INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 7, 2023 No. 6601-U

About modification of separate regulations of the Bank of Russia concerning regulation of activities of non-state pension funds for forming of long-term savings

Based on Item 5 of Article 7. 2, paragraph of the fifteenth Item 1 of Article 14, paragraphs of the first and second Item 1, Item 5 of Article 25, paragraph of the sixth Item 1 of Article 25. 1, paragraph one of Item 2 of Article 26, paragraph of the eighteenth subitem 1 of Item 3 of Article 34, Items 1 and 6 of Article 35. 1, the paragraph of the eighth Item 1 of article 36.14 of the Federal Law of May 7, 1998 No. 75-FZ "About non-state pension funds", Item 5 of article 61.2 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds", subitem 21 of Article 11, the subitem 7 of Item 1 of article 12 of the Federal Law of July 24, 2002 No. 111-FZ "About investment of means for financing of funded pension in the Russian Federation", parts 12 of article 21 of the Federal Law of December 28, 2013 No. 422-FZ "About guaranteeing the rights of insured persons in system of mandatory pension insurance of the Russian Federation during the forming and investment of means of pension accruals, establishment and implementation of payments at the expense of means of pension accruals" and in connection with adoption of the Federal Law of July 14, 2022 No. 236-FZ "About Fund of pension and social insurance of the Russian Federation", The Federal Law of July 10, 2023 No. 299-FZ "About modification of separate legal acts of the Russian Federation":

1. Bring the following changes in regulations of the Bank of Russia:

1.1. In the Instruction of the Bank of Russia of March 12, 2015 No. 3590-U "About procedure for appointment of observers of the Bank of Russia in non-state pension fund and procedure them the powers" <1>:

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<1> It is registered by the Ministry of Justice of the Russian Federation on April 10, 2015, registration No. 36827.

1.1.1. The fourth Item 1.4 after words to "the pension agreement" to add the paragraph with words ", to the agreement of long-term savings".

1.1.2. The paragraph one of subitem 2.1.1 of Item 2.1 after words of "retirement accounts" to add with words "the accounts of long-term savings,".

1.1.3. In paragraph four of Item 2.8 of the word "Pension fund" shall be replaced with words "Fund of pension and social insurance".

1.2. In the paragraph the second Item 1 of the Instruction of the Bank of Russia of November 17, 2016 No. 4197-U "About the list of the documents enclosed to the declaration of abandonment of license for activities of non-state pension funds on provision of pensions and pension insurance, license for activities of investment funds, the license of managing company for implementation of activities for management of investment funds, mutual investment funds, non-state pension funds, license for activities of specialized depositaries of investment funds, mutual investment funds and non-state pension funds" <2> words "agreements on mandatory pension insurance, the licensee submits the documents containing data on agreements of non-state pension provision" shall be replaced with words "agreements of long-term savings and (or) agreements on mandatory pension insurance, the licensee submits the documents containing data on agreements of non-state pension provision, agreements of long-term savings and (or)".

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<2> It is registered by the Ministry of Justice of the Russian Federation on December 13, 2016, registration No. 44693.

1.3. In the Instruction of the Bank of Russia of October 31, 2018 No. 4954-U "About procedure of payments of current value of the assets and net assets value making pension accruals, the procedure and terms of calculation of asset cost constituting pension reserves and aggregate value of pension reserves of non-state pension fund">:

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<3> It is registered by the Ministry of Justice of the Russian Federation on November 28, 2018, registration No. 52816, with the changes made by the Instruction of the Bank of Russia of April 20, 2020 No. 5446-U (it is registered by the Ministry of Justice of the Russian Federation on May 26, 2020, registration No. 58471).

1.3.1. To add Items 3 and 4 after words of "provision of pensions" with words ", agreement obligations of long-term savings".

1.3.2. In Item 13:

the paragraph one to state in the following edition:

"13. The managing company of Fund of pension and social insurance of the Russian Federation (further - SFR) shall calculate current value and net assets value, SFR constituting pension accruals, according to this Instruction and the internal document of the SFR managing company approved by specialized depositary (its executive body) which signed the contract with such managing company and SFR (further - the internal document of the SFR managing company).";

in the paragraph the second to replace words of Pension Fund of the Russian Federation with the word "SFR";

third to state the paragraph to the following edition:

"The internal document of fund and the internal document of the SFR managing company (further in case of joint mentioning - the internal document) shall conform to requirements of the legislation of the Russian Federation on non-state pension provision, forming of long-term savings and on mandatory pension insurance, including to requirements of this Instruction.";

the fourth after the word "providing" to add the paragraph with words ", forming of long-term savings".

