PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 12, 2015 No. 463-P

About the requirements directed to decrease in risks of implementation of clearing activities and requirements to the document (documents) determining (determining) the measure directed to decrease in credit, operational and other risks, including the risks connected with combination of clearing activities with other types of activity

Based on the Federal Law of February 7, 2011 No. 7-FZ "About clearing and clearing activities" (The Russian Federation Code, 2011, No. 7, Art. 904; No. 48, Art. 6728; No. 49, Art. 7040, Art. 7061; 2012, No. 53, Art. 7607; 2013, No. 30, Art. 4084; 2014, No. 11, the Art. 1098) (further - the Federal Law "About Clearing and Clearing Activities"), 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, Art. 3634; No. 30, Art. 4219; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, of the Art. 4, of the Art. 37) this Provision establishes the requirements directed to decrease in risks of implementation by the clearing organizations of clearing activities within risk management system and requirements to the document (documents) determining (determining) the measure directed to decrease in credit, operational and other risks, including the risks connected with combination of clearing activities with other types of activity (further - Rules of risk management).

Chapter 1. General provisions

1.1. For the purpose of decrease in risks of implementation of clearing activities the clearing organization within the organization of risk management system shall provide management credit, and also the following risks:

risk of emergence of expenses (losses) of the clearing organization in case of which inability to fulfill the obligations of one or several members of the financial market causes inability to fulfill the obligations properly of other members of the financial market (systemic risk);

risk of emergence of expenses (losses) of the clearing organization owing to adverse change of market value of financial instruments or other assets in which the means of the clearing organization or means provided to it as ensuring obligation fulfillment (market risk) are invested;

risk of emergence of expenses (losses) of the clearing organization owing to ambiguity of interpretation of rules of law (legal risk);

risk of emergence of expenses (losses) of the clearing organization owing to insufficiency of property at the disposal of the clearing organization for satisfaction of requirements of her creditors for transfer of this property at the scheduled time (liquidity risk);

risk of loss of property of the clearing organization or the property transferred to it as ensuring obligation fulfillment, allowed to clearing, owing to actions or failure to act of person responsible for storage of this property and accounting of the rights to this property (custodial risk);

the risk of excess of expenses of the clearing organization over its income which is not connected with realization of credit and (or) custodial risk (commercial risk);

the regulatory risk determined according to the paragraph the second Item 2.1 of the Instruction of the Bank of Russia of March 15, 2018 No. 4739-U "About requirements to the organization and implementation by the clearing organization of internal control and internal audit", No. 51188 registered by the Ministry of Justice of the Russian Federation of May 28, 2018;

the risk determined according to Item 1 of the Provision of the Bank of Russia of October 2, 2023 No. 827-P "About requirements to risk management of the clearing organizations, the central partners, the central depositary and repositories regarding management of operational risk" (it is registered by the Ministry of Justice of the Russian Federation on November 29, 2023, registration No. 76162) (further - operational risk).

1.2. If the clearing organization combines the activities with other permitted types of activity, risk management system of such clearing organization shall consider as the risks connected with activities of the clearing organization and the risks arising when implementing other types of activity.

1.3. The clearing organization which is credit institution in case of risk management is guided by the regulation of the Bank of Russia establishing requirements to risk management system and the capital of credit institution and banking group, the Provision of the Bank of Russia of December 16, 2003 No. 242-P "About the organization of internal control in credit institutions and banking groups", registered by the Ministry of Justice of the Russian Federation on January 27, 2004 No. 5489, on December 22, 2004 No. 6222, on March 20, 2009 No. 13547, on June 30, 2014 No. 32913 ("the Bulletin of the Bank of Russia" of February 4, 2004 No. 7, of December 31, 2004 No. 74, of April 1, 2009 No. 21, of July 9, 2014 No. 63), and also this Provision in the part which is not contradicting the acts stated above.

"The paragraph one of this Item does not extend to the clearing organization having the status of the central partner. The clearing organization having the status of the central partner in case of risk management is guided by the Provision of the Bank of Russia of December 30, 2016 No. 575-P "About requirements to risk management, rules of the organization of risk management system, clearing providing, placement of property, forming of assets of the central partner, and also to the group of people in which the central partner has the right to open trading and clearing accounts, and technique of determination of the allocated capital of the central partner", the registered Ministry of Justice of the Russian Federation on March 20, 2017 for No. 46034, on June 5, 2018 No. 51286.

Chapter 2. The requirements directed to decrease in risks when implementing clearing activities

2.1. The clearing organization designates the official or creates the separate structural division responsible for the organization of risk management system, except for regulatory risk. For the specified official (the head of separate structural division) the clearing organization shall be principle place of employment.

2.1.1. In case of event as a result of which, in addition to regulatory risk, can (can) be implemented other (others) type (types) of risk, responsibility for management of such types of risk is born by the official (separate structural division) responsible for the organization of risk management system of the clearing organization.

2.2. The official (separate structural division) responsible for the organization of risk management system in the clearing organization, cannot perform functions which are not connected with management or the organization of risk management. The official (separate structural division) responsible for the organization of risk management system in the clearing organization, shall be accountable to the board of directors (supervisory board) of the clearing organization.

