29 October 2003 08:45
FEDERATION COUNCIL APPROVES LAW ON MORTGAGE BONDS
MOSCOW. Oct 29 (Interfax) - The Federation Council approved a law on mortgage bonds at a plenary session on
Wednesday. The Council's financial market's committee said the law regulates the terms of issuing and trading
mortgage bonds and the process of meeting obligations on the bonds. The law envisages two types of bonds: bonds with
mortgage cover and mortgage participation certificates. It also defines the organizations with the right to issue one or
the other type of bond, the rights of bondholders, and trading and redemption procedures. Mortgage agents and credit
organizations can issue bonds with mortgage cover. There is a list of mandatory regulations for banks that was
established by the Central Bank of Russia.
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