RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of June 26, 2015 No. 36/12

About approval of the Regulations on structures like "master-feeder"

Based on Art. 103 and Art. 116 of the Law No. 171 of July 11, 2012 o the capital market (The official monitor of the Republic of Moldova, 2012, No. 193-197, the Art. 665) the National commission on the DECIDES: financial market

1. Approve Regulations on structures like "master-feeder", according to appendix.

2. This resolution becomes effective from the date of publication.

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of June 26, 2015 No. 36/12

Regulations on structures like "master-feeder"

This Provision is partial transposition of the Directive 2009/65/EU of the European Parliament and Council of July 13, 2009 about approval of acts of the legal force and administrative acts about the organizations of collective investment into securities (OKITsB) (reforming) published in the Official magazine of the European Union by L 302 of November 17, 2009, the Directive 2010/42/EU of the Commission of July 1, 2010 about application of the Directive 2009/65/EU of the European Parliament and Council in the part relating to some orders connected with merging of funds, structures like "master-feeder" and the procedure of the notification published in the Official magazine of the European Union by L 176 of July 10, 2010 and Directives 2010/43/EU of the Commission of July 1, 2010 about application of the Directive 2009/65/EU of the European Parliament and Council in the part relating to organizational requirements, conflicts of interest, rules of conduct, risk management and contents of the agreement the prisoner between depositary and managing company, published in the Official magazine of the European Union by L 176 of July 10, 2010.

Chapter I. General provisions

1. The regulations on structures like "master-feeder" (further – the Provision) determine features of authorization and functioning of structures like "master-feeder", contents of the agreement or internal regulations of behavior, contents of the prospectus, form and method of the information transfer relating to investments of the organizations of collective investment into securities (further - OKITsB) the feeder type, owners of shares, effects of reorganization and liquidation of "feeder" OKITsB, and also procedure of payments of the general provision connected with possession of derivative financial instruments.

2. The concepts used in this Provision have the determinations provided by the Law on the capital market No. 171 of July 11, 2012 (further – the Law No. 171 of July 11, 2012). Also for the purposes of this provision the below-stated concepts have the following determinations:

kontragentny risk – the risk of loss of OKITsB determined by possible failure to carry out by the partner in the transaction of the obligations to performing final cash payment under the transaction;

market risk – the risk of loss of OKITsB determined by fluctuation of market value of line items of portfolio of OKITsB which can be connected with change of variables of the market, such as interest rates, the currency exchange rates, stock prices or solvency of certain issuer;

the tough carrier – the tool (paper, CD ROM, the DVD, hard-disks of personal computers, etc.) which allows the investor to store information addressed to it personally so that it was available to the subsequent consultation and during the adequate period of time depending on the purposes of the relevant information and which gives the chance in accuracy to reproduce the stored information;

shares – the shares or investment shares issued by investment companies or, respectively, investment funds which take continuously place and redeemed.

3. For the purposes of this provision only the most necessary and not excessive personal data concerning the established purpose, with ensuring proper level of their safety and confidentiality concerning the risks provided by processing and the nature of the processed data according to the principles established by the legislation on personal data protection will be processed.

Chapter II. Issue of permission to invest "feeder" OKITsB

4. If OKITsB intends to perform activities as "feeder" OKITsB of other "master" OKITsB, for the investments of "feeder" OKITsB exceeding the limits set in the Regulations on restrictions and types of tools in which can perform investments of the organization of collective investment into securities approved by the Resolution of the National commission on the financial market (further – the National commission) No. 5/15 of January 31, 2015, is issued preliminary permission of the National commission.

5. For issue of permission to invest "feeder" OKITsB according to item 4 of this provision this OKITsB shall submit the National commission the following documents:

1) statement for issue of permission to investment implementation;

2) rules of fund or constituent document "feeder" and OKITsB OKITsB of the master type;

3) the prospectus of the issue, the simplified prospectus/document with key information for investors of "feeder" and OKITsB OKITsB of the master type constituted according to the Regulations on public offers of shares of the organizations of collective investment into securities approved by the Resolution of the National commission No. 57/10 of November 28, 2014 with the features established by this Provision;

4) the investment policy approved by competent authority;

5) the agreement signed between "feeder" and OKITsB OKITsB of the master type or the internal regulations of behavior constituted according to this Provision;

6) declarations which will be sent to owners of shares according to requirements of Item 25 of this provision;

7) the agreement on exchange of information between depositaries and auditors provided by part (10) article 103 of the Law No. 171 of July 11, 2012 if have "master" and OKITsB OKITsB of the feeder type different depositaries and auditors.

