THE ORDER OF THE FEDERAL SERVICE OF THE RUSSIAN FEDERATION ON THE FINANCIAL MARKETS

of April 15, 2008 No. 08-17/pz-n

About accounting of the rights to investment shares of mutual investment funds

According to Item 7 of Article 14. 1, Item 5 of Article 17, item 4 of Article 47 and Item 2 of article 55 of the Federal Law of November 29, 2001 N 156-FZ "About investment funds" (The Russian Federation Code, 2001, N 49, Art. 4562; 2004, N 27, Art. 2711; 2006, N 17, Art. 1780; 2007, N 50, 6247) (the daleefederalny law) I order to the Art.:

1. Approve the enclosed Regulations on procedure for maintaining the register of owners of investment shares of mutual investment funds.

2. Determine that if rules of trust management of mutual investment fund provide implementation of accounting of the rights to investment shares of mutual investment fund on custody accounts by depositaries, such accounting is performed according to requirements of the Federal Law of April 22, 1996 N 39-FZ "About the security market" (The Russian Federation Code, 1996, N 17, Art. 1918; 2007, N 50, the Art. 6247, 6249), the regulatory legal acts of federal executive body on the security market regulating procedure of depository activity taking into account the features established by Items 3 - 6 these Orders.

3. Determine that:

1) emergence of fractional parts of investment shares on custody accounts is allowed in case of transfer on them investment shares in connection with their issue, transfer, exchange or crushing;

2) emergence of fractional parts of investment shares on custody accounts of nominee holders is allowed also in case of write-off from them of investment shares in connection with repayment, exchange or transfer of fractional parts of the investment shares considered on the custody account of the owner of investment shares. In this case emergence of fractional part of investment share is allowed only as a result of subtraction from total quantity of the investment shares considered on the custody account of the nominee holder, quantity of investment shares due for settlement, to exchange or transfer;

3) in case of transfer of investment shares into custody accounts fractional parts of investment shares are summed up;

4) reduction of fractional part of investment share on the custody account of the owner of investment shares, the custody account of the trustee is not allowed, except as specified, when such reduction results from addition of fractional parts of investment shares;

5) write-off from the custody account of fractional part of investment share without its whole part is allowed only in case of repayment, exchange or transfer of investment shares in the absence of the whole part of investment share, due for settlement, to exchange or transfer, except for write-offs on the custody account of the nominee holder.

4. Determine that the depositary shall provide to the professional participant of the security market having license for activities on maintaining the register of owners of personalized securities, or specialized depositary of mutual investment fund which performs maintaining the register of owners of investment shares of mutual investment fund (daleeregistrator), or to other depositary performing accounting of the rights to investment shares on custody accounts, the data necessary for creation of the list of owners of investment shares and also for issue and repayment of investment shares. At the same time the depositary has no right to demand from the registrar remuneration for provision to it the specified data.

5. Determine that the depositary shall block investment shares on custody accounts from the moment of receipt of the notification of the registrar on introduction of record about blocking of all investment shares at the time of creation of the list of persons having the right to monetary compensation in case of the termination of mutual investment fund. If the blocked investment shares are on the custody account opened for other depositary the last also shall block all investment shares on custody accounts from the moment of their blocking on the custody account of the nominee holder opened for it.

Determine that the depositary shall block investment shares in the quantity specified in the request for exchange or the request for repayment of investment shares from the moment of submission of such request until introduction of account record or receipt of the notification of the registrar on refusal in introduction of such record. If the blocked investment shares are on the custody account opened for other depositary the last also shall block investment shares in the corresponding quantity on custody accounts from the moment of their blocking on the custody account of the nominee holder opened for it until their write-off or unblocking.

6. Determine that in case of the termination of implementation by depositary of functions of the nominee holder of investment shares it shall suggest the clients to give their investment shares considered on the custody accounts opened at it to personal accounts in the register or into custody accounts in other depositary and, in case of lack of the corresponding orders within one month, to open for them in the register of owners of investment shares (further - the register) the account "investment shares of unidentified person" and to enlist on them the specified investment shares. In case of opening of the account "investment shares of unidentified person" in the register and transfers on it investment shares of the clients the depositary shall report them about it with indication of numbers of the accounts opened for each of them "investment shares of unidentified person".

7. From the effective date this Order not to apply the resolution of the Federal Commission for the Securities Market of June 7, 2002 of N 20/ps "About accounting of the rights to investment shares of mutual investment funds" (it is registered by the Ministry of Justice of the Russian Federation on July 31, 2002, registration number 3641), the resolution of the Federal Commission for the Securities Market of September 11, 2002 N 36/ps "About additional requirements to procedure for preparation, convocation and holding general meeting of owners of investment shares of closed-end investment fund" (registration number 3875) and Item 3 of the resolution of the Federal Commission for the Securities Market of October 9, 2002 N 40/ps "On regulation of activities of specialized depositaries of joint-stock investment funds is registered by the Ministry of Justice of the Russian Federation on October 18, 2002, mutual investment funds and non-state pension funds" (it is registered by the Ministry of Justice of the Russian Federation on November 26, 2002, registration number 3950).

