INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 29, 2018 No. 4996-U

About modification of the Provision of the Bank of Russia of March 1, 2017 No. 580-P "About establishment of additional restrictions for investment of means of pension accruals of the non-state pension fund performing mandatory pension insurance, cases when managing company, being effective as the trustee with means of the pension accruals having the right to sign repurchase agreements, the requirements directed to restriction of risks on condition of which respect such managing company has the right to sign the agreements which are derivative financial instruments, additional requirements to credit institutions in which means of pension accruals and accumulating for housing providing the military personnel, and also the additional requirement which the managing company shall observe during validity of trust management of means of pension accruals for financing of funded pension are placed"

1. Based on Article 24.1 and Item 11 of article 36.15 of the Federal Law of May 7, 1998 No. 75-FZ "About non-state pension funds" (The Russian Federation Code, 1998, No. 19, Art. 2071; 2001, No. 7, Art. 623; 2002, No. 12, Art. 1093; 2003, No. 2, Art. 166; 2004, No. 49, Art. 4854; 2005, No. 19, Art. 1755; 2006, No. 43, Art. 4412; 2007, No. 50, Art. 6247; 2008, No. 18, Art. 1942; No. 30, Art. 3616; 2009, No. 29, Art. 3619; No. 48, Art. 5731; No. 52, Art. 6450, Art. 6454; 2010, No. 17, Art. 1988; No. 31, Art. 4196; 2011, No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7036, Art. 7037, Art. 7040, Art. 7061; 2012, No. 31, Art. 4322; No. 47, Art. 6391; No. 50, Art. 6965, Art. 6966; 2013, No. 19, Art. 2326; No. 30, Art. 4044, Art. 4084; No. 49, Art. 6352; No. 52, Art. 6975; 2014, No. 11, Art. 1098; No. 30, Art. 4219; 2015, No. 27, Art. 3958, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 41, Art. 47; No. 27, Art. 4225; 2017, No. 31, Art. 4754, Art. 4830; 2018, No. 1, Art. 66; No. 11, Art. 1584; No. 31, of the Art. 4858) to bring in the Provision of the Bank of Russia of March 1, 2017 No. 580-P "About establishment of additional restrictions for investment of means of pension accruals of the non-state pension fund performing mandatory pension insurance, cases when managing company, being effective as the trustee with means of the pension accruals having the right to sign repurchase agreements, the requirements directed to restriction of risks on condition of which respect such managing company has the right to sign the agreements which are derivative financial instruments, additional requirements to credit institutions in which means of pension accruals and accumulating for housing providing the military personnel, and also the additional requirement are placed which the managing company shall observe during validity of trust management of means of pension accruals for financing of funded pension", registered by the Ministry of Justice of the Russian Federation on June 23, 2017 No. 47127, on September 6, 2017 No. 48089 (further - the Provision of the Bank of Russia of March 1, 2017 No. 580-P), the following changes.

1.1. In Item 1.1:

in subitem 1.1.2:

word in paragraph three" (except for interest rates and the rate of inflation)" to exclude;

add with the new paragraph of the following content:

"For the purpose of application of paragraphs two and third this subitem the rating of the guarantor (guarantor) on bonds is used only if the guarantee provides obligation fulfillment on such bonds completely and (or) guarantee obligation fulfillment on such bonds on the amount of their nominal value and percent on them is provided (the state guarantee issued according to the budget legislation of the Russian Federation provides obligation fulfillment on such bonds on the amount of their nominal value).";

in paragraph three of subitem 1.1.3 of the word of "the Index of MICEX" shall be replaced with words "the Index of the Moscow Exchange";

add subitem 1.1.7 with new paragraphs of the following content:

"For the purpose of application of paragraphs of the first and second this Item finding of money in rubles and foreign currency on bank deposits, except for bank deposits is allowed, payments (part of payments) for which are established in the form of formula with variables, and on accounts in the credit institution which is not conforming to requirements of subitems 2.1.2 and 2.1.3 of Item 2.1 of this provision in case of simultaneous observance of the following conditions:

