Russia has recently further amended its joint stock companies and securities legislation, primarily Federal Law No. 208-FZ "On Joint Stock Companies" dated December 26, 1995 and Federal Law No. 39-FZ "On Securities Market" dated April 22, 1996 (together, the Old Laws).  In addition, amendments have been introduced to the Code of Administrative Offences, Federal Laws "On the Protection of Rights and Legitimate Interests of Investors on the Securities Market", "On Appraisal Activities in the Russian Federation", and other laws.  The amendments were introduced by the following federal laws (the Amending Laws):

(i) Federal Law No. 194-FZ dated December 27, 2005;
(ii) Federal Law No. 208-FZ dated December 31, 2005; and
(iii) Federal Law No. 7-FZ dated January 5, 2006.

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