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These conclusions imply that it is necessary to adjust the existing requirements to index-linked MIFs established by the normative acts issued by the RF FSFM, in order to approximate them to the methods currently applied in foreign practice for coordinating the yields of this type of MIFs to the yields of investments in basic stock indices. Besides, our conclusions may be useful for the asset managers of mutual investment funds in their development of new investment products orientated toward different investor categories.

A. Ye. Abramov Issues considered by the RF Government at its sessions on 2 and 16 February At the RF GovernmentТs session on 2 February, the Report on the results of the activity of the Ministry of Public Health Care and Social Development of the Russian Federation in the year 2005 and the main directions for its activity in the years 2006 - 2008 was submitted for consideration, and on February the Draft Strategy for developing the Russian FederationТs financial market (hereinafter - the Strategy), designed to determine the key directions of the activity of government agencies in the sphere of financial market regulation in Russia in the years 2006-2008, was discussed.

Growth, in per cent, of the average per annum values of the stock indices.

Daily average square deviation of the index, multiplied by the square root of the number of working days in a year.

* * * At the session that took place on 2 February, the Report on the results of the activity of the Ministry of Public Health Care and Social Development of the Russian Federation in the year 2005 and the main directions for its activity in the years 2006 - 2008 was submitted, where the MinistryТs goals were stated as the improvement of the populationТs welfare level, the reduction of poverty level and inequality in terms of money incomes, the improvement in the quality and availability of medical care and the provision of pharmaceuticals, the promotion of better life quality for families with children, the creation of favorable conditions for better life and comprehensive development of children in difficult situations, improved efficiency of the social protection and social services system, the promotion of the populationТs productive employment, and the ensuring of appropriate protection of citizensТ rights in the sphere of labor activity.

According to the reported data, in 2005 the total volume of spending obligations amounted to 118,801.5 million roubles, of which 115,144.4 million roubles was allocated to specific goals and tasks (96.9%), including to specific programs - 5,248.6 million roubles (4.4%). In accordance with the Federal Law УOn the federal budget for the year 2006Ф, the total amount of spending obligations in 2006 will be equal to 179,394.4 million roubles; it is planned to allocate 175,513.5 million roubles (97.8%) to specific goals and tasks, including to specific programs - 7,606.2 million roubles (4.3%).

The MinistryТs volume of planned revenue (or payments to the federal budget), including the executive bodies subordinated to the Ministry, state institutions and federal state unitary enterprises, amounted to 4,480.5 million roubles in the year 2005, and, as estimated, will amount to 4,816.55 million roubles in 2006.

It is stated in the report that in 2005 the Ministry implemented the following measures designed to improve the quality of administering the budget resources:

- the organization, methodological guidance and control of activities aimed at preparing and implementing measures designed to optimize the budget network in the subordinated federal agencies and federal services;

- the preparation, coordination and submission to the RF Government of draft normative acts, with the list of federal state institutions and federal state unitary enterprises whose status requires clarification, or concerning which liquidation procedures must be formalized, with the entry of appropriate changes in the Register of federal property;

- the preparation of departmental draft target programs;

- the organization, methodological guidance and control of activities aimed at preparing and implementing measures designed to expand the sphere of application for the program-targeted methods of budget planning in the subordinated federal services and agencies;

- the development of normative legal acts of the RF Government, designed to regulate the procedure for spending and recording federal budget resources, as well as the reporting and control of the targeted use of the federal budget resources;

- the development of medical care standards.

For the first time, the information concerning the implementation of the programs of state guarantees incorporated the data that make it possible to analyze the structure of financial expenditure by the budget>

In the year 2006, the Ministry is planning to improve the system of forecasting, assessing and recording the indices concerning the sectorТs operation. In particular, the problem associated with the need to improve the forecasted indices of RussiaТs socio-economic development and to incorporate therein the social parameters that influence the improving of the populationТs living standards and life quality. In the medium term, it is suggested that the indices of the populationТs money incomes, of the remuneration of the employees in the budgetary sphere, of the sizes of pensions and a number of social benefits, of the minimum salary, and of the ratio of salaries/pensions to the estimated subsistence level should all be forecasted. Appropriate efforts should also be applied in order to expand the list of and to make mote specific the statistical indices characterizing the situation in the social sphere, as well as to conduct monitored surveys for a more precise assessment of the results of the measures that are being implemented.

In the report УOn the Draft Strategy for developing the Russian FederationТs financial marketФ, delivered by O. V. Viugin, Director of the RF Federal Service for Financial Markets (FSFM), at the ses sion held on 16 February, it was noted that presently neither Russian companies, nor the State regard the financial marketТs institutions as the main mechanism to be applied for attracting investments.

Generally, in the year 2004 about 60% of the total volume of transactions in Russian shares was effectuated on foreign stock exchanges.

The StrategyТs goal is to turn the national financial market into one of the main mechanisms for implementing investment programs in the corporate sector, to create appropriate conditions for efficient investment of private savings and the resources of the mandatory savings systems. As the principal goals in the development of RussiaТs financial market in the years 2006 - 2008, the following are specified:

- to lower the transaction costs of attracting capital on the Russian financial market through developing the institutions within the stock marketТs infrastructure with an adequate competitive capacity;

- to lower the level of non-market investment risk on the Russian financial market by means of ensuring appropriate protection of the rights and lawful interests of investors;

- to promote the emergence of domestic retail investors through developing collective forms of savings and ensuring appropriate principles for their investments;

- to implement reform of legal regulation of financing aimed at liquidating the economically unjustified regulation barriers in the way of market development and creating appropriate conditions for taking into account, when developing the policy for regulating the financial market, the interests of professional market participants, investors and issuers.

