted to Credit Organisations

The new wording is adopted pursuant to the adoption of the new regulation on the obligatory reserves of credit organisations.

Direction of the Central Bank of Russia No. 2296-U of September 21, 2009 on the Procedure for the Bank to Submit a Request to Terminate the Work with Deposits Pursuant to the Demand of the Bank of Russia in Cases of the Bank|s Failure to Comply with the Requirements of Participation in the Deposit Insurance System or in Pursuance of Part 34 of Article 48 of the Federal Law on the Insurance of Deposits of Natural Persons in the Banks of the Russian Federation and on the Procedure of Invalidation of the License of the Bank of Russia to Attract in Deposits Monetary Resources of Natural Persons in Roubles or the License of the Bank of Russia to Attract in Deposits Monetary Resources of Natural Persons in Roubles and Foreign Currencies or the General License

Introduces a new procedure for the bank to send a request to terminate the work with deposits.

Information Letter of the Presidium of the Higher Arbitration Court of the Russian Federation No. 133 of November 5, 2009 on the Application of Article 5 of the Federal Law No. 195-FZ of July 19, 2009 on the Amendments to Individual Legislative Acts of the Russian Federation

A number of legislative acts were amended in July 2009 to improve legislation on bankruptcy.

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