6. Within 15 working days from the date of submission of all documents provided in Item 5 of this provision, the National commission considers the submitted documents and in case of lack of any violations of the law makes the decision on issue of permission to implementation of investment of "feeder" OKITsB into "master" OKITsB.

7. Any request from the National commission about submission of the additional information or about modification of earlier submitted documents stops current of term, stipulated in Item 6. If the applicant does not submit the National commission the relevant information and changes no more than 30 working days from the date of receipt of request in time, the National commission has the right to refuse issue of permission to implementation of investment of "feeder" OKITsB into "master" OKITsB.

8. If documents are not submitted in full, written illegibly or are doubtful, the National commission has the right to return documents without consideration within 15 working days from the date of their obtaining.

Chapter III. Agreement between "feeder" and OKITsB OKITsB of the master type and internal regulations of behavior

9. The agreement between "master" and OKITsB OKITsB of the feeder type signed according to requirements of part (6) article 103 of the Law No. 171 of July 11, 2012, the following shall include:

1) procedure and term of provision of "master" OKITsB in the order of "feeder" OKITsB of the copy of rules of fund or the constituent document of investment company, the prospectus of the issue, the simplified prospectus/document with key information for investors and any change in these documents;

2) procedure and term of provision of "master" OKITsB in the order of "feeder" OKITsB of the documents relating to politicians and procedures of risk management, and reports of internal control;

3) procedure and term of provision of the details relating to violation of "master" OKITsB of the legislation, rules of fund or the constituent document of investment company and the agreement between "master" and OKITsB OKITsB of the feeder type which "master" OKITsB shall provide "feeder" OKITsB;

4) procedure and term of provision of "master" OKITsB in the order of "feeder" OKITsB of information on the general provision connected with possession of derivative financial instruments that "feeder" OKITsB could calculate own general provision according to requirements of Chapter VII of this provision;

5) procedure and term of provision of "master" OKITsB in the order of "feeder" OKITsB of any other agreement on exchange of information signed with the third parties;

6) commission charges and expenses which will be incurred by "feeder" OKITsB, and details about any discounts or releases from payment of the commission charges or expenses connected with ownerships in "master" OKITsB;

7) conditions in which initial or subsequent transfer of assets in nature from "feeder" OKITsB to "master" OKITsB can be performed;

8) approval of calendar of calculations and publication of cost of the of net asset and net asset on one share or investment share;

9) approval of transactions according to the subscription/redemption "feeder" OKITsB of shares "master", condition OKITsB in whom "master" OKITsB can bring equivalent of requests for the redemption by means of transfer of assets in nature of "feeder" OKITsB, in particular in the cases specified in parts (5) and (7) article 116 of the Law No. 171 of July 11, 2012;

10) any necessary measures taking into account that one or both are admitted by OKITsB to trading or are traded in the controlled market;

11) the procedures guaranteeing observance of provisions of the current legislation in case of permission of statements and claims of owners of shares;

12) if rules of fund or the constituent document of investment company and the prospectus of the issue, the simplified prospectus/document with key information for investors of "master" OKITsB grant it certain rights or prerogatives in the relations with owners of shares, and "master" OKITsB decides to limit or refuse all or from any one of these rights or prerogatives in the relations with "feeder" OKITsB, – representation of conditions of this restriction or refusal;

13) procedure and time for notification of any OKITsB about temporary suspension and renewal of the redemption or subscription of own shares;

14) the measures taken for the purpose of the notification and error correction in case of determination of the prices of release and the redemption of shares at the level of "master" OKITsB;

15) necessary provisions on the basis of which "feeder" OKITsB will receive from "master" OKITsB all necessary information which will allow it to provide the financial and specialized annual, semi-annual, quarterly and periodic statements according to the existing requirements and will allow the auditor of "master" OKITsB to constitute the audit certificate on end date of the accounting period to provide it to "feeder" OKITsB for the purpose of, stipulated in Item the 18th this provision;

