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Nonadmission, limitation or elimination of competition have been criminalized


Nonadmission, limitation or elimination of competition have been criminalized
2009-07-31 08:00

NEWS OF THE FEDERAL LEGISLATION

Nonadmission, limitation or elimination of competition have been criminalized

By the Federal Act N 216-FZ of July 29, 2009 (document is in Russian), it has been provided criminalization of nonadmission, limitation or elimination of competition, criminal responsibility for which is established by the article 178 of the RF Criminal Code. Now criminal responsibility shall arise for nonadmission, limitation or elimination of competition by means of conclusion of restricting competition contracts or making restricting competition coordinated activities, repeated abuse of dominant position in the form of fixation and (or) supporting of monopoly high or monopoly low price of good, groundless refusal in of evasion of contract conclusion, restriction of access to a market, if these actions have caused heavy damage to citizens, organizations or the state or have caused large-size income. This crime shall be punished with penalty in the size from 300 000 up to 500 000 rubles or in the size of wage or other income of convicted person for period from one year up to two years or with deprivation of freedom for a period up to three years with deprivation of rights to take certain posts or to make certain activity up to one year or without that (earlier maximum punishment for this crime has been deprivation of freedom for a period up to two years).

The Federal Act shall putt into effect upon expiration of ninety days after its promulgation.

There have been changed the terms for licensing of credit institutions, the case about bankruptcy thereof has been dismissed in accordance with liquidation of their obligations
2009-07-31 08:00

NEWS OF THE FEDERAL LEGISLATION

There have been changed the terms for licensing of credit institutions, the case about bankruptcy thereof has been dismissed in accordance with liquidation of their obligations

  The Direction of the Bank of Russia N 2257-U of July 2, 2009 (document is in Russian) has made the amendments to the Statute of the Bank of Russia N 275-P "On the procedure for the Bank of Russia to issue licenses for performance of banking operations of credit institutions, for which proceedings on the cases of bankruptcy thereof has been terminated in connection with liquidation of their obligations by founders (participants) or a third person (third persons)" of August 11, 2005 (document is in Russian). The amendment has determined anew the requirements to the size of authorized capital of credit institution. Thus to receive the license, authorized capital of bank should consists not less than 180 mln. rubles and for non-banking credit institutions - not less than 18 mln. rubles, and for an institution applying to receive the license providing the right to make settlements under legal entities commission - not less than 90 mln. rubles, and not to increase the size of own funds (capital) of a credit institution.


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