MOSCOW, March 20 (RAPSI) – The Russian government has filed a package of bills obliging certified copyright collecting organizations to disclose their accounting records, and introducing fines of up to 200,000 rubles (about $3,500) for failure to comply with this requirement, RIA Novosti reports on Monday.
Authors of the bill propose to introduce these changes to the Civil Code in order to increase the "transparency" of such organizations’ activities, including the disclosure of information related to the activities carried out by special funds of these certified organizations.
According to the bill, such organizations and their special funds are to conduct audits of the accounting statements and to publish records for each financial year at the company’s website. Annual reports should be available on the official websites for five years.
The authors of the bill also propose to supplement the Civil Code with the provision to establish supervisory boards in certified organizations in order to oversee their financial and economic activities.