INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of July 21, 2014 No. 3329-U

About requirements to own means of professional participants of the security market and managing companies of investment funds, mutual investment funds and non-state pension funds

Based on article 76.4 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, the Art. 3634), Item 3 of article 44 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" (The Russian Federation Code, 1996, No. 17, Art. 1918; 2001, No. 33, Art. 3424; 2002, No. 52, Art. 5141; 2004, No. 27, Art. 2711; No. 31, Art. 3225; 2005, No. 11, Art. 900; No. 25, Art. 2426; 2006, No. 1, Art. 5; No. 2, Art. 172; No. 17, Art. 1780; No. 31, Art. 3437; No. 43, Art. 4412; 2007, No. 1, Art. 45; No. 18, Art. 2117; No. 22, Art. 2563; No. 41, Art. 4845; No. 50, Art. 6247, Art. 6249; 2008, No. 52, Art. 6221; 2009, No. 1, Art. 28; No. 18, Art. 2154; No. 23, Art. 2770; No. 29, Art. 3642; No. 48, Art. 5731; No. 52, Art. 6428; 2010, No. 17, Art. 1988; No. 31, Art. 4193; No. 41, Art. 5193; 2011, No. 7, Art. 905; No. 23, Art. 3262; No. 27, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7040; No. 50, Art. 7357; 2012, No. 25, Art. 3269; No. 31, Art. 4334; No. 53, Art. 7607; 2013, No. 26, Art. 3207; No. 30, Art. 4043, Art. 4082, Art. 4084; No. 51, Art. 6699; No. 52, the Art. 6985), Item 6 of Article 38, subitem 1.1 of Item 2 of article 55 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" (The Russian Federation Code, 2001, No. 49, Art. 4562; 2004, No. 27, Art. 2711; 2006, No. 17, Art. 1780; 2007, No. 50, Art. 6247; 2008, No. 30, Art. 3616; 2009, No. 48, Art. 5731; 2010, No. 17, Art. 1988; No. 31, Art. 4193; 2011, No. 48, Art. 6728; No. 49, Art. 7040, Art. 7061; 2012, No. 31, Art. 4334; 2013, No. 26, Art. 3207; No. 27, Art. 3477; No. 30, Art. 4084; No. 51, Art. 6695, Art. 6699; 2014, No. 11, the Art. 1098) and 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 July 11, 2014 No. 21) the Bank of Russia establishes requirements to own means of professional participants of the security market and the managing companies performing activities for management of investment funds, mutual investment funds and non-state pension funds.

1. Requirements of this Instruction do not extend to credit institutions.

2. The minimum size of own means of professional participants of the security market is calculated in the following procedure:

                                                                                                                      MRSS = X x NDSS,

where:

MRSS - the minimum size of own means;

NDSS - the standard rate of sufficiency of own means;

X - the constant equal to 2 million rubles. For depositaries size X is calculated by the following formula:

where:

Qi; j - quantity of j-ykh of securities on the account of the nominee holder or the account of person which is acting for the benefit of other persons, i-ym open for depositary person performing accounting of the rights to securities;

Pi; j - the market price of j-ykh of the securities considered on the account of the nominee holder or the account of person which is acting for the benefit of other persons, i-ym open for depositary person performing accounting of the rights to securities, determined according to the procedure established for determination of tax base on income tax according to Chapter 23 of the Tax Code of the Russian Federation (The Russian Federation Code, 2000, No. 32, the Art. 3340), and in case of lack of market price - the nominal value of these securities increased by correction coefficient in the amount of, equal 3;

ai - value of the coefficient appropriated to i-mu to person performing accounting of the rights to securities according to appendix to this Instruction;

C - constant equal to 2 million rubles.

3. Numerical value of the standard rate of sufficiency of own means of the professional participants of the security market performing broker activities is established by 1,5, equal to coefficient except for of professional participants of the security market, the stipulated in Item 4 presents of the Instruction.

