PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of July 2, 2018 No. 643-P

About requirements to content, procedure and terms of submission to the Bank of Russia of the plan of recovery of financial stability of the central partner, the changes made to it about evaluation procedure the Bank of Russia of the plan of recovery of financial stability of the central partner, about requirements to type and nature of events on which approach the central partner shall inform the Bank of Russia, and also on procedure for informing the Bank of Russia on approach in activities of the central partner of the events provided by the plan of recovery of financial stability of the central partner and decision making about the beginning of implementation of the plan of recovery of financial stability of the central partner

List of amending documents

This Provision according to parts 2, 3, 4 Articles 11. 1, article 25 of the Federal Law of February 7, 2011 No. 7-FZ "About clearing, clearing activities and the central partner" (The Russian Federation Code, 2011, No. 7, Art. 904; No. 48, Art. 6728; No. 49, Art. 7040, Art. 7061; 2012, No. 53, Art. 7607; 2013, No. 30, Art. 4084; 2014, No. 11, Art. 1098; 2015, No. 27, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 23, Art. 47; 2017, No. 30, Art. 4456; No. 24, of the Art. 3399) (further - the Federal Law "About Clearing, Clearing Activities and the Central Partner") establishes requirements to content, procedure and terms of submission to the Bank of Russia of the plan of recovery of financial stability of the central partner (further - PVFU), the changes made to it, evaluation procedure by the Bank of Russia of PVFU, the requirement to type and nature of events about which approach the central partner shall inform the Bank of Russia, and also procedure for informing the Bank of Russia on approach in activities of the central partner of the events provided by PVFU and decision making on the beginning of realization of PVFU.

Chapter 1. Requirements to content of PVFU

1.1. PVFU shall contain:

the actions for recovery of financial stability of the central partner and action for the prevention of deterioration in financial position of the central partner (further in case of joint mentioning - PVFU actions) considering possible risks of activities of the central partner as non-bank credit institution as clearing organization and central partner;

information on the planned sources of financing of actions of PVFU, including methods of the emergency maintenance of liquidity, determined by the central partner proceeding from anticipated demand of the central partner in additional sources of own means (capital), liquidity, cumulative financial resources within realization of the provided PVFU of scenarios;

information on contractual commitments with the faces (group of the faces tied with the central partner) tied with the central partner, and (or) participants of clearing, and (or) the third parties on provision to the central partner of quick assets within implementation of actions on recovery of financial stability of the central partner (in case of availability of such contractual commitments);

the list of scenarios to which there correspond the exclusive, but probable events having nature, system and (or) unique for activities of the central partner, which approach attracts application of actions of PVFU;

the program (programs), and also procedure for the testing of actions of PVFU which is carried out by the central partner at least once a year within each of the scenarios set in PVFU;

procedure for preparation and representation of the central partner to the board of directors (supervisory board) for consideration and approval of reports on results of testing of actions of PVFU containing the description of the actions of PVFU of scenarios, the revealed PVFU shortcomings applied within testing, and also the offer on their elimination and enhancement of PVFU (further - reports on results of testing of PVFU);

procedure for decision making of the central partner by the board of directors (supervisory board) about modification of PVFU, including by results of consideration of reports on results of testing of PVFU;

the data provided by appendix to this Provision.

1.2. PVFU shall contain the actions for recovery of financial stability of the central partner directed on:

recovery of financial stability of the central partner and minimization of possible negative impact of deterioration in financial position of the central partner on continuity of rendering services by the central partner, suspension or the termination of rendering which according to the central partner can affect its financial position and (or) financial position of participants of clearing and (or) the faces (group of the faces tied with the central partner) tied with the central partner (further - significant services);

exception of need of attraction of financial resources of budgets of budget system of the Russian Federation, and also the Bank of Russia in case of realization of PVFU.

1.3. If rules of clearing of the central partner assume distribution of the losses of the central partner connected with implementation of the functions by it between participants of clearing, PVFU shall contain the actions for recovery of financial stability of the central partner assuming participation of fair participants of clearing (participants of clearing who fulfilled the obligations), with indication of references to relevant provisions of rules of clearing.

1.4. PVFU shall contain actions for recovery of financial stability of the central partner in case of the events which are depending on risk profile and investment strategy of the central partner which are financed only by own means of the central partner and (or) by attraction of financial resources of the third parties.