16) procedure and time for notification of "master" OKITsB about the offered or actual changes made to rules of fund or the constituent act of investment company, the prospectus of the issue, the simplified prospectus/document with key information for investors if these details differ from standard requirements to the notification of owners of the shares included in rules of fund, the constituent act of investment company or the prospectus of the issue, the simplified prospectus/document with key information for investors of "master" OKITsB;

17) procedure and time for notification of "master" OKITsB about the planned or offered liquidation, merge or crushing;

18) the procedure and time for notification about what does not answer any more or will not answer with one of OKITsB to conditions for "master" OKITsB, according to "feeder" OKITsB;

19) procedure and time for notification one of OKITsB about intention to replace society on trust management of investments (further – ODUI), depositary, the auditor;

20) procedure and the moment of the notification on other changes of the existing requirements about which "master" OKITsB shall report.

10. The internal regulations of behavior of ODUI provided by part (7) article 103 of the Law No. 171 of July 11, 2012, the requirements specified in subitems of 6)-10) and 12)-15) of Item 9 of this provision include at least.

11. Internal regulations of behavior of ODUI include procedures for minimization of conflicts of interest which can arise between "feeder" and OKITsB OKITsB of the master type or between "feeder" OKITsB and other owners of shares of "master" OKITsB, in that measure in which these conflicts are not warned completely by the measures taken by ODUI for observance of the requirements provided by the regulating acts of the capital market and this Provision.

Chapter IV. Role of depositaries and auditors in structures like "master-feeder"

12. If they have "master" and OKITsB OKITsB of the feeder type different depositaries, according to part provisions (10) article 103 of the Law No. 171 of July 11, 2012, sign the agreement on exchange of information for the purpose of accomplishment of the obligations.

13. "Feeder" OKITsB or its ODUI shall give the depositary any information on "master" OKITsB which is necessary for accomplishment of obligations of depositary of "feeder" OKITsB.

14. The depositary of "master" OKITsB in the same working day informs the National commission, "feeder" OKITsB or its ODUI on any revealed shortcomings in relation to "master" OKITsB which it is considered that have negative influence on "feeder" OKITsB.

15. For the purpose of execution of requirements of part (8) article 103 of the Law No. 171 of July 11, 2012 "master" and OKITsB OKITsB of the feeder type jointly with the depositaries, is calculated confirm, represent to the National commission and publish net asset value and net asset on one share or investment share according to the procedure and terms the established Regulations on procedure of payments of net asset value (equity) and net asset on one share or investment share of the organizations of collective investment into securities approved by the Resolution of the National commission No. 5/14 of January 31, 2015.

16. The shortcomings specified in Item 14 of this provision which come to light depositary of "master" OKITsB during the course of performance of the functions according to the legislation and which can have negative influence on "feeder" OKITsB include, but are not limited to the following:

1) mistakes when calculating net asset value and net asset on one share or investment share of "master" OKITsB;

2) the mistakes connected with transactions on subscription or buying up of shares of "master" OKITsB or with implementation of payment under these transactions;

3) mistakes in case of the payment or earnings capitalization coming from "master" OKITsB;

4) violation is more whole than investment policy and limits of investment or issue of the loans of "master" OKITsB described in the prospectus of the issue, the simplified prospectus/document with key information for investors.

17. If "master" and OKITsB OKITsB of the feeder type they have different auditors, according to part provisions (10) article 103 of the Law No. 171 of July 11, 2012, sign the agreement on exchange of information for the purpose of accomplishment of the obligations.

18. In the audit report the auditor of "feeder" OKITsB takes the audit report "master" OKITsB into account.

19. The auditor of "feeder" OKITsB shall include in the report all shortcomings noted in the audit report "master" OKITsB and also their influence on "feeder" OKITsB.

20. The agreement on exchange of information signed between the auditor of "master" OKITsB and the auditor of "feeder" OKITsB, specified in Item 17 of this provision is submitted to the National commission within three working days from the date of signing.

