INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 23, 2025 No. 7178-U

About requirements to rules of trust management of mutual investment fund which investment shares are intended only for skilled investors

This Instruction based on paragraph two of Item 4.1 of Article 11 and Item 4.1 of article 17 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" establishes requirements to rules of trust management of mutual investment fund which investment shares are intended only for skilled investors.

Chapter 1. General provisions

1.1. Rules of trust management of mutual investment fund which investment shares are intended only for skilled investors (further respectively - investment shares, fund, rules) shall include the following Sections:

"General provisions";

"The investment declaration";

"Rights and obligations of managing company";

"Investment committee" - concerning the closed fund if rules of the closed fund according to the subitem 2 of Item 1 of article 17.1 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" (further - the Federal Law "About Investment Funds") provide need of approval by investment committee (all either several owners of investment shares or persons designated by them) transactions at the expense of the property constituting the closed fund and (or) the actions connected with implementation of the rights of the member of economic society, the share or share of which constitute the specified fund, and also with implementation of the rights on other securities constituting property of the closed fund (further in case of joint mentioning - transactions and (or) actions);

"Rights of owners of investment shares. Investment shares";

"General meeting of owners of investment shares" - concerning the closed fund;

"Issue of investment shares";

"Repayment of investment shares";

"Exchange of investment shares" - concerning interval fund if rules of interval fund according to Item 1 of article 22 of the Federal law "About Investment Funds" provide possibility of exchange of investment shares upon the demand of their owner on investment shares of other open or interval mutual investment fund which is in trust management of the same managing company (further - exchange of investment shares);

"Suspension of issue and repayment of investment shares" - concerning the closed fund, and also interval fund if rules of interval fund do not provide possibility of exchange of investment shares;

"Suspension of issue, repayment and exchange of investment shares" - concerning interval fund if rules of interval fund according to Item 1 of article 22 of the Federal law "About Investment Funds" provide possibility of exchange of investment shares;

"Remunerations and expenses";

"Assessment of the property constituting fund, and determination of settlement cost of one investment share";

"Information on fund";

"Responsibility of managing company and other persons";

"Termination of fund";

"Modification and amendments in rules";

"Other data and provisions".

Chapter 2. Requirements to the Section "General provisions" of rules of trust management of mutual investment fund which investment shares are intended only for skilled investors

2.1. The Section "General provisions" of rules of fund shall include the following data:

2.1.1. Complete and short names of fund, type and category of fund.

2.1.2. Stipulated in Item 1 article 11 of the Federal law "About Investment Funds" regulations that rules of fund are determined by managing company in standard forms and can be accepted by the founder of trust management only by accession to the trust management agreement of fund in general by means of acquisition of the investment shares issued by managing company of fund.

2.1.3. Regulations on the common property of owners of investment shares constituting fund, stipulated in Item 2 articles 11 of the Federal law "About Investment Funds".

2.1.4. Regulations on possibility of increase or reduction of cost of investment shares, and also specifying that results of investment in the past do not determine the income in the future that the state does not guarantee profitability of investments into fund, and the warning of need of attentive acquaintance with rules of fund before acquisition of investment shares.

2.1.5. Instruction on the fact that investment shares are intended for skilled investors.

2.1.6. Full trade name and the primary state registration number (further - PSRN) managing company, number and date of issue of the license of managing company for implementation of activities for management of investment funds, mutual investment funds and non-state pension funds (further - the license of managing company).

2.1.7. Full trade name and PSRN of specialized depositary, number and date of issue of license for activities of specialized depositary of investment funds, mutual investment funds and non-state pension funds (further - the license of specialized depositary).

2.1.8. Full trade name and PSRN of person performing maintaining the register of owners of investment shares (further - the holder of the register), number and date of issue of license for activities on maintaining the register of owners of securities (if holder of the register is the registrar) or licenses of specialized depositary (if holder of the register is the specialized depositary).

2.1.9. Procedure and term of forming of fund with indication of the following data:

start dates of forming of fund or procedure for its determination;

the term of forming of fund after which the cash amount (property value), transferred (transferred) to payment of investment shares and subjects (subject) inclusion in structure fund, shall be at least the size necessary for completion (termination) of forming of fund;

dates of completion (termination) of forming of fund according to Item 17 of article 13.2 of the Federal law "About Investment Funds";

cash amount (property value), transferred (transferred) to payment of investment shares, necessary for completion (termination) of forming of fund, component at least 25 million rubles for the closed fund and at least 15 million rubles for interval fund.

2.1.10. The duration of the agreement of trust management of fund according to article 12 of the Federal law "About Investment Funds".

2.1.11. The provision provided by part seven of article 1 of the Federal law "About Investment Funds" that the insurance company having the license for implementation of voluntary insurance of life and the license of the managing company (further - the insurance company having the license of managing company) having the right to perform activities of managing company only for the purpose of implementation of equity life insurance (if managing company of the closed fund is the insurance company having the license of managing company).

2.2. If rules of fund provide annual conducting by auditing organization the check specified in Item 3 of article 50 of the Federal law "About Investment Funds" (further - audit inspection), the Section "General provisions" of rules of fund, except data, the stipulated in Item 2.1 presents of the Instruction, shall include full trade name and PSRN of the auditing organization performing carrying out audit inspection.

2.3. If the investment declaration of fund provides investment into property which assessment in accordance with the legislation of the Russian Federation about investment funds and (or) rules of fund is performed by physical person or the legal entity with which according to requirements of the Federal Law of July 29, 1998 No. 135-FZ "About estimative activities in the Russian Federation" is signed the contract for evaluating concerning fund (further respectively - the property estimated by the appraiser; the appraiser - physical person, the estimative company, and in case of joint mentioning - the appraiser of fund), the Section "General provisions" of rules of fund, except data, the stipulated in Item 2.1 presents of the Instruction, shall include the following data:

2.3.1. Full trade name and PSRN of the estimative company - in case of the conclusion of the contract for evaluating concerning fund with the estimative company.

2.3.2. Surname, name, middle name (in the presence) and appropriated to the appraiser - to physical person identification taxpayer number (further - INN) or the insurance number of the individual ledger account (INILA) (in the absence of INN) - in case of the conclusion of the contract for evaluating concerning fund with the appraiser - physical person.

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