INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 5, 2025 No. 7228-U

About modification of the Provision of the Bank of Russia of June 10, 2015 No. 474-P

Based on the subitem 7 of Item 1 of Article 4. 1, Item 3, subitems 2, the 12 and 14 Item 8 of article 26.2 of the Law of the Russian Federation of November 27, 1992 No. 4015-I "About the organization of insurance case in the Russian Federation", Items 1 and 2 of Article 26, the paragraph of the twenty second subitem 1 of Item 3 of Article 34, paragraphs of the fifth, twenty third and twenty sixth of article 36.18 of the Federal Law of May 7, 1998 No. 75-FZ "About non-state pension funds", the subitem 1 of Item 2 of Article 39, paragraph two of Item 1 of Article 42, the subitem 1 of Item 2 of Article 45 and subitem 1.1 of Item 2 of article 55 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds", Item 3 parts one of Article 76. 1, article 76.4 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)", subitem 10.1 of Item 2 of Article 7, subitems 18 and 21 of article 11 of the Federal Law of July 24, 2002 No. 111-FZ "About investment of means for financing of funded pension in the Russian Federation", Item 16 of Article 25.1 of item 4 of article 180 of the Federal Law of October 26, 2002 No. 127-FZ "About insolvency (bankruptcy)", parts 19 of article 11 of the Federal Law of November 30, 2011 No. 360-FZ "About procedure for financing of payments at the expense of means of pension accruals", paragraphs of the fourth and fifth subitem "an" of Item 5, Item 18 of article 1 of the Federal Law of July 23, 2013 No. 234-FZ "About introduction of amendments to the Law of the Russian Federation "About the organization of insurance case in the Russian Federation", Item 6 of part 1.10 of article 11 of the Federal Law of December 28, 2013 No. 410-FZ "About introduction of amendments to the Federal law "About Non-state Pension Funds" and separate legal acts of the Russian Federation", the subitem "b" of Item 19 of article 1 of the Federal Law of December 28, 2024 No. 532-FZ "About introduction of amendments to the Federal law "About Investment Funds" and separate legal acts of the Russian Federation", paragraphs two and the third subitem "b" of Item 1, Items 2, 3, paragraphs two - the fifth subitem "an" of Item 5, Item 6, the subitem "an" of Item 7, paragraphs two and the third subitem "an" and the subitem "b" of Item 8 of article 3 of the Federal Law of May 23, 2025 No. 124-FZ "About modification of separate legal acts of the Russian Federation":

1. Bring in the Provision of the Bank of Russia of June 10, 2015 No. 474-P "About activities of specialized depositaries" <1> following of change:

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<1> It is registered by the Ministry of Justice of the Russian Federation on June 26, 2015, registration No. 37783.

1.1. In paragraph three of Item 2.3 of the word" (further - other assets of the insurer)" to exclude.

1.2. To declare paragraph two of Item 2.4 invalid.

1.3. Add with Item 2.4 (1) the following content:

"2.4 (1). The specialized depositary shall enter documents and data (information) into the system of accounting in the following terms:

in day of forming or receipt of documents by specialized depositary, and in case of receipt of documents after the termination of the working hours determined by internal documents of specialized depositary in the output or non-working holiday recognized by that according to articles 111 and 112 of the Labor Code of the Russian Federation - no later than the working day following behind day of obtaining by specialized depositary of the specified documents;

no later than the working day following behind day of forming or receipt of data (information) by specialized depositary.

The specialized depositary shall provide possibility of recovery of the temporary sequence of events and actions of employees of specialized depositary for entering of documents and data (information) into system of accounting, and also possibility of identification of persons or technical means by which the specified documents and data (information) are entered.".

1.4. State Item 2.8 in the following edition:

"2.8. The specialized depositary shall support on permanent basis system of accounting in urgent condition, provide, including by backup of the electronic database and remote storage of backup copies, possibility of recovery of information containing in it.".

1.5. To add paragraph two of Item 3.1 with words ", except for case, stipulated in Item 3.1(1) this provision".

1.6. Add with Item 3.1 (1) the following content:

"3.1 (1). The specialized depositary shall exercise control of observance by joint-stock investment fund, managing company of joint-stock investment fund, managing company of mutual investment fund, in rules of trust management (charter) of which is specified that investment shares (shares) are intended for skilled investors, the stipulated in Item Federal Law of the 6th Article 26 of November 29, 2001 to No. 156-FZ "About investment funds" (further - the Federal Law No. 156-FZ) and 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 joint-stock investment fund, settlement cost of investment shares of mutual investment funds, property value, transferred to payment of investment shares" (it is registered by the Ministry of Justice of the Russian Federation on October 8, 2015, registration No. 39234) with the changes made by Instructions of the Bank of Russia of December 12, 2016 No. 4233-U (it is registered by the Ministry of Justice of the Russian Federation on January 13, 2017, registration No. 45188), of April 20, 2020 No. 5447-U (it is registered by the Ministry of Justice of the Russian Federation on May 26, 2020, registration No. 58470), of June 28, 2024 No. 6779-U (it is registered by the Ministry of Justice of the Russian Federation on October 2, 2024, registration No. 79680), procedure for cost determination of net assets of joint-stock investment fund, net assets value of joint-stock investment fund counting on one share, net assets value and the settlement cost of one investment share of mutual investment fund no later than five working days after day as of which calculations of such indicators shall be perfromed.".