Chapter V. Obligation on disclosure of information of "feeder" OKITsB

21. The prospectus of the issue simplified prospectuses/documents with key information for investors of "feeder" OKITsB in addition to information provided in the Regulations on public offers of shares of the organizations of collective investment into securities approved by the Resolution of the National commission No. 57/10 of November 28, 2014 shall contain the following:

1) the declaration in which it is specified that "feeder" OKITsB is "feeder" OKITsB of certain "master" OKITsB and that in this quality she constantly invests at least 85% of the assets in shares of this "master" OKITsB;

2) investment policy, including risk profile and if achievements of "feeder" and achievement OKITsB of "master" OKITsB are identical or differ and if they differ – in what measure and for what reasons, with the description of the investments performed according to part provisions (2) article 103 of the Law No. 171 of July 11, 2012;

3) the short description of "master", procedure OKITsB of the organization and functioning, its purpose and investment policy, including risk profile;

4) the summary of the agreement signed between "feeder" and OKITsB OKITsB of the master type, or internal regulations of behavior;

5) the description of all commission charges and expenses which "feeder" OKITsB shall pay owing to investment into shares of "master" OKITsB, and also total amount of expenses of "feeder" and OKITsB OKITsB of the master type;

6) method of receipt of the additional information by owners of shares about "master" OKITsB, namely: Prospekt "master", agreement OKITsB, signed between "feeder" and OKITsB OKITsB of the master type, the annual, semi-annual and periodic specialized and financial statements "master" OKITsB, etc.

22. The annual specialized statement of "feeder" OKITsB, in addition to information provided in the Regulations on transparency and openness of organization activity of collective investment into securities and societies of trust management of investments approved by the Resolution of the National commission No. 62/20 of December 20, 2014 shall include also the declaration on all expenses of "feeder" and OKITsB OKITsB of the master type. The specialized annual and semi-annual reports "feeder" OKITsB include the declaration in which methods of receipt of the annual and semi-annual specialized and financial statements "master" OKITsB are specified.

23. "Feeder" OKITsB shall note in all the promotional materials that it invests at least 85% of the assets in shares of "master" OKITsB.

24. "Feeder" OKITsB sends to investors, on demand and free of charge, the printing copy of the prospectus of the issue and the specialized and financial annual and semi-annual reports "master" OKITsB.

25. If certain OKITsB got permission according to item 4 of this provision to perform activities as "feeder" OKITsB other "master", OKITsB OKITsB of the feeder type submits to owners of shares in time, specified in part (11) article 103 of the Law No. 171 of July 11, 2012, the following:

1) the declaration in which it is specified that the National commission approved investment of "feeder" OKITsB into shares of "master" OKITsB;

2) the simplified prospectus or the document with key information for investors of "feeder" and OKITsB OKITsB of the master type constituted according to the Regulations on public offers of shares of the organizations of collective investment into securities approved by the Resolution of the National commission No. 57/10 of November 28, 2014 with the features established by this Provision;

3) the declaration in which it is specified that owners of shares have the right to require their redemption in the conditions and terms established in part (11) article 103 of the Law No. 171 of July 11, 2012.

26. "Feeder" OKITsB provides to owners of shares information provided in Item 25 of this provision, on paper or on other tough carrier.

27. In case of opportunity to choose between information on paper and information on other tough carrier the owner of shares is that who can choose provision of information on other tough carrier, except paper.

28. Provision of information by means of electronic communication is considered adequate in case of existence of proofs that the owner of shares has unrestricted Internet access. The proof is performed by representation by the owner of shares of the e-mail address for provision of the relevant information.

Chapter VI. Reorganization and liquidation of "master" OKITsB

29. "Feeder" OKITsB, within one month then notified by "master" OKITsB it on consolidation or crushing, according to part provisions (6) article 116 of the Law No. 171 of July 11, 2012, shall transfer to the National commission the following:

1) if "feeder" OKITsB intends to remain and further "feeder" OKITsB with the same "master" OKITsB (provided that "master" OKITsB is the accepting OKITsB, in case of consolidation, or "master" OKITsB is OKITsB which continues the activities, in case of crushing):

a) in case of modification of rules of investment fund or constituent acts of investment company – the documents provided by the Regulations on issue of the conclusion on creation and functioning of the organizations of collective investment into securities approved by the Resolution of the National commission No. 49/14 of October 9, 2014;

b) in case of modification of the prospectus of the issue, the simplified prospectus/document with key information for investors – the documents provided by Regulations on public offers of shares of the organizations of collective investment into securities, approved by the Resolution of the National commission No. 57/10 of November 28, 2014;

