The foreign exchange market is an important element of the world economy, as well as an integral part financial market.

From an institutional point of view, the foreign exchange market is a collection of various economic agents (subjects) carrying out foreign exchange transactions. From a functional point of view, the foreign exchange market can be considered as a mechanism that ensures the timely implementation of international payments, insurance (hedging) of currency risks, diversification of assets, and the receipt of profit by its participants in the form of differences from currency exchange rates (exchange differences).

Bank operations in foreign currency can be carried out by the bank on its own behalf, on its own initiative and at its own expense, or on behalf of and on behalf of the bank’s clients. Hence, depending on the entity from which the initial offer to carry out operations comes, currency transactions can be divided into two groups:

1) operations carried out by banks at their own expense (own
operations);

2) operations carried out on behalf of bank clients (client operations).

Classifications of foreign exchange transactions

Current foreign exchange transactions include:

a) transfers of currency to and from the Russian Federation for making settlements without payment for the export and import of goods (work, services), as well as for making settlements related to lending export-import operations for a period of no more than 180 days;

b) obtaining and providing financial loans for a period of no more than 180 days;

c) transfers to and from the Russian Federation of interest, dividends and other income on deposits, investments, loans and other operations related to the movement of capital;

d) non-commodity transfers to and from the Russian Federation, including transfers of amounts wages, pensions, alimony, inheritance, as well as other similar operations.

Foreign exchange transactions related to capital movements include:

a) direct investments, i.e. investments in the authorized capital of an enterprise in order to generate income and obtain rights to participate in the management of the enterprise;

b) portfolio investment, i.e., the acquisition of securities;

c) transfers to pay for ownership of buildings, structures and
other property, including land and its subsoil, classified as real estate under the legislation of the country of its location, as well as other rights to real estate;

d) provision and receipt of deferred payment for a period of more than 180 days for the export and import of goods (work, services);

e) provision and receipt of financial loans for a period of more than 180 days;

f) all other foreign exchange transactions that are not current foreign exchange transactions.

To non-trading operations include customer service operations not related to settlements for the export and import of goods and services of bank clients or capital movements. Authorized banks can perform the following non-trading transactions:

Purchase and sale of cash foreign currency and payment documents in foreign currency;

Collection of foreign currency and payment documents in foreign currency;

Provide release and maintenance plastic cards bank clients;

Purchase (pay) traveler's checks from foreign banks;

Payment of cash letters of credit and issuance of similar letters of credit.

Conversion operations represent transactions of purchase and sale of cash and non-cash foreign currency (including currencies with limited conversion) against cash and non-cash rubles Russian Federation:

1. TRANSACTION WITH IMMEDIATE DELIVERY (cash transaction) is a conversion transaction with a value date no more than two business days away from the day the transaction was concluded. banking days. In this case, a "TODAY" TYPE TRANSACTION is understood as a conversion transaction with a value date on the day the transaction is concluded.

2. TRANSACTION OF TYPE "TOMORROW" is a transaction with a value date on the business banking day following the day of conclusion.

3. A SPOT TYPE TRANSACTION is understood as a conversion transaction with a value date on the second business banking day after the day the transaction was concluded.

4. FORWARD TRANSACTION (forward outriqht) is a conversion transaction, the value date of which exceeds the transaction date by more than two business banking days. Futures exchange transactions (such as futures, options, swaps, etc.) are not conversion transactions.

5. SWAP TRANSACTION (swap) is a banking transaction consisting of two opposite conversion operations for the same amount, concluded on the same day. Moreover, one of these transactions is a forward transaction, and the second is a transaction with immediate delivery

The Central Bank of the Russian Federation sets limits on open currency positions, i.e. quantitative restrictions on the ratio of total open currency positions and own funds(capital) of authorized banks.

CURRENCY POSITION - balances of funds in foreign currencies that form assets and liabilities (taking into account off-balance sheet claims and liabilities for unfinished transactions) in the corresponding currencies and, in connection with this, create the risk of receiving additional income or expenses when currency exchange rates change.