1.5. Concerning each of the scenarios provided by the paragraph the fifth Item 1.1 of this provision shall be provided in PVFU:

quantitative and qualitative indexes, the containing values (borders) of characteristics of activities of the central partner which achievement is the basis for implementation of actions for recovery of financial stability of the central partner (further - indicators of need of implementation of actions for recovery of financial stability);

the indicators allowing to predict potential hazards for financial stability of the central partner which achievement is the basis for implementation of actions for the prevention of deterioration in financial position of the central partner (further - indicators of need of implementation of actions for the prevention of deterioration in financial position).

1.6. Content of PVFU shall be supported by the central partner in urgent condition taking into account:

changes of financial position of the central partner;

changes of the list of significant services of the central partner;

changes of environment of the financial market and (or) economic situation in general;

approaches of significant events in activities of the central partner, capable to affect sales opportunity of PVFU connected with the changes in the legislation of the Russian Federation influencing operating conditions of the central partner with change of list of owners, organizational structure, with implementation of new activities of the central partner, and also with other events which are not allowing to realize the actions for recovery of financial stability of the central partner provided in PVFU.

1.7. For the purposes of this provision coherence of person (group of persons) with the central partner is determined according to parts two - the fourth article 64.1 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, Art. 4225, Art. 4273, Art. 4295; 2017, No. 1, Art. 46; No. 14, Art. 1997; No. 18, Art. 2661, Art. 2669; No. 27, Art. 3950; No. 30, Art. 4456; No. 31, Art. 4830; No. 50, Art. 7562; 2018, No. 1, Art. 66; No. 9, Art. 1286; No. 11, Art. 1584, Art. 1588; No. 18, Art. 2557).

Chapter 2. Procedure and terms of submission by the central partner to the Bank of Russia of PVFU and the changes made to it

2.1. PVFU is represented the central partner for assessment in the Bank of Russia (structural division within which competence implementation of functions of control and supervision of activities of the central partners is) (further - authorized structural division of the Bank of Russia) within 6 months from the date of assignment of the status of the central partner and annually no later than March 1.

Changes in PVFU are presented by the central partner for assessment in the Bank of Russia in the form of the new editorial office PVFU within 5 working days from approval date of changes.

In the presence in PVFU of references to other internal documents of the central partner copies of such documents approved by authorized bodies of management of the central partner are attached to PVFU.

The analytical note containing is applied to PVFU:

information on the last PVFU held by the central partner at the time of representation testing of actions of PVFU within each of the scenarios set in PVFU;

projection of probable essential changes in activities of the central partner during action of PVFU capable to affect possibility of its realization.

In case of modification of PVFU in analytical note information on the reasons of modification is reflected.

2.2. In case of modification no more than in 30 percent of the text of PVFU the list of changes in PVFU is attached to it (further - the list of changes).

The list of changes is presented in the form of the table which contains editions of structural units of PVFU before changes with indication of numbers of the changed (new) structural units (for example, Chapters, Articles, the Section, Item, the subitem), and also the reasons of modification.

2.3. PVFU and documents attached to it are submitted by the central partner to the Bank of Russia (authorized structural division of the Bank of Russia) through personal account according to the Instruction of the Bank of Russia of November 3, 2017 No. 4600-U "About order of interaction of the Bank of Russia with credit institutions, not credit financial credit institutions and other participants of information exchange when using of information resources of the Bank of Russia, including personal account by them", the registered Ministry of Justice of the Russian Federation on January 11, 2018 No. 49605 (further - the Instruction of the Bank of Russia No. 4600-U), in the form of the file having the format providing possibility of its preserving on technical means and allowing after preserving possibility of search and copying of any fragment of the text means for viewing (doc, docx, rtf, pdf).

2.4. In case of non-compliance with the requirements to registration and (or) completeness provided by Items 2.1 - 2.3 this provision, the Bank of Russia (authorized structural division of the Bank of Russia) no later than 5 working days from the date of representation of PVFU in the Bank of Russia informs on it the central partner through personal account with indication of not observed requirements to registration and (or) completeness and (or) the list of missing documents.

In case of non-presentation by the central partner of documents within 5 working days from the date of informing the central partner on non-compliance with requirements to registration and (or) completeness the Bank of Russia (authorized structural division of the Bank of Russia) sends to the central partner through personal account according to the Instruction of the Bank of Russia No. 4600-U the instruction about elimination of violation of procedure for representation of PVFU containing the bases of its direction and the term of its execution to the Bank of Russia.