2) if "feeder" OKITsB intends to become "feeder" OKITsB of other "master" OKITsB which arose owing to consolidation ("master" OKITsB is the attached OKITsB) or OKITsB which is created as a result of reorganization by consolidation or crushing of certain "master" OKITsB or if "feeder" OKITsB intends to invest at least 85% of the assets in shares of other "master" OKITsB which is not created owing to consolidation or crushing – the documents specified in Item 5 of this provision;

3) if "feeder" OKITsB intends to be reorganized into OKITsB which is not "feeder" OKITsB:

a) the documents provided by Regulations on issue of the conclusion on creation and functioning of the organizations of collective investment into securities, approved by the Resolution of the National commission No. 49/14 of October 9, 2014, for the purpose of modification of rules of investment fund or constituent acts of investment company, or of other acts connected with functioning of OKITsB;

b) the documents provided by Regulations on public offers of shares of the organizations of collective investment into securities, approved by the Resolution of the National commission No. 57/10 of November 28, 2014, for the purpose of modification of the prospectus of the issue and the simplified prospectus/document with key information for investors;

4) if "feeder" OKITsB intends to be liquidated – the notification on this intention, with the subsequent accomplishment of the procedure established in Regulations on reorganization and the dissolution of the organizations of collective investment into securities and societies of trust management of investments approved by the Resolution of the National commission on the financial market No. 1/11 of January 16, 2015.

30. From Item 29, in situations when "master" OKITsB provides to "feeder" OKITsB information on reorganization more than in 4 months until entry into force of reorganization, "feeder" OKITsB shall transfer to departure to the National commission the documents provided in one of subitems 1) - 4) Item 29, at least in 3 months until entry into force of consolidation or crushing of "master" OKITsB.

31. Before implementation of the right to demand from "master" OKITsB the redemption of the shares "feeder" OKITsB considers also other possible decisions which are capable to avoid or lower costs for the redemption or other negative effects concerning own owners of shares.

32. If "feeder" OKITsB requires the redemption of the shares in "master" OKITsB, it receives:

1) cost of the redemption money; or

2) the total or partial cost of the redemption in the form of transfer in nature if "feeder" OKITsB wishes it and if the agreement between "feeder" and OKITsB OKITsB of the master type provides this opportunity.

33. "Feeder" OKITsB at any time can transfer any part of the assets transferred in nature to money.

34. The national commission issues the permission/conclusion provided that the available or received money can be reinvested only for the purpose of their effective management, before date when "feeder" OKITsB shall invest or in new "master" OKITsB, or according to the new purposes and investment politicians.

35. Within two months from date when "master" OKITsB informed "feeder" OKITsB on decision making about liquidation, "feeder" OKITsB transfers to the National commission the following information:

1) if "feeder" OKITsB intends to invest at least 85% of the assets in shares of other "master" OKITsB, the documents specified in Item 5 of this provision are submitted;

2) if "feeder" OKITsB intends to be transformed to OKITsB which is not "feeder" OKITsB:

a) the documents provided by Regulations on issue of the conclusion on creation and functioning of the organizations of collective investment into securities, approved by the Resolution of the National commission No. 49/14 of October 9, 2014, for the purpose of modification of rules of investment fund or constituent documents of investment company, or of other documents concerning activities of OKITsB;

b) the documents provided by Regulations on public offers of shares of the organizations of collective investment into securities, approved by the Resolution of the National commission No. 57/10 of November 28, 2014, for the purpose of modification of the prospectus of the issue and the simplified prospectus/document with key information for investors;

3) if "feeder" OKITsB intends to be liquidated – the notification on this intention, with the subsequent accomplishment of the procedure established in Regulations on reorganization and the dissolution of the organizations of collective investment into securities and societies of trust management of investments approved by the Resolution of the National commission on the financial market No. 1/11 of January 16, 2015.

36. In departure from Item 35, if "master" OKITsB reports "feeder" OKITsB about the decision on dissolution more than in 5 months until the beginning of liquidation, "feeder" OKITsB shall transfer to the National commission the documents provided in one of subitems of 1)-3) of Item 35 at least in 3 months prior to the corresponding date.

37. "Feeder" OKITsB will inform according to regulations of the current legislation of owners of shares and "master" OKITsB on the intention to be liquidated.

38. Requirements of Items 6-8 of this provision are applied as appropriate in case of permission of investment according to the subitem 2) of Item 29 and the subitem 1) of Item 35.

