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Election Financing
Matters which concern financing of election campaigns of electoral associations, electoral blocs occupy a prominent place in the new Federal Law.
Clause 2 Article 63 of the Law establishes the time limits for opening a special account to form an electoral fund of an electoral association, electoral bloc: after receipt of a copy of a federal list of candidates certified by the Central Election Commission but not later than five days before the documents for registration of a federal list of candidates are submitted to the Commission.
Special electoral accounts of electoral funds may be opened only at branches of the Savings Bank of the Russian Federation (Clause 3 of Article 63). The Law does not provide for opening of special electoral accounts at other commercial banks.
Attention must be paid to the «ceilings» of electoral funds, donations and contributions established by Article 62 of the Federal Law. The maximum amount of money that can be spent from an electoral fund of an electoral association, electoral bloc is 41,745,000 rubles.
The new Federal Law gives particular attention to control over the use of the resources of federal funds and to reports of electoral associations, electoral blocs concerning the money spent by them on the election campaigns (Article 66 of the Law). Authorized representatives of electoral associations, electoral blocs must file three financial reports: before registration, prior to voting day and after voting day. A failure to file a financial report may serve as a reason for a refusal to register a federal list of candidates or for cancellation of its registration (Article 91).
The Central Election Commission shall furnish financial reports of electoral associations, electoral blocs to the mass media.
The new Federal Law establishes the mandatory data concerning contributions to and expenditures from electoral funds, that must be published in state-owned mass media (Clause 6 of Article 66) and sets forth the arrangements for controlling the legitimacy of the formation of electoral funds. These arrangements are based on cooperation between election commissions and the branches of the Savings Bank of the Russian Federation, the federal bodies of state power, the bodies of state power of the subjects of the Russian Federation and the bodies and organizations authorized by them to register legal entities.
The new Federal Law as well as the Federal Law «On Basic Guarantees of Electoral Rights and the Right of Citizens of the Russian Federation to Participate in a Referendum» prohibits election campaigns from being financed outside electoral funds by candidates, electoral associations, electoral blocs and by individuals (Article 65).
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