OPEN CURRENCY POSITION - the difference in balances of funds in foreign currencies, which form quantitatively divergent assets and liabilities, reflecting requirements to receive and obligations to deliver funds in these currencies, both completed by settlements in the present (i.e. on the reporting date) and expiring in the future (i.e. after the reporting date).

SHORT OPEN CURRENCY POSITION - an open currency position in a particular foreign currency, the liabilities and off-balance sheet liabilities in which quantitatively exceed the assets and off-balance sheet claims in this foreign currency.

LONG OPEN CURRENCY POSITION - an open currency position in a particular foreign currency, the assets and off-balance sheet claims in which quantitatively exceed the liabilities and off-balance sheet liabilities in this foreign currency.

CLOSED CURRENCY POSITION - a currency position in a separate foreign currency, assets and liabilities (taking into account off-balance sheet claims and liabilities for unfinished transactions) in which they are quantitatively the same.

The daily sum of all long (short) open currency positions in individual foreign currencies should not exceed 20 per cent

Any long (short) open currency position in individual foreign currencies and individual precious metals, and the balancing position in rubles daily should not exceed 10 percent from the credit institution’s own funds (capital).

"Audit and Taxation", 2005, N 5

This article discusses foreign exchange transactions of capital movements in the context of Part 7 and Part 8 of Art. 7 Federal Law dated 12/10/2003 N 173-FZ "On currency regulation and exchange control", in particular settlements and transfers:

• when residents acquire shares or capital from non-residents) legal entities;
• when residents make contributions under simple partnership agreements with non-residents.

These operations are of interest from the point of view of currency regulation and exchange control to the activities of authorized banks and their clients.

Currency regulation

In Part 7 of Art. 7 of the Federal Law of December 10, 2003 N 173-FZ “On Currency Regulation and Currency Control” (hereinafter referred to as Law N 173-FZ) states that the Government of the Russian Federation and the Bank of Russia have the right to establish restrictions in the form of the mandatory use of a special resident account and in the form reservations Money resident

Until now, such restrictions have not been established by currency regulatory authorities.

Thus, currency transactions of capital movements when a resident acquires from a non-resident shares, contributions in the authorized (share) capital of legal entities, as well as when residents make contributions under simple partnership agreements with non-residents are not subject to restrictions on currency regulation.

Restrictions from the point of view of exchange control

The absence of restrictions on currency regulation does not relieve residents and non-residents, as well as the authorized bank, of the obligation to comply with other restrictions.

Currency control restrictions mean, for example, the following requirements:

• for the preparation of settlement documents by residents and non-residents, provided for in paragraph. 2 and 4 clauses 1.12 and in clause 1.13 of the Instruction of the Central Bank of the Russian Federation dated June 15, 2004 N 117-I “On the procedure for residents and non-residents to submit documents and information to authorized banks when carrying out currency transactions, the procedure for authorized banks to record currency transactions and prepare transaction passports” (hereinafter referred to as Instruction No. 117-I);
• to the authorized bank, as a currency control agent, to accept settlement document a resident or non-resident only if the information specified in it is reliable, as provided for in clause 1.14 of Instruction No. 117-I;
• to the authorized bank to register currency transactions in the database in accordance with the codification of types of transactions established by the Bank of Russia, which is disclosed in Appendix 2 to Instruction No. 117-I.

Currency operations capital movements provided for in Part 7 of Art. 7 of Law N 173-FZ, are included in the list of foreign exchange transactions under the general code 50 in Appendix 2 to Instruction N 117-I.

In this Appendix, the foreign exchange transactions of capital movements under consideration are systematized in detail and renamed into calculations and transfers associated with investments in the form of capital investments.

This renaming, in our opinion, is associated with the inclusion in the list of not only foreign exchange transactions of capital movements.

For example, the Bank of Russia appropriated general code 50 such currency transactions as payments of dividends (income) from investments in the form of capital investments and settlements related to the liquidation of a legal entity, as can be seen from the table below in Appendix 2 to Instruction No. 117-I.

