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News of the Federal Legislation

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News of the Federal Legislation


There is increased the limit size of compensation on deposits in banks, in respect of which an insurant event has arisen
2008-10-14 08:00

NEWS OF THE FEDERAL LEGISLATION

There is increased the limit size of compensation on deposits in banks, in respect of which an insurant event has arisen

The Federal Act N 174-FZ "On amendments to article 11 of the Federal Act "On insurance of deposits of natural persons in the Russian Federation banks" and certain other legislative acts of the Russian Federation" of October 13, 2008 (document is in Russian) establishes the protective measures in respect of legal rights and interests of depositors of the RF banks.

Up to 700000 rubles there is increased the limit size of compensations on deposits in banks, in respect of which an insurant event has arisen (recall (cancellation) of banking license on performance banking operations or putting of a moratorium on meeting requirements of banking creditors). This norm shall be applied to banks, in respect of which an insurant event has arisen after October 1, 2008.

Form the enforcement day of the Federal Act N 174-FZ and till December 31, 2008, the Central Bank has been entrusted the right to put restrictions on interest rate size on banking deposit contracts in respect of credit institutions not executing instructions about elimination infringements in their activity revealed by the RF Central Bank, as well as in the case in such infringements of operations (deals) performed by a credit institution have made a real threat to its creditors interests.

There have been adopted the additional measures on support of financial system of the Russian Federation in conditions of negative influence of the international financial crisis
2008-10-14 08:00

NEWS OF THE FEDERAL LEGISLATION

There have been adopted the additional measures on support of financial system of the Russian Federation in conditions of negative influence of the international financial crisis

  By the Federal Act N 173-FZ of October 13, 2008 (document is in Russian), up to December 31, 2008 inclusive, the State corporation "Bank of Development and Foreign Economical Activity (Vnesheconombank)" has entrusted with the right to grant credits (loans) to institutions in foreign currency for redemption an (or) servicing of credits (loans) received by these institutions before September 25, 2008 form foreign institutions, to acquire the rights of claim of foreign creditors to these institutions under liabilities arisen before September 25, 2008, and to make other operations in aforesaid purposes, In purposes of implementation of aforesaid measures, the RF Central Bank is placing deposits in Vnesheconombank in aggregate sum not more than 50 bln USA dollars.

So, the RF Central Bank has been granted the right to conclude contracts with credit institutions, according to which it is obliged to indemnify such institutions for a part of losses (expenditures) arisen under deals with other credit institutions concluded before the day of enforcement of this Federal Act and up to December 31, 2008 including, the license of which for performance banking operations has been recalled.

The procedure for payments of the value-added tax has been changed
2008-10-14 08:00

NEWS OF THE FEDERAL LEGISLATION

The procedure for payments of the value-added tax has been changed

The Federal Act N 172-FZ of October 13, 2008 (document is in Russian) makes amendments to article 174 of part two of the RF Tax Code (document is in Russian), which establishes the procedure for payment of the value-added tax to a budget.

From the Quarter III, 2008, payment of the value-added tax shall be made under results of every taxable period based on actual realization (transfer) of goods (making works including for own needs, rendering services including for needs) for expiring taxable period in equal shares not later than 20 number of every from three months following after expired taxable period.

The amendments are made to the Federal Act on the RF Central Bank
2008-10-14 08:00

NEWS OF THE FEDERAL LEGISLATION

The amendments are made to the Federal Act on the RF Central Bank

The Federal Act N 171-FZ of October 13, 2008 (document is in Russian) adds part first of article 46 of the Federal Act N 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" of July 10, 2002 (document is in Russian). In accordance with amendments, the Bank of Russia has been entrusted the right to grant credits without secure for period not more than six months to Russia credit institutions.

Procedure and terms for submission of such credits shall be established by the Board of Directors of Bank of Russia, at that receivers of such credits shall have rating not lower than established level. List of rating agencies, which ratings are applied for determination of credit solvency of credit receivers and necessary minimum indexes of according ratings, additional requirements to credit receivers shall be established so by the Board of Directors of Bank of Russia.
 
The Document has been published officially in the Russian Newspaper N 214 of 14.10.2008.

There has been changed the procedure for granting credits secured by assets to credit institutions by the Bank of Russia
2008-10-14 08:00

NEWS OF THE FEDERAL LEGISLATION

There has been changed the procedure for granting credits secured by assets to credit institutions by the Bank of Russia

The Directions of the Bank of Russia N 2084-U of October 3, 2008 (document is in Russian) makes a number of amendments to the Provisions of the Bank of Russia N 312-P "On the procedure for granting credits secured by assets to credit institutions by the Bank of Russia" of November 12, 2007 (document is in Russian):

- issues of bonds is included to composition of assets, list of which in established by Board of Directors of Bank of Russia, and requirements to them are established;

- the procedure is changed for calculation of assets cost used for determination of credits coverage;
 
- there is determined the procedure for control over execution of terms of credits coverage;

- there is established that maximum size of one-time debt of a bank shall be calculated with taking into account of credits specified in subclause 1.2.3 of clause 1.2 of the Provision granted for period up to 30 calendar days inclusive;

- as giver of bill or person jointly responsible for payment, now a RF subject can be. Simultaneously, there are changed the requirements to givers of bill in the part of activity made by it him.

So the amendments are made to annexes 1-6.


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