4. Numerical value of standard rates of sufficiency of own means of professional participants of the security market, is established to equal following coefficients:

a) 17,5 - for the brokers having the right based on the contract for broker servicing with the client to exploit money of clients and (or) to make security transactions and derivative financial instruments for customer account without involvement of other broker (agent);

b) 7,5 - for the brokers specified in the subitem "an" of this Item, who are members of self-regulatory organization in the security market, which:

more than five years function in the status of self-regulatory organization or combines in the structure as members at least 30 percent from total quantity of the financial organizations having the license for implementation of broker activities;

approved the standards of implementation of professional activity providing rules of execution of the order of clients on the best conditions, standards of the organization of risk management system when implementing broker activities, the rule of prevention of conflict of interest, the rule of informing the client of the broker about the risks connected with investment, rules of the reporting of the broker before the client;

keeps the register of violations of the specified standards by members of this self-regulatory organization;

c) 2,5 - for the brokers performing activities only for the conclusion of the agreements which are derivative financial instruments which basic asset are the goods.

d) 1,5 - for dealers;

e) 17,5 - for managing directors;

e) 2,5 - for the managing directors who are members of self-regulatory organization in the security market, which:

more than five years function in the status of self-regulatory organization and (or) combines in the structure as members at least 30 percent from total quantity of the financial organizations having license for activities on management of securities;

approved the standards of implementation of professional activity providing rules of assessment of capability of the client to bear investment risk, rules of service offering taking into account the specified assessment, rules of prevention of conflict of interest, classification of methods of management of securities, rules of informing the client of the managing director about the risks connected with investment, rules of the reporting of the managing director before the client;

keeps the register of managing directors - members of this self-regulatory organization, containing the methods of management of securities applied by them, and also violations of the specified standards;

g) 7,5 - for depositaries;

h) 100 - for the depositaries which are issuers of the Russian depositary receipts;

i) 125 - for the depositaries performing activities of settlement depositary;

j) 40 - for the depositaries performing activities of specialized depositary of investment funds, mutual investment funds and non-state pension funds;

k) 50 - for registrars.

5. Ceased to be valid according to the Instruction of the Central bank of the Russian Federation of 19.07.2016 No. 4074-U

6. This Instruction is subject to official publication in "the Bulletin of the Bank of Russia" and becomes effective since September 1, 2014.

Appendix

to the Instruction of the Bank of Russia of July 21, 2014 No. 3329-U "About requirements to own means of professional participants of the security market and managing companies of investment funds, mutual investment funds and non-state pension funds"

The table of the coefficients appropriated to persons performing accounting of the rights to securities

Note.

Determination of value of coefficient of ai according to lines 6 - 8 is performed based on information on own means opened according to the procedure, No. 39-FZ established according to Item 26 of article 30 of the Federal Law of April 22, 1996 "About the security market" (The Russian Federation Code, 1996, No. 17, Art. 1918; 2001, No. 33, Art. 3424; 2002, No. 52, Art. 5141; 2004, No. 27, Art. 2711; No. 31, Art. 3225; 2005, No. 11, Art. 900; No. 25, Art. 2426; 2006, No. 1, Art. 5; No. 2, Art. 172; No. 17, Art. 1780; No. 31, Art. 3437; No. 43, Art. 4412; 2007, No. 1, Art. 45; No. 18, Art. 2117; No. 22, Art. 2563; No. 41, Art. 4845; No. 50, Art. 6247; 2008, No. 52, Art. 6221; 2009, No. 1, Art. 28; No. 18, Art. 2154; No. 23, Art. 2770; No. 29, Art. 3642; No. 48, Art. 5731; No. 52, Art. 6428; 2010, No. 17, Art. 1988; No. 31, Art. 4193; No. 41, Art. 5193; 2011, No. 7, Art. 905; No. 23, Art. 3262; No. 27, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7040; No. 50, Art. 7357; 2012, No. 25, Art. 3269; No. 31, Art. 4334; No. 53, Art. 7607; 2013, No. 26, Art. 3207; No. 30, Art. 4043, Art. 4082, Art. 4084; No. 51, Art. 6699; No. 52, Art. 6985; 2014, No. 30, Art. 4219; 2015, No. 1, Art. 13; No. 14, Art. 2022; No. 27, Art. 4001; No. 29, the Art. 4348, the Art. 4349), as of the last calendar day of the month preceding the previous calendar month.

If for date of determination of value of coefficient of ai information on own means is not opened or at person performing accounting of the rights to securities the license of the professional participant of the security market for implementation of depository activity, and also in case of appointment of temporary administration or adoption by Arbitration Court of the decision on introduction concerning the specified person of one of insolvency proceedings is cancelled or suspended, the value equal to 0,5 is appropriated to coefficient of ai.

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