Code	Operations	Contents of operation
50	010	partnership with a non-resident
50	020	Payments and transfers by residents for goods purchased from Not or share capital, mutual fund cooperative) making deposits by a resident under a simple agreement partnership with a non-resident
50	030	Calculations and transfers of residents in payment of shares, deposits, shares in property (statutory or warehouse non-resident legal entity when depositing resident of deposits under a simple agreement partnership with a non-resident
50	040	resident shares, deposits, shares in property (statutory or share capital, cooperative mutual fund) created legal entity - resident at partnership with a resident
50	050	Settlements and transfers of non-residents for goods purchased from resident shares, deposits, shares in property (statutory or share capital, cooperative mutual fund) created legal entity - non-resident when making deposits by a non-resident under a simple agreement partnership with a resident
50	060	Calculations and transfers of non-residents in payment of shares, deposits, shares in property (statutory or warehouse capital, mutual fund of a cooperative) created resident legal entity upon depositing non-resident deposits under a simple agreement partnership with a resident
50	070	Settlements and transfers by a resident in favor of a non-resident upon liquidation of a resident legal entity
50	080	Settlements and transfers of a non-resident in favor of a resident upon liquidation of a non-resident legal entity
50	090	Payment of dividends (income) from investments in the form capital investments

Legal aspects of foreign exchange transactions and capital movements

From Art. 7 of Law N 173-FZ it follows that a foreign exchange transaction of capital movement includes an operation related to the acquisition by a resident from a non-resident of a share in the authorized capital of a legal entity. Therefore, under legal entities we will consider legal entities registered in the Russian Federation and abroad, the concepts of which are disclosed in paragraphs. "c" clause 6, part 1, art. 1 and in paragraphs. "b" clause 7, part 1, art. 1 of Law No. 173-FZ.

Thus, a resident and a non-resident can be considered as a legal entity (see the table above).

In Part 7 of Art. 7 of Law N 173-FZ there is a mention of simple partnership agreements with non-residents, the concept of which is not disclosed in this Law.

However, in Part 2 of Art. 1 states that the institutions, concepts and terms of the civil legislation of the Russian Federation used in the said Law are applied in the meaning in which they are used in these branches of the legislation of the Russian Federation, unless otherwise provided by federal law.

In this regard, you should pay attention to some requirements Civil Code RF (part one) to participants of partnerships registered on the territory of the Russian Federation in order to assess the legal possibilities for carrying out the specified currency transaction of capital movement.

Thus, according to these requirements, the liability of participants in a general partnership is maximum compared to liability in other partnerships and companies. Participants in a full partnership jointly and severally bear subsidiary liability with their property for the obligations of the partnership. This norm is imperative and cannot be changed by agreement of the participants of the partnership (Article 75 of the Civil Code of the Russian Federation).

Refusal to participate in a general partnership established without specifying a period must be declared by the participant at least six months before the actual withdrawal from the partnership.

Early withdrawal from participation in a general partnership established on certain period, is allowed only for a good reason (Article 77 of the Civil Code of the Russian Federation).

Foreign exchange transactions of capital movements and their impact on the financial statements of the authorized bank

According to Part 8 of Art. 7 of Law N 173-FZ, this article does not apply to foreign exchange transactions of capital movements carried out between credit organizations- residents and non-residents.

In this case, the non-resident, if he intends to become a member of the authorized bank, is subject to restrictions in the form of obtaining prior permission from the Bank of Russia on the basis of Art. 18 of the Federal Law of December 2, 1990 N 395-1 “On Banks and Banking Activities”.

If an authorized bank in the capital is considered as a participant foreign bank, then such a right to participate in the capital of a foreign bank is possessed by a resident credit organization that has received a general license from the Bank of Russia (clause 14.1.5 of the Instruction of the Central Bank of the Russian Federation dated January 14, 2004 N 109-I “On the procedure for the Bank of Russia to make a decision on state registration credit institutions and issuing licenses for banking operations").