Approved by the Order of the Federal Service of the Russian Federation on the financial markets of April 15, 2008 No. 08-17/pz-n

Regulations on procedure for maintaining the register of owners of investment shares of mutual investment funds

I. General provisions

1.1. This Regulations on procedure for maintaining the register of owners of investment shares of mutual investment funds (further - the Provision) establish requirements to procedure for maintaining the register.

1.2. Requirements of this provision are obligatory for the professional participants of the security market having license for activities on maintaining the register of owners of personalized securities, and specialized depositaries of mutual investment funds which perform maintaining registers.

1.3. Maintaining the register - collection, fixing, processing, storage and provision of the data constituting the register is performed in the way:

opening in the account register, introduction of records on accounts and making of other transactions in the register;

document storages, the accounts which are the basis for opening in the register, introduction of records on accounts and making of other transactions in the register;

storages of requests of the registered and other persons, answers on them, including refusals in making of transactions in the register;

creation of lists of persons having the right to the income on investment shares of closed-end investment funds, lists of persons having the participation right in general meeting of owners of investment shares of closed-end investment funds, lists of persons having the right to monetary compensation in case of the termination of mutual investment funds, and other lists according to this Provision;

provisions of statements on personal accounts;

provisions of information of the register.

1.4. Data of the register shall be fixed with use of the electronic database, and also can be fixed on papers.

Collection of the documents necessary for making of transactions in the register, identification of persons filing the specified documents, assurance and transfer of statements and information from the register are performed by the registrar. The specified actions can be also made by managing company and issue, repayment agents and exchange of investment shares based on the agreements signed with the registrar.

1.4.1. The registrar, managing company, specialized depositary, issue, repayment agents and exchange of investment shares, and also the registered persons who are nominee holders shall perform exchange of the documents necessary for making of transactions in the register, in electronic and digital form with the digital signature according to the procedure, stipulated by the legislation the Russian Federation.

Exchange of documents in electronic and digital form with the digital signature, necessary for making of transactions in the register, is performed based on the agreement on exchange of electronic documents signed by managing company, specialized depositary, issue, repayment agents and exchange of investment shares and also the registered persons who are nominee holders with the registrar.

The registered persons who are not the nominee holders having the right to perform exchange of the documents necessary for making of transactions in the register with the registrar in electronic and digital form with the digital signature according to the procedure, stipulated by the legislation the Russian Federation and this Provision. In this case rules of this provision are applied taking into account features of regulation of use of the electronic document.

1.4.2. Paper documents for which the legislation of the Russian Federation does not provide electronic and digital form with the digital signature can be provided to the registrar in the form of the electronic copy certified by the digital signature. In this case no later than 30 days from the date of submission of the electronic copy the copies of the specified paper documents certified in the procedure established for each requested document are provided to the registrar also personally or by mail.

1.5. If maintaining the register is performed by specialized depositary of mutual investment fund, these activities shall be performed by its structural division which is not performing depository activity.

If according to the Federal Law accounting of the rights to the investment shares of mutual investment fund acquired at the expense of the property which is in trust management shall be performed by specialized depositary, and such specialized depositary is the legal entity performing maintaining the register of owners of investment shares of this mutual investment fund, the requirements of this provision governing the relations between the registrar and the registered person - the nominee holder, are respectively applied to the relations between the divisions of the registrar performing maintaining the register of owners of investment shares and depository activity. In this case the specified legal entity becomes the nominee holder of investment shares.

1.6. The quantity of the investment shares considered on accounts in the register is expressed by integer or if it cannot be expressed by integer, fractional number with decimal fractional part.

The fractional number expressing quantity of investment shares can be rounded up, determined by rules of trust management of the relevant mutual investment fund, but at least five signs after comma.

Emergence of fractional parts of investment shares on accounts in the register is allowed in case of introduction of receipt records in connection with issue, transfer, exchange or crushing of investment shares.

Emergence of fractional parts of investment shares on personal accounts of nominee holders is allowed also in case of introduction of account records in connection with repayment, exchange or transfer of fractional parts of the investment shares considered on the custody account of the owner of investment shares. In this case emergence of fractional part of investment share is allowed only as a result of subtraction from total quantity of the investment shares considered on personal account of the nominee holder, quantity of investment shares due for settlement, to exchange or transfer.

In case of introduction of receipt entries on accounts in the register fractional parts of investment shares are summed up.

Reduction of fractional part of investment share on personal account of the owner of investment shares, personal account of the trustee, and also on the account "investment shares of unidentified person" is not allowed, except as specified, when such reduction results from addition of fractional parts of investment shares.

Introduction of account record on personal accounts of registered persons concerning fractional part of investment share without its whole part is allowed only in case of repayment, exchange or transfer of investment shares in the absence of the whole part of investment share, due for settlement, to exchange or transfer, except for introduction of account record on personal accounts of nominee holders.

II. Maintaining magazines by the registrar

2.1. The registrar shall register each transaction in the register in the magazine of registration of transactions (further - the register) along with its making.

The register shall contain:

the sequence number of transaction assigned to it it is consecutive on registration time;

date and time of registration of transaction;

transaction type (opening of the account, account termination, change of data of the questionnaire of the registered person, receipt record, account record, etc.);

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