concerning such credit institution the Board of directors of the Bank of Russia approves according to the Federal Law of October 26, 2002 No. 127-FZ "About insolvency (bankruptcy)" (The Russian Federation Code, 2002, No. 43, Art. 4190; 2004, No. 35, Art. 3607; 2005, No. 1, Art. 18, Art. 46; No. 44, Art. 4471; 2006, No. 30, Art. 3292; No. 52, Art. 5497; 2007, No. 7, Art. 834; No. 18, Art. 2117; No. 30, Art. 3754; No. 41, Art. 4845; No. 49, Art. 6079; 2008, No. 30, Art. 3616; No. 49, Art. 5748; 2009, No. 1, Art. 4, Art. 14; No. 18, Art. 2153; No. 29, Art. 3632; No. 51, Art. 6160; No. 52, Art. 6450; 2010, No. 17, Art. 1988; No. 31, Art. 4188, Art. 4196; 2011, No. 1, Art. 41; No. 7, Art. 905; No. 19, Art. 2708; No. 27, Art. 3880; No. 29, Art. 4301; No. 30, Art. 4576; No. 48, Art. 6728; No. 49, Art. 7015, Art. 7024, Art. 7040, Art. 7061, Art. 7068; No. 50, Art. 7351, Art. 7357; 2012, No. 31, Art. 4333; No. 53, Art. 7607, Art. 7619; 2013, No. 23, Art. 2871; No. 26, Art. 3207; No. 27, Art. 3477, Art. 3481; No. 30, Art. 4084; No. 51, Art. 6699; No. 52, Art. 6975, Art. 6984; 2014, No. 11, Art. 1095, Art. 1098; No. 30, Art. 4217; No. 49, Art. 6914; No. 52, Art. 7543; 2015, No. 1, Art. 10, Art. 11, Art. 29, Art. 35; No. 27, Art. 3945, Art. 3958, Art. 3967, Art. 3977; No. 29, Art. 4350, Art. 4355, Art. 4362; 2016, No. 1, Art. 11, Art. 27, Art. 29; No. 23, Art. 3296; No. 26, Art. 3891; No. 27, Art. 4225, Art. 4237, Art. 4293, Art. 4305; 2017, No. 1, Art. 29; No. 18, Art. 2661; No. 25, Art. 3596; No. 31, Art. 4761, Art. 4767, Art. 4815, Art. 4830; No. 48, Art. 7052; 2018, No. 1, Art. 54; No. 11, Art. 1588; No. 18, Art. 2557, Art. 2563, Art. 2576; No. 28, Art. 4139; No. 47, the Art. 7140) (further - the Federal Law "About Insolvency (Bankruptcy)") the plan of participation of the Bank of Russia in implementation of measures for the prevention of bankruptcy of credit institution;

the credit institution conformed to requirements of subitems 2.1.2 and 2.1.3 of Item 2.1 of this provision as of approval date the Board of directors of the Bank of Russia of the plan of participation of the Bank of Russia in implementation of measures for the prevention of bankruptcy of credit institution or within six months preceding it;

information on guaranteeing going concern of such credit institution by the Bank of Russia is posted on the official site of the Bank of Russia on the Internet;

the term of finding of money in rubles and foreign currency on bank deposits and on accounts in such credit institution does not exceed the term of implementation of the plan of participation of the Bank of Russia in implementation of measures for the prevention of bankruptcy of such credit institution.".

1.2. In Item 1.2:

word in paragraph one" in which means of pension accruals are invested before entry into force of this provision" to exclude;

in subitem 1.2.1:

the paragraph one after the words "participation certificates" to add with the words "in which means of pension accruals are invested before entry into force of this provision";

declare paragraph two invalid;

add subitem 1.2.2 with the words "and in which means of pension accruals are invested before entry into force of this provision";

state subitem 1.2.3 in the following edition:

"1.2.3. Hypothecation certificates of participation which part of mortgage covering objects of construction in progress and non-compliant to the requirements of subitem 1.2.1 of this Item are not, in which means of pension accruals are invested before entry into force of this provision.";

add with subitem 1.2.5 of the following content:

"1.2.5. The bonds included in the quoted list of the first (highest) level at least one of the Russian exchanges and which are not conforming to requirements of subitem 1.1.2 of Item 1.1 of this provision in which means of pension accruals are invested from the effective date this provision till January 1, 2018.";

add with subitem 1.2.6 of the following content:

"1.2.6. The bonds which are not conforming to requirements of the paragraph of the sixth subitem 1.1.2 of Item 1.1 of this provision in which means of pension accruals are invested till March 1, 2019.".

1.3. In Item 1.3:

to add subitem 1.3.1 after the words "in subitems 1.3.2 - 1.3.9" with the words "and 1.3.14";

the fourth subitem 1.3.4 to declare the paragraph invalid;

add with subitem 1.3.14 of the following content:

"1.3.14. Transactions with bonds can be made without observance of the requirements specified in subitem 1.3.1 of this Item if such transactions are made at the organized biddings on the basis of the address requests specified in subitem 1.13.1 of Item 1.13 of the Provision of the Bank of Russia of October 17, 2014 to No. 437-P "About activities for carrying out the organized biddings", No. registered by the Ministry of Justice of the Russian Federation on December 30, 2014 35494, on February 16, 2018 No. 50066, on delivery conditions against payment.".

1.4. In Item 1.4:

in subitem 1.4.4:

the paragraph one to state in the following edition:

"1.4.4. Aggregate value of assets, the specified in paragraphs four - the ninth this subitem (including the securities expected to obtaining and (or) which are subject to transfer by the second part of the repurchase agreement), taking into account acquired assets makes no more than 10 percent of cost of the investment portfolio at the time of the conclusion of the transaction on acquisition of such assets taking into account provisions of paragraph two of Item 4.2 of this provision.";

state paragraph two in the following edition:

"Aggregate value of assets, the specified in paragraphs four - the ninth this subitem (including the securities expected to obtaining and (or) which are subject to transfer by the second part of the repurchase agreement), taking into account acquired assets makes no more than 10 percent of cost of the investment portfolio at the time of the conclusion of the transaction on acquisition of such assets and no more than 10 percent of cost of the investment portfolio till the fortune as of which such cost will make 10 or less percent of cost of the investment portfolio, taking into account provisions of the paragraph of the fifth Item 4.1 of this provision.";

word in paragraph five of "the Index of MICEX" shall be replaced with words "the Index of the Moscow Exchange";

in paragraph six of the word "and the bonds specified in paragraph four of subitem 1.1.2 of Item 1.1 of this provision" to exclude;

in subitem 1.4.5:

the paragraph one to add with the words "till June 30, 2019, since July 1, 2019-no more than 14 percent of cost of the investment portfolio, since January 1, 2020-no more than 13 percent of cost of the investment portfolio, since July 1, 2020-no more than 12 percent of cost of the investment portfolio, since January 1, 2021-no more than 11 percent of cost of the investment portfolio, and since July 1, 2021-no more than 10 percent of cost of the investment portfolio";

paragraphs two and third to state in the following edition:

"Increase in investment portfolio of share of the assets specified in paragraph one of this subitem by transactions on acquisition of such assets is allowed provided that their aggregate value taking into account acquired assets makes no more than 10 percent of cost of the investment portfolio at the time of the conclusion of the transaction on their acquisition.

At the same time as a part of securities, the specified in paragraphs one and the second this subitem, the securities expected to obtaining and (or) which are subject to transfer by the second part of the repurchase agreement are also considered.";

add with the paragraph of the following content:

"Restrictions of this subitem on money on accounts and rights to claim on return of securities and money by the second part of the repurchase agreement are not applied to money on the accounts opened by the central partners for the purposes of clearing and to rights to claim against the central partners on return of securities and money by the second part of the repurchase agreement.";

in paragraph one of subitem 1.4.9 of the word "3 working days" shall be replaced with words "4 working days";

add with subitem 1.4.10 of the following content:

"1.4.10. Share value of one issuer (including the shares expected to obtaining and (or) which are subject to transfer by the second part of the repurchase agreement) makes no more than 10 percent of cost of the investment portfolio till June 30, 2019, since July 1, 2019 - no more than 9 percent of cost of the investment portfolio, since January 1, 2020 - no more than 8 percent of cost of the investment portfolio, since July 1, 2020 - no more than 7 percent of cost of the investment portfolio, since January 1, 2021 - no more than 6 percent of cost of the investment portfolio, and since July 1, 2021 - no more than 5 percent of cost of the investment portfolio.

Increase in investment portfolio of share fraction, specified in paragraph one of this subitem, by transactions on acquisition of such shares is allowed provided that their cost taking into account the acquired shares constitutes no more than 5 percent of cost of the investment portfolio at the time of the conclusion of the transaction on their acquisition.".

1.5. In Item 1.5:

in paragraph one of the word "1.4.5 - 1.4.9 Items 1.4" shall be replaced with words "1.4.5 - 1.4.10 Items 1.4";

"subitems 1.4.1 - 1.4.8" to add paragraph two after words with the words "and 1.4.10".

1.6. Add Item 1.7 with paragraphs of the following content:

"For the purpose of application of paragraphs of the first and second this Item finding of means of the pension accruals transferred under agreements on broker servicing in the credit institution which is not conforming to requirements of subitems 2.1.2 and 2.1.3 of Item 2.1 of this provision in case of simultaneous observance of the following conditions is allowed:

concerning such credit institution the Board of directors of the Bank of Russia approves according to the Federal Law "About Insolvency (Bankruptcy)" the plan of participation of the Bank of Russia in implementation of measures for the prevention of bankruptcy of credit institution;

the credit institution conformed to requirements of subitems 2.1.2 and 2.1.3 of Item 2.1 of this provision as of approval date the Board of directors of the Bank of Russia of the plan of participation of the Bank of Russia in implementation of measures for the prevention of bankruptcy of credit institution or within six months preceding it;

information on guaranteeing going concern of such credit institution by the Bank of Russia is posted on the official site of the Bank of Russia on the Internet;

the term of finding of means of the pension accruals transferred under agreements on broker servicing in such credit institution does not exceed the term of implementation of the plan of participation of the Bank of Russia in implementation of measures for the prevention of bankruptcy of such credit institution.".

2. This Instruction according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of November 7, 2018 No. 34) become effective after 10 days after day of its official publication, except for paragraphs of the fourth and fifth subitem 1. 1, paragraphs of the eleventh and twelfth subitem 1. 2, paragraphs of the fifth and sixth subitem 1.4 of Item 1.

Paragraphs the fourth and fifth subitem 1. 1, paragraphs the eleventh and twelfth subitem 1.2 of Item of 1 this Instruction become effective since March 1, 2019.

Paragraphs of the fifth and sixth of subitem 1.4 of Item of 1 this Instruction become effective since July 1, 2019.

3. Subitem 1.2.3 of Item 1.2 and paragraph one of subitem 1.4.4 of Item 1.4 of the Provision of the Bank of Russia of March 1, 2017 are effective with No. 580-P (in edition of this Instruction) till June 30, 2019 inclusive.

 

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