Let us assume that the authorized bank has shares in the capital of a foreign bank, which are recorded in account 60203 “Funds contributed to the authorized capitals of non-joint-stock non-resident banks.”

In this case, the following occurs:

• consequences from the point of view of the capital of the authorized bank in accordance with clause 2.2.6 of the Regulations on the methodology for determining the own funds (capital) of credit institutions (approved by the Central Bank of the Russian Federation on February 10, 2003 under N 215-P). If an authorized bank has acquired shares of a foreign bank for investment and this share exceeds 20% authorized capital foreign bank, then the specified investments of the authorized bank in the shares of the foreign bank are accepted as a reduction in fixed capital based on the data in account 60203 of the authorized bank. The reduction of fixed capital includes investments in participation shares, including alienated shares, minus the formed reserve for the corresponding assets, if their formation is provided for by the internal documents of the authorized bank;
• the obligation of the authorized bank to take into account risk factors for account 60203, the balance of which does not reduce the amount of fixed capital in accordance with the requirements of the Regulation of the Central Bank of the Russian Federation N 215-P, based on clause 2.5 of the Regulation on the procedure for the formation by credit institutions of reserves for possible losses (approved by the Central Bank of the Russian Federation 07/09/2003 for N 232-P). In other words, if the share of participation of an authorized bank is less than 20% of the authorized capital of a foreign bank, the authorized bank forms a reserve for possible losses upon the occurrence of events that are associated with factors such as:
• current financial condition organizations;
• the likelihood of liquidation (bankruptcy) of the organization;
• presence of requirements for the organization from outside tax authorities for transferring payments to budgets of all levels budget system Russian Federation and budgets of state extra-budgetary funds;
• consequences from the point of view of the currency position of the authorized bank, when investments in the shares of non-residents, including subsidiaries, are not included in the balance sheet assets in accordance with clause 5.1 of the Directive of the Central Bank of the Russian Federation dated February 21, 2000 N 744-U “On introducing amendments and additions to the Bank’s Instructions Russia dated May 22, 1996 N 41 “On establishing limits on open currency positions and monitoring their compliance by authorized banks of the Russian Federation.”

It is possible that the considered foreign exchange transactions of capital movements may be limited by currency regulation in the future, but only until January 1, 2007 (Part 3 of Article 26 of Law No. 173-FZ).

However, there is no such termination period for restrictions on currency control (Articles 20 and 26 of Law No. 173-FZ) and restrictions of banking legislation on the considered foreign exchange transactions of capital flows.

T. Mamuchadze

banking audit department

Operations related to the movement of capital include:

) making investments;

) transfers for settlements under transactions involving the complete transfer of the exclusive right to objects intellectual property;

) transfers in payment of property rights to real estate, with the exception of property equivalent to immovable things;

) provision and receipt of loans for a period of more than 180 days;

) transfer to trust management currency values.

Most foreign exchange transactions are carried out within the framework of transactions, which are differentiated into the following types:

Depending on the period of the transaction: urgent and cash.

Urgent (forward transactions) are transactions the time of conclusion and the moment of implementation of which do not directly coincide. That is, the conditions and price of implementation are negotiated today, and the transaction itself is directly carried out after a certain period of time in the future. A forward transaction involves the purchase or sale of a predetermined amount of currency at a predetermined price after a certain period.

Cash transactions are transactions from the moment of conclusion of which to the moment of immediate implementation no more than 3 working days pass. These include spot transactions. A “spot” transaction is an agreement to exchange an agreed amount of currency at a certain rate, implemented no later than 2 business days from the date of its conclusion. A swap transaction is an exchange transaction that is a combination of purchasing a currency on a spot basis and its simultaneous sale on a forward basis.

Arbitrage transactions are transactions in which participants use the difference in exchange rates in various foreign exchange markets in order to make a profit. Arbitration transactions are divided into currency arbitrations in space and time, simple and complex, interest.

