MOSCOW, July 23 - RAPSI. The federal law on non-profit organizations acting as foreign agents will come into effect in 120 days, quotes Rossiiskaya Gazeta in its Monday issue.

The bill approved by the State Duma on July 13, endorsed by the Federation Council on July 18 and signed into law by the president on July 20, has provoked public controversy.

The new law stipulates the holding of a registry of non-profit entities functioning as foreign agents. An entity must apply to be entered into the registry before it can start operating. Entities financial statements and those of their branches will be subject to compulsory audits.

Foreign agents must report to a federal executive authority on their activities and their leadership twice a year, submit a quarterly report on the application of their funds and other assets, including those received from abroad, and also produce an annual audit. Reports on their activities must be posted on the Internet twice a year.

Any materials published by such non-profit organizations, including in the media or online, should be marked as coming from a foreign agent source.

The receipt of any funds or other assets equal to or exceeding 200,000 rubles ($6,260) by a foreign agent will be flagged.