It is expected that, resulting from the measures envisaged in the Strategy, most of the Russian companies engaged in civilized business activity will get access to the capital market, the arsenal of available financial market instruments and services provided to citizens and non0financial enterprises by financial organizations will be substantially expanded, competitive conditions for transactions in securities will be created, and their reliable accounting and custody will be guaranteed, the collective investment institutions will become developed and consolidated, and appropriate environment will be ensured for an accelerated development of the financial market, as compared to the growth rate of gross domestic product.

The following figures were cited in the report, which reflect the expected increasing role and development level of the financial market in the years 2006-2008, as a result of the StrategyТs implementation:

- the ratio of share market capitalization level to the gross domestic product will go up from 40 % to 60 %;

- the ratio of the value of corporate securities in circulation to the gross domestic product will go up from 1.5 % to 3 %;

- the ratio of the net asset value of unit investment funds and joint-stock funds to share market capitalization will go up from 1 % to 5 %;

- the ratio of insurance premiums to the gross domestic product will go up from 3 % to 5 %;

- the share of trading transactions in Russian shares on Russian floors will amount to no less than 70%.

As a result, it is expected that in 2008 the financial funds attracted through placing corporate shares and bonds on the domestic financial market will amount to no less than 20% of investments in fixed assets, and if the credits and loans from Russian banks and international capital markets are taken into account, this index will become 35-40%.

The main directions for the government policy aimed at developing RussiaТs financial market are as follows:

1. The establishment of competitive financial market institutions, including those emerging as a result of the stock marketТs improved infrastructure for record-keeping and settlements, improved competitive capacities of stock exchanges and trading systems, the introduction of risk management systems for professional market participants, the development of pension savings systems and collective investments institutions.

2. The lowering of administrative barriers, in order to ensure the entry of Russian companies onto the capital market, and the establishment of the legal foundation for creating new financial market instruments, including through developing the market of derivative financial instruments, developing the instruments for securitization of financial assets and the market for mortgage se curities, lifting excessive legal barriers in order to lower the transaction costs associated with the entry of Russian companies onto the domestic capital market.

3. The strengthening of the legislative base in the sphere of protecting investor rights thorough providing solutions to the problems associated with the use of insider information and insider trade, the protection of shareholder rights during the reorganization of joint-stock companies, improvement of corporate legislation and development of corporate governance principles, as well as the development of compensatory mechanisms on the financial market.

4. Reform of the system of financial market regulation through developing the normative legal base for the establishment and functioning of a collegial body designed to regulate the financial market, and through developing self-regulatory mechanisms.

Ye. A. Bolshakova A review of budget legislation introduced in February of In February, the legislation currently in force was amended as follows: in relation to the adoption of the federal law УOn the placement of contracts for procurement of goods, execution of works, rendering of services for state and municipal needsФ there were introduced amendments to the RF Budget Code as concerned the financing of state and municipal procurement; there were made public Resolutions of the RF Government on the procedures governing the granting of subsidies from the federal budget to RF subjectsТ budgets for the purposes of support of certain groups of entrepreneurs; by its order the RF Finance Ministry approved the procedures governing the reduction of the ceiling amounts of fiscal commitments in the case of revealing of facts of unauthorized use of funds provided from the federal budget; there was made public the new version of the charts and correspondence of accounts of the budgetary accounting records, and there was changed the order of the chart of accounts.

I. FEDERAL LAW of the Russian Federation 1. УON THE INTRODUCTION OF AMENDMENTS TO SELECTED LEGISLATIVE INSTRUMENTS OF THE RUSSIAN FEDERATION AND REPEAL OF SELECTED PROVISIONS OF LEGISLATIVE INSTRUMENTS OF THE RUSSIAN FEDERATION IN CONNECTION WITH THE ADOPTION OF THE FEDERAL LAW УON THE PLACEMENT OF CONTRACTS FOR PROCUREMENT OF GOODS, EXECUTION OF WORKS, RENDERING OF SERVICES FOR STATE AND MUNICIPAL NEEDSФ of February 2, 2006, No. 19 - FZ Law No. 19 - FZ has emendated the RF Budget Code by stipulating that the financing of the placement of contracts for procurement of goods, execution of works, rendering of services for state and municipal needs may be carried out at the expense of the funds earmarked for the purposes of satisfaction of state needs in the expenditures of the respective budget or respective budgets of state nonbudgetary funds, or at the expense of the funds earmarked for the purposes of satisfaction of municipal needs in the expenditures of the respective local budget.

The law sets the term, for which a state or a municipal contract for the execution of works or rendering of services may be concluded. A state or municipal contract for the execution of works or rendering of services for state or municipal needs may be concluded for a term exceeding one year in the case the subject of such a contract is the execution of works or rendering of services, for which the production or rendering of service lead time makes more than one year. The list of such works and services should be determined by the RF Government.

II. RESOLUTIONS OF THE GOVERNMENT of the Russian Federation In the period from February 2, 2006 till February 14, 2006, the RF Government issued a number of its resolutions on the procedures governing the provision of subsidies from the federal budget to the budgets of RF subjects for the following purposes:

Provision of state support in the sphere of agri-industrial complex (No. 64 of February 2, 2006);

Repayment of interest on loans granted to members of agricultural credit consumer cooperatives in 2006 (No. 70 of February 4, 2006);

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