INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of April 20, 2020 No. 5447-U

About modification of the Instruction of the Bank of Russia of August 25, 2015 No. 3758-U "About cost determination of net assets of investment funds, including about procedure of payments of annual average net assets value of mutual investment fund and net assets of the joint-stock investment fund, settlement cost of investment shares of mutual investment funds, property value transferred to payment of investment shares"

Based on article 36 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" (The Russian Federation Code, 2001, No. 49, Art. 4562; 2013, No. 30, Art. 4084):

1. Bring in the Instruction of the Bank of Russia of August 25, 2015 No. 3758-U "About cost determination of net assets of investment funds, including about procedure of payments of annual average net assets value of mutual investment fund and net assets of the joint-stock investment fund, settlement cost of investment shares of mutual investment funds, property value transferred to payment of investment shares", registered by the Ministry of Justice of the Russian Federation on October 8, 2015 No. 39234, on January 13, 2017 No. 45188, the following changes:

1.1. Add Item 1.18 with words ", except for case, stipulated in Item 1.23 these Instructions".

1.2. Add Chapter 1 with Item 1.23 of the following content:

"1.23. According to the decision of managing company of closed-end investment fund which investment shares are intended for skilled investors accepted till September 30, 2020, securities (separate issues of securities), except for bills of exchange, the constituting assets of closed-end investment fund which investment shares are intended for skilled investors, till December 31, 2020 are estimated with observance of the following requirements:

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