The end of 2008 was marked by two important events that took place within about a week from each other: on 22 and 30 December 2008 two federal laws were adopted and these led to considerable changes in the Federal Law "On mortgage"* (the Law").

The Russian Securities Market law expressly sets specific requirement for the following actions in relation to securities of foreign issuers.

Recent court practice shows that it is possible for a pledgor to assume a valid and enforceable obligation to give security over a building that is to be constructed in the future.

Only state prosecutors and victims (albeit to a very limited extent) can act as prosecutors before the Russian courts.