1.3.3. In Item 14 of the word of Pension Fund of the Russian Federation to replace with the word "SFR".

1.3.4. State Item 15 in the following edition:

"15. The internal document (the changes made to it) is submitted (are represented) by fund and the SFR managing company in notifying procedure to the Bank of Russia in electronic form by placement in personal account, the reference to which is posted on the official site of the Bank of Russia on the Internet, according to the order of interaction determined by the Bank of Russia based on parts one and the eighth article 76.9 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" within two working days from the date of its approval and approval of specialized depositary. The explanation of the reasons of their introduction is attached to the changes made to the internal document.".

1.3.5. In Item 16 of the word of Pension Fund of the Russian Federation to replace with the word "SFR".

1.3.6. In paragraph six of Item 17 of the word Pension Fund of the Russian Federation to replace with the word "SFR".

1.3.7. In paragraphs one and the fifth Item 19.1 of the word of Pension Fund of the Russian Federation to replace with the word "SFR".

1.4. In the Instruction of the Bank of Russia of June 18, 2019 No. 5175-U "About information which is subject to disclosure by non-state pension fund and also on procedure and terms of its disclosure" <4>:

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<4> It is registered by the Ministry of Justice of the Russian Federation on September 12, 2019, registration No. 55903.

1.4.1. Item 1.1 in paragraph one "fifteenth" to replace the word with the word "sixteenth".

1.4.2. In Item 1.2:

the fifth subitem 1.2.2 to state the paragraph in the following edition:

"RESk - the amount of the part of financial result from placement of pension reserves for accounting year sent to reserves of covering of the pension liabilities, means of insurance reserve and other property directed by fund to replenishment of reserves of covering of pension liabilities following the results of accounting year for the purpose of obligation fulfillment of fund for reflection on retirement accounts of non-state pension provision and (or) on accounts of long-term savings of the income from placement of pension reserves according to the pension agreements, and (or) pension rules of fund signed by fund, and (or) agreements of long-term savings, and (or) rules of forming of long-term savings of fund, and also the funds of insurance reserve allocated by fund for replenishment of reserves of covering of pension liabilities for the purpose of increase in obligations of fund for pension agreements and (or) agreements of long-term savings according to procedure for use of insurance reserve the established Bank of Russia according to the paragraph the second Item 1 of article 20 of the Federal law "About Non-state Pension Funds;";

state subitem 1.2.3 in the following edition:

"1.2.3. The weighted average percent by which the size of the granted non-state pensions and (or) periodical payments under agreements of long-term savings following the results of investment of funds of pension reserves for accounting year was increased, certain as the relation of the amount of the sizes of non-state pensions and (or) periodical payments under agreements of the long-term savings appointed as of the end of accounting year and not stopped as of date with which increase in the sizes of non-state pensions and (or) periodical payments under agreements of long-term savings following the results of investment of funds of pension reserves for accounting year is made, after their increase to the amount of the sizes of the specified non-state pensions and (or) periodical payments under agreements of long-term savings before their increase following the results of placement of pension reserves for accounting year reduced per unit of.".

1.4.3. Item 2.1 in paragraph one "fifteenth" to replace the word with the word "sixteenth".

1.4.4. To add Item 2.4 after the word of "reserves" with words ", and also information on coefficients of the expected period of implementation of the lifelong periodical payments applied by fund in case of purpose of the specified payments".

1.5. Third Item 3.3 of the Instruction of the Bank of Russia of December 5, 2019 No. 5343-U "About requirements for forming of structure and structure of pension reserves" <5> after the word to "providing" to add the paragraph with words ", to forming of long-term savings".

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<5> It is registered by the Ministry of Justice of the Russian Federation on March 16, 2020, registration No. 57758, with the changes made by Instructions of the Bank of Russia of August 13, 2020 No. 5532-U (it is registered by the Ministry of Justice of the Russian Federation on October 6, 2020, registration No. 60264), of September 28, 2022 No. 6272-U (it is registered by the Ministry of Justice of the Russian Federation on November 25, 2022, registration No. 71135).

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 1, 2023 No. PSD-42) become effective from the date of its official publication, but not earlier than January 1, 2024.

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