Control over the performance of currency transactions in Kazakhstan in terms of restrictions, as well as measures to identify, prevent and suppress this procedure is carried out by authorized government bodies- National Bank of the Republic of Kazakhstan, Ministry of Finance of the Republic of Kazakhstan, Agency of the Republic of Kazakhstan for regulation and supervision of the financial market and financial organizations, currency control authorities.

Participants in the foreign exchange market are central and commercial banks, currency exchanges, brokerage agencies, international corporations.

The main participants in the foreign exchange market are commercial banks, which not only diversify their portfolios with foreign assets, but also carry out foreign exchange transactions on behalf of firms entering foreign markets as exporters and importers. Foreign exchange transactions for the export and import of goods and services of each country form the basis for determining the value of the national currency.

The securities market in Kazakhstan began to take shape in the first half of 1994, when the National Bank began to reduce functions uncharacteristic of central banks in favor of standard ones. In particular, the National Bank began to provide direct loans to the government to cover the budget deficit at the refinancing rate (and not at preferential rate) and at the same time reduce their volumes. In 1998, direct lending to the government was completely stopped, and all government debt to National Bank was reissued into special ten-year MEAKAM bonds. For its part, since 1994, the Ministry of Finance began to move to non-inflationary methods of financing the budget deficit - borrowing on the domestic market by issuing securities. The first government securities were three-month treasury bills. During the first 6 months, auctions were held rarely and irregularly, approximately once a month, but by the end of the year they began to be held weekly. Now the frequency of auctions for the placement of government securities of the Ministry of Finance has increased to 2-3 times a week. Placement volumes have also increased significantly.

By 2001, the government securities market had already been fully formed, with an established infrastructure and proven mechanisms for conducting operations. State securities are one of the most reliable types of securities traded in Kazakhstan stock market. Basic legislative, institutional and technical infrastructure market of non-government issued securities. The corporate securities market in Kazakhstan is not developing as actively, although this element financial system largely determines the efficiency of the functioning of a market economy.

"Financial newspaper. Regional issue", N 50, 2001

According to the Law of the Russian Federation dated October 09, 1992 N 3615-1 “On Currency Regulation and Currency Control” (as amended on May 31, 2001 N 72-FZ), all currency transactions are divided into two groups: current currency transactions and transactions related to the movement of capital (capital transactions). Current currency transactions include those contained in a closed list (clause 9 of Article 1 of the Law); the list of operations related to the movement of capital is open - this category of foreign exchange operations includes other operations that are not included in the list of current ones.

A clear distinction between current and capital foreign exchange transactions is of practical importance for accountants and financial workers, since the mode of implementation of these operations is different. In accordance with this Law, current foreign exchange transactions can be carried out by enterprises and organizations in a free mode (i.e. without restrictions), but within the framework of the current currency legislation Russian Federation, and the procedure for committing capital transactions established by the Bank of Russia.

Let's consider the procedure for conducting operations related to the movement of capital, determined by the Bank of Russia.

Before the adoption of the Law of the Russian Federation “On Currency Regulation and Currency Control,” Letter of the State Bank of the USSR dated May 24, 1991 N 352 “Basic provisions on the regulation of currency transactions in the territory of the USSR” was in force on the territory of the Russian Federation. In relation to operations related to the movement of capital, this document established a permitting procedure: in order to carry them out, it was necessary to first obtain a license from the State Bank of the USSR or the central banks of the republics for each specific operation.

After the adoption of the Law of the Russian Federation "On Currency Regulation and Currency Control", the Bank of Russia confirmed the validity of the mentioned Letter of the State Bank of the USSR on the territory of the Russian Federation insofar as it does not contradict this Law, as well as other legislative acts and issued in pursuance of their instructions from the Bank of Russia. Since this Law does not establish a specific procedure for carrying out capital transactions, and there were no other legislative acts on this issue and instructions from the Bank of Russia at that time, the confirmation by the Bank of Russia of the action on the territory of the Russian Federation of Letter of the State Bank of the USSR N 352 meant confirmation of the procedure for implementation established by this Letter in the Russian Federation operations related to the movement of capital.