Chapter 3. Evaluation procedure Bank of Russia of PVFU

3.1. The Bank of Russia performs assessment of PVFU provided by the central partner according to this Provision, in time, not exceeding 60 calendar days from the date of its representation.

In case, stipulated in Item 2.4 this provision, the term established by paragraph one of this Item for carrying out PVFU assessment by the Bank of Russia are estimated from the date of submission by the central partner to the Bank of Russia of documents with observance of the requirements to registration and completeness provided by Items 2.1 - 2.3 this provision.

3.2. Assessment by the Bank of Russia of PVFU is performed on the basis:

analysis results of the reporting represented by the central partner to the Bank of Russia;

results of stress testing of risks of the central partner;

results of the testing held according to the program provided in PVFU according to the paragraph the sixth Item 1.1 of this provision;

results of checks of activities of the central partner;

results of assessment of the plans of recovery of financial stability of the largest participants of clearing of the central partner which are credit institutions in case of its carrying out by the structural divisions the Bank of Russia exercising supervision of credit institutions.

3.3. In case of absence in the Bank of Russia of information necessary for assessment PVFU, the Bank of Russia (authorized structural division of the Bank of Russia) requests the additional information concerning PVFU from the central partner, having established the term of its representation.

3.4. The Bank of Russia (authorized structural division of the Bank of Russia) performs assessment:

PVFU compliance to requirements of the legislation of the Russian Federation;

sufficiency and feasibility of actions of PVFU.

3.5. If by results of assessment of PVFU discrepancy of PVFU to requirements of the legislation of the Russian Federation and (or) insufficiency and not feasibility of actions of PVFU are revealed, the Bank of Russia (authorized structural division of the Bank of Russia) sends to the central partner through personal account according to the Instruction of the Bank of Russia No. 4600-U the instruction about elimination of violation of requirements of the legislation of the Russian Federation (with indication of the list of the revealed discrepancies and (or) shortcomings and term for completion of PVFU).

3.6. If by results of assessment of PVFU discrepancy of PVFU to requirements of the legislation of the Russian Federation and (or) insufficiency and not feasibility of actions of PVFU are not revealed, the Bank of Russia (authorized structural division of the Bank of Russia) sends PVFU for consideration of Committee of financial supervision of the Bank of Russia.

3.7. In case of acceptance by Committee of financial supervision of the Bank of Russia of the decision on acceptance note PVFU authorized structural division of the Bank of Russia in time which is not exceeding 5 working days from the date of acceptance by Committee of financial supervision of the Bank of Russia of the specified decision sends to the central partner through personal account according to the Instruction of the Bank of Russia No. 4600-U the notification containing information on the specified decision.

In case of acceptance by Committee of financial supervision of the Bank of Russia of the decision on the PVFU direction on completion in connection with detection of discrepancy of PVFU to requirements of the legislation of the Russian Federation and (or) insufficiency and not feasibility of actions of PVFU the authorized structural division of the Bank of Russia in time, not exceeding 5 working days from the date of acceptance by Committee of financial supervision of the Bank of Russia of the specified decision, sends to the central partner through personal account according to the Instruction of the Bank of Russia No. 4600-U the instruction about elimination of violation of requirements of the legislation of the Russian Federation (with indication of the list of the revealed discrepancies and (or) shortcomings and term for completion of PVFU).

The central partner represents for assessment to the Bank of Russia the modifed editorial office PVFU according to the requirement of the Bank of Russia according to the procedure, established by Chapter 2 this provision.

Chapter 4. Procedure for informing the Bank of Russia on approach in activities of the central partner of the events provided by PVFU and also about decision making about the beginning of realization of PVFU

4.1. The central partner shall send messages to the Bank of Russia (authorized structural division of the Bank of Russia) on approach in activities of the central partner of events which attract application of actions for recovery of financial stability of the central partner and decision making about the beginning of realization of PVFU, no later than one working day following behind day of approach of the specified events (adoption of the specified decision).

In messages the list of actions for recovery of financial stability of the central partner and terms of their realization are specified.

4.2. Messages, stipulated in Item 4.1 this provision, go the central partner to authorized structural division of the Bank of Russia through personal account according to the Instruction of the Bank of Russia No. 4600-U.

