ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of March 2, 2010 No. 111

About approval of the Regulations on licensing of activities of the exchange intermediaries and exchange brokers signing the agreements which are derivative financial instruments which basic asset are the exchange goods in exchange trade

According to the Law of the Russian Federation "About commodity exchanges and exchange trade" the Government of the Russian Federation decides:

1. Approve the enclosed Regulations on licensing of activities of the exchange intermediaries and exchange brokers signing in exchange trade the agreements which are derivative financial instruments which basic asset are the exchange goods (further - the Provision).

2. Recognize to invalid:

the order of the Government of the Russian Federation of October 9, 1995 N 981 "About approval of the Regulations on licensing of activities of the exchange intermediaries and exchange brokers making commodity futures and option transactions in exchange trade" (The Russian Federation Code, 1995, N 42, the Art. 3982);

Item of 22 changes which are made to the resolutions of Council of Ministers of RSFSR, the Government of RSFSR and the Government of the Russian Federation concerning state registration of the legal entities approved by the order of the Government of the Russian Federation of October 3, 2002 N 731 (The Russian Federation Code, 2002, N 41, by the Art. 3983);

Item of 2 changes which are made to acts of the Government of the Russian Federation concerning activities of the Commission on commodity exchanges, approved by the order of the Government of the Russian Federation of March 21, 2005 N 148 (The Russian Federation Code, 2005, N 13, the Art. 1175);

Item of 5 changes which are made to acts of the Government of the Russian Federation concerning the state fee, approved by the order of the Government of the Russian Federation of January 26, 2007 N 50 (The Russian Federation Code, 2007, N 6, the Art. 760);

Item of 2 changes which are made to orders of the Government of the Russian Federation, approved by the order of the Government of the Russian Federation of November 26, 2007 N 807 (The Russian Federation Code, 2007, N 49, the Art. 6168).

3. Determine that the Federal Service for Financial Markets performs powers on control and supervision concerning exchange intermediaries and exchange brokers.

4. To the exchange intermediaries and exchange brokers signing in exchange trade the agreements which are derivative financial instruments which basic asset are the exchange goods within 6 months from the date of entry into force of this resolution to bring the activities into accord with requirements of the Provision.

5. Determine that licenses for activities of the exchange brokers and exchange intermediaries making the commodity, futures and option transactions in exchange trade issued by federal executive body in the field of the financial markets before entry into force of this resolution are valid before the termination of term of their action.

6. This resolution becomes effective from the date of its official publication, except for the subitem "v" of item 4 of the Provision which becomes effective after 2 months from the date of official publication of this resolution.

Regulations on licensing of activities of the exchange intermediaries and exchange brokers signing the agreements which are derivative financial instruments which basic asset are the exchange goods in exchange trade

1. This Provision determines conditions and procedure for issue, renewal, suspension of action and cancellation by federal executive body in the field of the financial markets of licenses for the conclusion by exchange intermediaries and exchange brokers in exchange trade of the agreements which are derivative financial instruments which basic asset are the exchange goods (further according to the license, derivative financial instruments).

Activities for the conclusion during the exchange biddings organized by commodity exchange, the agreements which are derivative financial instruments are performed only based on the license.

The license is granted without restriction of effective period and is the official document resolving implementation of the activities specified in it and also determines conditions of its implementation.

2. In this Provision:

a) exchange intermediaries are understood as legal entities, being the brokerage firms and broker offices determined in Items 2 and 3 of article 10 of the Law of the Russian Federation "About commodity exchanges and exchange trade";

b) exchange brokers are understood as the physical persons who are employees or representatives of the organizations - members of the exchange and exchange intermediaries, and also the independent brokers registered in accordance with the established procedure as the entrepreneurs performing the activities without formation of legal entity;

c) clients are understood as persons, from name and (or) at the expense of which the exchange intermediary (broker) signs the agreements which are derivative financial instruments in exchange trade.

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