1.7. To declare paragraph two of Item 3.3 invalid.

1.8. Add with Item 3.3 (1) the following content:

"3.3 (1). In case of control of the order the property belonging to joint-stock investment fund, the property constituting mutual investment fund, the specialized depositary does not give to joint-stock investment fund, managing company of joint-stock investment fund, managing company of mutual investment fund consent to the order the specified property if as a result of such order:

precious metals are transferred into the bank account in precious metals opened in credit institution on which order can be performed without the consent of specialized depositary;

ingots of precious metals are transferred to storage to credit institution in case of which the order can be performed by them without the consent of specialized depositary.".

1.9. State Item 3.5 in the following edition:

"3.5. According to the decision of specialized depositary is not accepted on storage and the following property of clients is not kept in the specified specialized depositary:

real estate;

property, concerning which the legislation of the Russian Federation regulating procedure for storage of the specified property (concerning foreign documentary securities - the personal law of the foreign issuer (person obliged on security), does not allow storage in specialized depositary;

property concerning which the specialized depositary assumed responsibility of property value for complete or partial loss, damage or impossibility of use of the specified property, including because of the third parties involved by specialized depositary for implementation of functions on storage of property of clients.".

1.10. Add with Item 3.5 (1) the following content:

"3.5 (1). The specialized depositary does not involve according to specifying of the client other depositary (the foreign organization having the right according to its personal law to perform accounting and transition of the rights to securities, except for the foreign organization which is the international centralized system of accounting of the rights to securities and (or) payment under securities or face which according to the personal law is the central depositary and (or) perfroms calculations for securities by results of the biddings at the foreign exchanges or other controlled markets or clearing by results of such biddings) in execution of the obligations on accounting and transition of the rights to securities of the specified client.".

1.11. The paragraph one of Item 3.7 to state in the following edition:

"3.7. The specialized depositary notifies the Bank of Russia on elimination of the violations (discrepancies) revealed by it during control, except for violations on which it is not required to notify the Bank of Russia, established based on the subitem 6 of Item 2 of article 45 of the Federal Law No. 156-FZ, no later than one working day following behind day of factual determination of their elimination.".

1.12. In Item 3.8:

third to add the paragraph with words ", directed by specialized depositary";

to state the paragraph of the sixth in the following edition:

"If the notification on the fact of the not elimination revealed by specialized depositary during control of violation (discrepancy) goes specialized depositary to the Bank of Russia concerning violations on which it is not required to notify the Bank of Russia, established based on the subitem 6 of Item 2 of article 45 of the Federal Law No. 156-FZ, documents (data) confirming making of the specified violation (emergence of discrepancy) are put to such notification.";

add with the paragraph of the following content:

"Requirements of this Item are not applied to violations (discrepancies) revealed by specialized depositary in case of control concerning insurers.".

1.13. State Item 3.9 in the following edition:

"3.9. The specialized depositary shall send to the client of the notification, provided by Items 3.6 - 3.8 this provision, and the documents (data) enclosed to them to the following terms:

the notification, stipulated in Item 3.6 this provision, - no later than three working days from the date of identification by specialized depositary during control of violation (discrepancy);

the notification, stipulated in Item 3.7 this provision, - no later than one working day following behind day of factual determination of the elimination revealed by specialized depositary during control of violation (discrepancy);

the notification, stipulated in Item 3.8 this provision, - no later than one working day following behind day of factual determination of the not elimination revealed by specialized depositary during control of violation (discrepancy).

The requirement of this Item on the direction to the client of the notification, stipulated in Item 3.8 this provision, is not applied to violations (discrepancies) revealed by specialized depositary during control concerning insurers.".

1.14. To state paragraphs of the fifth and sixth of Item 3.10 in the following edition:

"content of the revealed violation, the reasons and (or) circumstances which caused emergence of the revealed violation;

the description of the measures taken for violation elimination, and measures which acceptance is directed to non-admission of such violations in further activities of specialized depositary.".

1.15. State Item 3.11 in the following edition:

"3.11. The specialized depositary sends to the Bank of Russia of the notification and documents (data) provided by this Chapter enclosed to them in the form of electronic documents by means of 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 established by the regulation of the Bank of Russia adopted based on Article 9. 2, parts one and fourth Article 73. 1, parts one, third, sixth and eighth Article 76. 9, parts one, third, sixth and eighth article 76.9-11 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)", parts 1, 4, the 5 and 7 article 35.1 of the Federal Law of June 27, 2011 No. 161-FZ "About national payment system".

The specialized depositary sends to clients of the notification and the documents (data) provided by this Chapter enclosed to them in the form of the electronic documents signed by the strengthened qualified digital signature of the authorized person of specialized depositary provided by part 4 of article 5 of the Federal Law of April 6, 2011 No. 63-FZ "About the digital signature" on telecommunication channels including with use of the Internet.".

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 October 31, 2025 No. PSD-34) become effective after 10 days after day of its official publication, except for provisions for which this Item establishes other terms of their introduction in force.

Subitems 1. 1, 1.2, 1.4, 1.7 - 1.15 of Item of 1 this Instruction become effective since March 1, 2026.

The paragraph the fifth subitem 1.3 of Item of 1 this Instruction becomes effective since January 1, 2027.

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