4.3. The central partner shall perform actions for recovery of financial stability in terms and amounts which are provided by PVFU.

Chapter 5. Final provisions

5.1. This Provision becomes effective after 10 days after day of its official publication.

5.2. This Provision is applied to legal entities who by the Bank of Russia on the date of entry into force of this provision are given the status of the central partner according to article 27.1 of the Federal law "About Clearing, Clearing Activities and the Central Partner".

5.3. The central partner develops and represents PVFU according to requirements of this provision within 6 months from the date of the introduction it to force.

Appendix

to the Provision of the Bank of Russia of July 2, 2018 No. 643-P "About requirements to content, procedure and terms of submission to the Bank of Russia of the plan of recovery of financial stability of the central partner, the changes made to it about evaluation procedure the Bank of Russia of the plan of recovery of financial stability of the central partner, about requirements to type and nature of events on which approach the central partner shall inform the Bank of Russia, and also on procedure for informing the Bank of Russia on approach in activities of the central partner of the events provided by the plan of recovery of financial stability of the central partner and decision making about the beginning of implementation of the plan of recovery of financial stability of the central partner"

The data included in PVFU

 

№ of payment order	Name of the Section	Contents of the Section
1	General provisions
1.1	Information on the central partner	1. Full trade name of the central partner in Russian and in English (in the presence) languages. 2. The reduced trade name (in the presence) the central partner in Russian and in English (in the presence) languages. 3. Information on date of organization of the legal entity and receipt of the status of the central partner. 4. Location, postal address of the central partner. 5. Size of the authorized capital of the central partner. 6. Data on auditing organization (auditor) of the central partner. 7. Up-to-date contact information about persons responsible for preparation and (or) realization of PVFU of the central partner with whom the Bank of Russia should perform interaction in the course of assessment of PVFU of the central partner
1.2	Data on organizational structure, activities, functions and business model of the central partner	1. Structure of governing bodies of the central partner and internal structural divisions of the central partner. 2. Main activities of the central partner, including significant services of the central partner. 3. The description of the scheme of bonds of the main activities of the central partner relating to them assets and liabilities. 4. Features of financing and placement of assets of the central partner. 5. The description of program technical means and network communications of the central partner which can be involved by the central partner in case of realization of PVFU. 6. Information on the faces (group of the faces tied with the central partner) tied with the central partner. 7. The list of services, significant from the point of view of realization of PVFU, which are provided to the central partner by members of the financial market
1.3	Assessment of provision of the central partner in the financial market	The analysis of effects for the financial market of the Russian Federation or its separate segments of the possible termination of activities of the central partner, its reorganization or liquidation of the separate activities which are not connected with provision of significant services by the central partner
1.4	Description of financial position of the central partner	The analysis of financial position of the central partner according to data of the financial reporting of the central partner represented to the Bank of Russia on the next reporting date preceding approval date of PVFU
2	Planning of recovery of financial stability of the central partner
2.1	General information about PVFU	1. Information on the purposes and tasks of PVFU. 2. Information on the significant changes in activities of the central partner capable to affect sales opportunity of PVFU which occurred from the moment of the last approval of PVFU
2.2	Development, approval and realization of PVFU	1. Role and functions of the structural divisions of the central partner responsible for preparation, updating and timely realization of PVFU. 2. References to the internal documents of the central partner containing the description of possible actions for maintenance of functioning of structural divisions of the central partner in case of unusual and emergency situations (in the presence). 3. References to the internal documents of the central partner containing the description of interaction of structural divisions of the central partner in case of risk management within rendering significant services (in the presence). 4. The description of integration of PVFU into the existing risk management system of the central partner. 5. The description of the actions providing interaction between the central partner and the faces (group of the faces tied with the central partner) tied with the central partner, and (or) participants of clearing, being credit institutions within the plans of recovery of financial stability developed by them, and (or) the third parties (in the presence) directed to coordination of work and providing consecutive and timely implementation of actions of PVFU including information on the available contractual commitments of specified persons on provision to the central partner of quick assets within realization of the provided PVFU of scenarios. 6. The description of the procedure of decision making about the beginning of realization of PVFU (with indication of responsible persons), including procedure for the choice of optimum actions of PVFU. 7. Internal procedure for informing the Bank of Russia on approach in activities of the central partner of events which attract application of actions for recovery of financial stability of the central partner and decision making about the beginning of realization of PVFU. 8. Instruments of monitoring of efficiency of realization of PVFU and procedure for informing governing bodies of the central partner on results of such monitoring
