INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 12, 2025 No. 7007-U

About establishment of requirements to investment shares of closed-end investment funds for the purpose of application of the subitem 4 of Item 2 of article 3.1 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" and the subitem 3 of Item 1 of article 21.1 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds"

This Instruction based on the subitem 4 of Item 2 of article 3.1 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" and the subitem 3 of Item 1 of article 21.1 of the Federal Law of November 29, 2001 "About investment funds" establishes No. 156-FZ:

requirements to investment shares of closed-end investment funds, in case of compliance to which execution by the broker of the order of the client - the physical person which is not the skilled investor on transactions on their acquisition does not require conducting testing, the stipulated in Article 51.2-1 Federal Law of April 22, 1996 No. 39-FZ "About the security market";

the requirement to investment shares of closed-end investment funds by which rules of trust management is not provided that their investment shares are intended only for skilled investors in case of compliance to which acceptance by managing company from the physical person which is not recognized by it the skilled investor, requests for issue of the specified shares can be performed for lack of positive result of testing of this person, the stipulated in Article 51.2-1 Federal Law of April 22, 1996 No. 39-FZ "About the security market".

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