Federal Law No. 383-FZ dated 29 December 2009 “On Amendments to Part One of the Russian Tax Code and Specific Legislative Acts of the Russian Federation” entered into force on 1 January 2010.

We inform you that recently the Federal Law No. 368-FZ of 27 December 2009 enacting from 2011 FY, which abolished the requirement of minimum RUR 500 mln. participation of a Russian parent company in its subsidiary distributing dividends for the purpose of participation exemption rule, had been adopted.

Pepeliaev Group hereby advises on the entry into force of Federal Law No. 310-FZ On Amendments to Article 5 of the Federal Law “On Amendments to Part One of the Civil Code of the Russian Federation and Specific Legislative Acts of the Russian Federation.”

On 27 December 2009 of Federal Law No. 352-FZ “On Amendments to Certain Legislative Acts of the Russian Federation with Regard to Revisions to Limitations for Business Entities during the Formation of Authorised Capital, Revisions to the Methods for Protecting the Rights of Creditors in the event of a Reduction in the Authorised Capital, Changes to Requirements on the Value of Net Assets and Revisions to Limitations Relating to the Issue of Bonds by Business Entities”. The law entered into force on 31 December 2009.

On 24 December 2009 the Russian Government approved in Resolution No. 1083 (hereinafter – “Resolution No. 1083”) amendments to Resolution No. 335 of the Russian Government dated 30 May 2007 and established a new threshold value for the assets of credit institutions. If this value is exceeded, the credit institution will be subject to antimonopoly controls performed in accordance with Federal Law No. 135-FZ dated 26 July 2006 “On Protection of Competition”.