3	Indicators of need of implementation of actions for recovery of financial stability and indicators of need of implementation of actions for the prevention of deterioration in financial position	1. Detailed measure description of need of implementation of actions for recovery of financial stability, such, as: capital indicators; liquidity indicators; profitability indicators; indicators of quality of clearing providing; indicators of sufficiency of rates of individual clearing providing; indicators of concentration of separate asset types in collective clearing providing; share of high-quality investment assets; indicators of stress testing of risks; indicators of the financial market; macroeconomic indicators. 2. Determination of values or limits of values or other characteristics (for qualitative indexes) the indicators testimonial of transition to the scenario providing application of actions for recovery of financial stability of the central partner. 3. The detailed description of the given indicators of need of implementation of actions for recovery of financial stability of indicators of need of implementation of actions for the prevention of deterioration in financial position developed on each of. 4. Determination of values or limits of values or other characteristics (for qualitative indexes) indicators which achievement is the basis for application of actions for the prevention of deterioration in financial position of the central partner
4	Scenarios for the choice of actions for recovery of financial stability of the central partner
4.1	Determination of scenarios	1. Determination and the description of the exclusive, but probable events having nature, system and (or) unique for activities of the central partner, with indication of specific indicators of need of implementation of actions for the prevention of deterioration in financial position and indicators of need of implementation of actions for recovery of financial stability. 2. Determination and the description of the list of the main scenarios connected with default of the participant of clearing, and specific scenarios on the separate events which are not connected with default of the participant of clearing. 3. The special scenarios developed by the central partner intended for settlement of unique events providing obligatory forming of group of crisis management (heads of key structural divisions of the central partner), special events for recovery of financial stability of the central partner, interaction with the Bank of Russia
4.2	Assessment of results of scenarios	Assessment of potential influence of implementation of the scenarios provided in PVFU on: size of own means of the central partner; level of liquidity of the central partner; level is risk, inherent in activities of the central partner; profitability (profitability) of the central partner; main activities of the central partner; goodwill of the central partner; other indicators of the central partner
5	Actions for recovery of financial stability of the central partner
5.1	Description of actions for recovery of financial stability of the central partner	1. Determination and the description of actions for recovery of financial stability of the central partner concerning each of the scenarios provided in PVFU with indication of terms of realization of the specified actions, assessment of the predicted results of their application. 2. Groups of the instruments of recovery of financial stability which are not connected with forced distribution of losses of the central partner between fair participants of clearing (participants of clearing who fulfilled the obligations), and also with use of means of the fair participants of clearing received by drawing of the original marginal requirement: instruments of distribution of the losses caused by default of the participant of clearing; liquidity deficit covering tools (including short-term deficit of financial resources); instruments of completion of own means, including the allocated capital; instruments of recovery of the asset portfolio balanced on terms and liabilities after default of the participant of clearing; the tools which are not connected with default of the participant of clearing. 3. The list of actions for the prevention of deterioration in financial position of the central partner in case of operation of indicators of need of implementation of actions for the prevention of deterioration in financial position concerning each of the provided PVFU of scenarios
5.2	Financing of realization of PVFU	1. Determination of need of the central partner for additional sources of own means (capital), liquidity, cumulative financial resources within different scenarios in planning process of recovery of financial stability. 2. Extraordinary sources of financing of actions for recovery of financial stability: provision by shareholders, the participants of clearing connected with the central partner persons (group of the faces tied with the central partner) and creditors of the central partner of means for the purpose of recapitalization and (or) maintenance of liquidity of the central partner; assets, approximate assessment of their cost in case of liquidation (if that is provided by PVFU) the separate activities of the central partner which are not the main and also their potential buyers when implementing actions for recovery of financial stability of the central partner
5.3	Assessment of actions for recovery of financial stability of the central partner	Efficiency evaluation, timeliness, feasibility and potential risks of actions for recovery of financial stability of the central partner, including potential influence on participants of clearing, shareholders and the faces (group of the faces tied with the central partner) tied with the central partner
6	Additional information	The additional information necessary for inclusion in PVFU according to the central partner

 

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