When deciding whether to issue permission to conduct a specific currency transaction, a complex of factors is taken into account: the nature of the transaction, the feasibility of its implementation, financial position organization, its compliance with currency legislation when carrying out currency transactions, fulfillment of obligations for settlements with the budget, etc.

If accepted positive decision on issuing a permit, the Bank of Russia establishes certain conditions that must be complied with by a resident organization when carrying out an operation. For example, a specific bank can be indicated through which settlements for this operation should be made, and the payment procedure. Conditions may include requirements for obtaining a guarantee from possible losses, on the mandatory sale of received amounts of foreign currency in the domestic foreign exchange market and etc.

The exclusively permitting procedure for carrying out capital transactions was in effect until the Bank of Russia adopted the Regulations on changing the procedure for carrying out certain types of foreign exchange transactions in the Russian Federation dated April 24, 1996 N 39, which canceled the permitting procedure for carrying out a number of capital transactions. All transactions related to the movement of capital listed in this document could be carried out without special permission from the Bank of Russia.

As amended by Letter of the Bank of Russia dated 02/03/1997 N 403 (recognized as no longer in force by Order of the Bank of Russia dated 10/24/1997 N 02-469), this Regulation determined the procedure for carrying out capital transactions specified in it until changes and additions were made to it by the Regulation of the Bank of Russia dated September 17, 2001 N 152-P. The title of the document now has the following wording: “On the procedure for conducting certain types of currency transactions in the Russian Federation and on accounting and reporting on certain types of currency transactions.” Taking into account the changes and additions made to the document, currently operations related to the movement of capital have the following features.

1. The range of freely carried out foreign exchange transactions related to the acquisition and rental of movable and immovable property has been expanded. Thus, residents can transfer money from the Russian Federation foreign currency in the order of advance payments and prepayments - for the import of aircraft, sea vessels, inland navigation vessels and space objects, provided that within a period not exceeding one year from the date of transfer of foreign currency funds, these objects will be transferred to the resident.

When renting by residents from non-residents and non-residents from residents of aircraft, sea vessels, inland navigation vessels, space objects and space infrastructure objects, as well as any movable non-consumable property (except for securities), foreign currency can be freely transferred from the Russian Federation and to the Russian Federation at provided that no later than 180 days, respectively, from the date of transfer of foreign currency from Russia or its receipt, the listed objects will be transferred to the tenant (resident or non-resident, respectively). In this case, the rental period does not matter.

Similarly, in a free regime, transfers of foreign currency can be made in favor of resident legal entities in payment for real estate located on the territory of the Russian Federation, recognized as such under the legislation of the Russian Federation, which is transferred into the ownership of non-residents under a purchase and sale agreement or other transactions on the alienation of this property .

If real estate(except for aircraft, sea vessels, inland navigation vessels, space objects and space infrastructure objects), recognized as such under the legislation of the Russian Federation and located on the territory of the Russian Federation, is leased to non-residents, then transfers of foreign currency by non-residents in favor of resident legal entities as Rent payments for leased property are also made freely.

Without the permission of the Bank of Russia, advances and prepayments transferred by them, deposits for unfulfilled contracts, and erroneously transferred amounts are returned to residents and non-residents.

1. Operations that do not require permission from the Bank of Russia include operations related to the receipt by residents and non-residents of loans in foreign currency from authorized banks for a period exceeding 180 days, on the basis of loan agreements concluded with authorized banks, as well as operations to return authorized banks received from them by residents and non-residents of loans in foreign currency, including interest on them and penalties for non-fulfillment or improper execution obligations under loan agreements.

If, in order to ensure the fulfillment of its obligations under loan agreement the debtor has entered into a guarantee agreement with a resident, then the resident guarantor, without the permission of the Bank of Russia, can transfer foreign currency in fulfillment of its obligations under the guarantee agreement. Transfers of foreign currency by residents in favor of non-residents in order to fulfill their obligations under a surety agreement in the event that a resident debtor has not fulfilled or improperly fulfilled its obligations under a loan agreement with a non-resident are also carried out in a free mode.

