BROKER AND DEALER LICENCES/ FEDERAL SECURITIES COMMISSION
The Federal Securities Commission (FSC) has issued provisional regulations on licensing and carrying out broker dealer activities. The provisional regulations follow a long period of uncertainty during which no new licenses were issued. Brokers and dealers that are currently operating under a licence issued by the Ministry of Finance should apply for a new licence not later than 1 October 1997.
Regulation of the Federal Securities Commission of 19 December 1996 No. 22
NO RETROACTIVE TAXES/ COURT RULINGS
The constitutional court has confirmed that, based on art. 57 of the Constitution of the Russian Federation, tax laws which worsen the situation of taxpayers cannot be applied retroactively. The decision was issued in response to the Amendments to the Law on Excise Duties (Law of 7 March 1996) which introduced retroactively new rates of excise duties for goods originating from other CIS countries. In its letter, the Supreme Arbitrage Court states explicitly that the principle should apply to similar cases, which means lower courts could rule in favour of taxpayers who challenge the retroactive levying of taxes.
Letter of the Supreme Arbitrage Court of 2 December 1996 No. S5-7/OZ-710
BANKS/ MINIMUM CHARTER CAPITAL AND EQUITY REQUIREMENTS
Newly registered Russian banks or existing banks with foreign participation not exceeding 50% must have a charter capital of at least 20.7 billion roubles. For non-bank credit organisations the minimum requirement is 5.2 billion roubles. If foreign participation equals or exceeds 50%, the charter capital should be at least 34.5 billion roubles, with at least 10 billion roubles to be contributed by one non-resident shareholder. In order to receive a foreign currency licence, banks should have equity of at least 34.5 billion roubles, non-banks of at least 8.5 billion roubles.
Telegram of the Central Bank of 5 January 1997 No. 1-97
For further information contact Bauke van der Meer on tel: +7 503 232 5511 fax: +7 503 232 5522 or e-mail directly: Bauke_van_der_Meer@ru.coopers.com or enter a text search 'Coopers & Lybrand' and 'Business Monitor'
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