2.3. The official (the head of separate structural division) responsible for the organization of risk management system in the clearing organization, can be part of the committees and the commissions which are not structural divisions of the clearing organization created by the clearing organization.

2.4. The clearing organization within creation of risk management system also shall provide:

access for persons responsible for risk management in the clearing organization, to all information (documents) necessary (necessary) for risk management;

documentary fixing of the facts of emergence of risks of the clearing organization and impact on them, and also storage of information used for risk management including conditions of agreements from which obligations are allowed to clearing with participation of the central partner, within at least 10 years;

availability of system of the internal reporting on risks of the clearing organization and about their assessment providing the direction of the corresponding reports to the board of directors (supervisory board) on quarterly basis, to individual and joint executive bodies on monthly basis;

continuous control of risk management of the clearing organization and compliance of the undertaken corrective actions on risks to nature and scale of transactions of the clearing organization;

training of employees of the clearing organization whose functions are directly connected with implementation of clearing activities, concerning identification, identification and risks assessment, and also control of them.

2.5. For the purpose of implementation of the actions specified in Item 2.4 of this provision, the clearing organization shall organize the following processes:

identification of areas of emergence of risks by determination of activity of the clearing organization which is exposed to risk;

identification of risks by determination of their types and sources;

the risk analysis providing determination of method of their measurement, determination of probability of approach of such risks and extent of their impact on activities of the clearing organization;

estimation of risks by comparison of their level to the most admissible level established by the clearing organization for determination of method impact on such risk;

the impact on risk providing, including, decision making, directed to refusal of risk, its decrease, transfer (insurance), acceptance or increase;

monitoring and review is risk, the changes of risks and result of impact which are carried out by assessment on them;

entering of data on the revealed risks of the clearing organization and results of their assessment into the internal document of the clearing organization (further - the risk register).

2.6. Ceased to be valid according to the Instruction of the Central bank of the Russian Federation of 02.10.2023 No. 6558-U

2.7. In case of assignment of obligation by the clearing organization for accomplishment of the separate transactions necessary for implementation of clearing activities, on the third party, the clearing organization determines corrective actions on the risks arising in connection with non-execution or improper execution of the specified obligation.

Chapter 3.

Voided according to the Instruction of the Central bank of the Russian Federation of 15.03.2018 No. 4738-U

Chapter 4. Requirements to Rules of risk management of the clearing organization

4.1. Rules of risk management shall contain:

the general provisions determining risk management system of the clearing organization with the description of procedures for identification, monitoring and control of risks of the clearing organization, except for regulatory risk;

the list of the internal documents of the clearing organization containing the procedures specified in the paragraph the second this Item, and relating to risk management system of the clearing organization;

the list of services of the clearing organization, suspension or the termination of rendering which according to the clearing organization can significantly affect financial position of the clearing organization and (or) financial position of participants of clearing (further - significant services);

the list of circumstances which approach can lead to suspension or the termination of rendering significant services;

the list died, procedure and terms of their acceptance by the clearing organization in case of approach of the circumstances specified in paragraph five of this Item;

order of interaction with the organizations on which actions quality of the applied measures aimed at providing or recovery of continuity of rendering significant services depends;

quantitative and high-quality criteria in case of which measures, stipulated in Item 4.2 this provision are applied;

the notification procedure of the Bank of Russia about approach of the circumstances which entailed need of implementation of measures, provided by the paragraph the sixth this Item, in day of decision making about the beginning of realization of the specified measures;

the list of processes which violation owing to impact event of realization of operational risk attracts business disruption of the clearing organization, including the engineering procedures requiring ensuring information exchange, processing and storage of information by means of program technical means of the clearing organization (further - crucial process);

the list of program technical means which errors in functioning involve violation of crucial processes;

procedure for carrying out test operation of program technical means and preparation of the report following the results of the carried-out test works;

the control indicators of operational risk allowing to monitor their changes (control indicators of operational risk of the clearing organization) and the quantitative indices directed to measurement and control of operational risk at a given time (key indicators of operational risk of the clearing organization);

procedure for maintaining risk register and base of events of realization of operational risk;

requirements to the organization of functioning of the reserve complex which is functionally duplicating the main complex of program technical means.

4.2. The list died, specified in paragraph six of Item 4.1 of this provision, shall contain:

operations procedure of the clearing organization in case of dissatisfaction of its requirements the debtor, including procedure for covering of the expenses (losses) arising in this regard;

operations procedure of the clearing organization in case of insufficiency of the property which is at its disposal for satisfaction of requirements of creditors for transfer of this property;

operations procedure of the clearing organization in case of approach of the circumstances which entailed emergence of the losses which are not provided by paragraphs second and third this Item;

operations procedure of the clearing organization, the directed to recovery warranty and other funds used for covering of losses.

4.3. Rules of risk management can consist of one or several documents.

Chapter 5. Final provisions

5.1. This Provision becomes effective after 10 days after day of its official publication in "the Bulletin of the Bank of Russia".

5.2. The clearing organizations shall bring the activities into accord with this Provision within six months after day of its entry into force.

 

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