If, as collateral under a loan agreement, a resident debtor pledges to an authorized bank securities denominated in foreign currency, and they are foreclosed on in accordance with the legislation of the Russian Federation, then the sale and purchase of these securities does not require permission from the Bank of Russia.

1. Residents can buy bills of exchange issued by these banks in foreign currency for foreign currency from authorized banks, present them for payment and receive payment in foreign currency or in the currency of the Russian Federation.

The alienation by residents of bills of exchange to authorized banks, both those that issued these bills of exchange and to other authorized banks, for foreign currency and for the currency of the Russian Federation is carried out in the manner established by bill of exchange legislation.

Residents can acquire and alienate through authorized banks on the organized securities market for foreign currency, equity securities issued by residents denominated in foreign currency. Only residents can store these securities and keep records of rights to them - professional participants securities market, having a license to carry out depository activities.

1. The free regime for foreign exchange transactions is also extended to settlements under maritime agency agreements.

Resident legal entities that are maritime agents on the basis of maritime agency agreements concluded with non-resident shipowners provide them with services in the seaports of the Russian Federation, in payment for which non-resident shipowners transfer foreign currency to the maritime agents. At the same time, maritime agents, on the basis of intermediary agreements concluded by them with maritime port administrations, transfer foreign currency to them as port fees for the stay of foreign ships in Russian ports.

1. Settlements related to payments in foreign currency for insurance and reinsurance both in favor of residents in the Russian Federation and in favor of non-residents from the Russian Federation are carried out freely only under the condition that the validity period of the contract does not exceed five years from the date of its signing.
2. Resident individuals can transfer abroad, including to their accounts opened outside the Russian Federation in the manner established by the Bank Russia, foreign currency in an amount not exceeding 75 thousand dollars during a calendar year, to acquire rights to securities denominated in foreign currency.

If a resident individual exercises rights to securities, the foreign currency received may be transferred to the Russian Federation. A resident individual can transfer securities denominated in foreign currency under a gift agreement. Besides, individuals- residents can transfer foreign currency from the Russian Federation to their accounts opened in foreign banks in the manner established by the Bank of Russia, as well as from their accounts in foreign banks to the Russian Federation.

Transfers of individuals in foreign currency from the Russian Federation in favor of non-residents whose activities are related to the sale of goods abroad to individuals in foreign currency do not require permission. retail trade, performance of work, provision of services, in payment for goods, work, and services purchased from these non-residents.

Resident and non-resident individuals can purchase foreign currency through authorized banks on the domestic foreign exchange market of the Russian Federation using funds in their ruble accounts in credit institutions, as well as sell foreign currency with bank accounts in foreign currency, opened in their name in authorized banks.

1. Both residents and non-residents can buy and sell through authorized banks foreign currency of one type for foreign currency of another type, the rate of which to the ruble is quoted by the Bank of Russia.
2. Without the permission of the Bank of Russia, transfers of foreign currency from the Russian Federation may be made to pay for entrance and membership fees to international non-governmental organizations, and federal authorities executive power - in payment of entrance and membership fees of the Russian Federation in international organizations, of which she is a member; transfers of foreign currency by non-residents as a gift, donations in favor of residents, and in the case of donations, gifts in favor of resident legal entities, they may be given a check denominated in foreign currency.

From the Russian Federation, residents can transfer foreign currency in favor of non-residents as payment for subscriptions to foreign and other periodicals.

1. Non-trade transfers, an extended list of which is given in Bank of Russia Regulation N 152-P, are also carried out freely.

It should be borne in mind that all foreign exchange transactions are carried out in non-cash, must have documentary evidence (the list of supporting documents is given in the Regulations), and are subject to registration with authorized banks.

When individuals carry out some of the listed operations (in clause 8.6 of the Regulations), as well as operations, the amount of each of which exceeds the equivalent of $10,000, individuals must provide a certificate of tax registration.