August 26, 2004

On August 18, 2004 the Law of the Republic of Belarus No. 316-Z has been adopted. The Law brings in alterations and amendments to the Civil Code of the Republic of Belarus concerning registration of real estate, registration of members of associations and unions, as well issues of a comprehensive entrepreneurial license (franchising), legal regime of farms property.

Edict of the President of the Republic of Belarus of August 17, 2004 No. 395 brings in changes to the Edict of the President of the Republic of Belarus of June 2, 1997 No. 311 On Improving the Procedure of Obligatory Sale of Foreign Currency. According to the changes, the currency received by legal persons and directed to purchase of state securities and currency received from the sale of state securities is freed from the obligatory sale.

Decision of the Directors Board of the National Bank of the Republic of Belarus of August 6, 2004 No. 240 approves the Instructions on Procedure of Giving Reports about Correspondent Accounts of Belarusian Banks Opened in Foreign Banks and about Correspondent Accounts of Foreign Banks Opened in Belarusian Banks. According to the Instructions reports under the established form contain information about the bank code (affiliation code); about the foreign bank; about all correspondent accounts of the bank in the foreign bank; about all correspondent account of foreign bank opened in the bank; about the date of opening the correspondent account; about the currencies and precious metals with the codes.

Decision of the Ministry of Finance of the Republic of Belarus of July 6, 2004 No. 121 On Responsibility of Insurance Organizations and Recognizing Some Legal Acts Concerning Insurance Activity to Have No Force establishes a fine for not timely insurance payment under voluntary insurance for which the insurance organization is responsible. The fine is 0.1% for every day of delay of the payment to legal person, and 0.5% for every day of delay of the payment to natural person.