39. In the case provided in the subitem 2) of Item 29 and the subitem 1) of Item 35 of this provision after receipt of permission of the National commission of "feeder" OKITsB undertakes all necessary measures for reduction in compliance with requirements, stipulated in Item the 25th this provision.

40. If payment of the income from liquidation of "master" OKITsB shall be performed before date when "feeder" OKITsB begins to invest or in other "master" OKITsB, or according to new investment policy, the National commission issues the permission/conclusion with the following provisions:

1) "feeder" OKITsB shall gain income from liquidation:

a) money; or

b) in the form of partial or complete transfer of assets in nature if "feeder" OKITsB wishes it and if the agreement between "feeder" and OKITsB OKITsB of the master type or internal regulations of behavior and the decision on liquidation provide such opportunity;

2) the belonging or received money can be reinvested only for the purpose of their effective management before date when "feeder" OKITsB invest or in other "master" OKITsB, or according to the new purposes and new investment policy.

41. "Feeder" OKITsB at any time can transfer any part of the assets transferred in nature to money.

42. If "feeder" OKITsB transfers all the assets or their part of "master" OKITsB in exchange on shares or in the case provided in the subitem 2) of Item 32 this provision, assessment of such fee in nature shall be carried out according to the Regulations on procedure of payments of net asset value (equity) and net asset on one share or investment share of the organizations of collective investment into securities approved by the Resolution of the National commission No. 5/14 of January 31, 2015.

Chapter VII. Calculation of the general provision

43. For the purpose of observance of requirements of Art. 103 of the h. (3) the Law No. 171 of July 11, 2012 "feeder" OKITsB shall calculate the general provision connected with possession of derivative financial instruments (which can be used only for the purpose of risk covering), by combination of the direct general provision with:

1) real exposure of "master" OKITsB connected with possession of derivative financial instruments it is pro rata with investments of "feeder" OKITsB into "master" OKITsB; or

2) the greatest possible exposure of the "master" OKITsB connected with possession of derivative financial instruments, provided in rules of fund or in constituent documents of investment company it is pro rata with investments of "feeder" OKITsB into "master" OKITsB.

44. The general provision OKITsB, stipulated in Item 43 Provisions on restrictions and types of tools in which can perform investments of the organization of collective investment into securities approved by the Resolution of the National commission No. 5/15 of January 31, 2015, shall be calculated as one of the following:

1) the additional exposure and effect of the lever generated by OKITsB by use of derivative financial instruments including the securities or tools of the money market which are turning on the derivative financial instrument;

2) the market risk connected with OKITsB portfolio.

45. The general provision OKITsB is calculated, at least, an every day.

46. The general provision can be calculated with use of the method based on obligations, method of cost of risk or other advanced methods of risk measurement. Cost on risk (VaR) represents assessment of the maximum expected damage which can incur OKITsB.

47. When calculating the general provision the investment policy of OKITsB, types and complexity of the used derivative financial instruments and specific weight of derivative financial instruments in OKITsB portfolio is considered.

48. When OKITsB uses according to Item 41 of the Regulations on restrictions and types of tools in which can perform investments of the organization of collective investment into securities, approved by the Resolution of the National commission No. 5/15 of January 31, 2015, the equipment and tools, including agreements on the redemption or transactions on transfer of securities in the loan, for the purpose of creation of effect of the lever or additional exposure to market risk, when calculating the general provision these transactions are considered.

49. In case for calculation of the general provision the method based on obligations is used, this method is applied to all line items on derivative financial instruments, including line items on securities or tools of the money market which turns on the derivative financial instrument irrespective of if they are used within general investment policy of OKITsB for decrease in risk or for the purpose of effective management of portfolio.

50. In case for calculation of the general provision the method based on obligations is used, each line item on one derivative financial instrument is converted into market value of equivalent line item on underlying asset of this derivative financial asset (the standard approach based on obligations).

51. When use of derivative financial instruments does not result in additional exposure of OKITsB, inclusion of exposure in relation to underlying asset in calculation of obligations is not necessary.

52. In case of use of the approach based on obligations, inclusion of the provisional loan agreements signed on behalf of OKITsB according to part (3) article 89 of the Law No. 171 of July 11, 2012, in calculation of the general provision is not necessary.

53. OKITsB shall be sure that the kontragentny risk determined by the transaction with the derivative financial instruments traded out of the controlled markets falls under the restrictions provided by Regulations on restrictions and types of tools in which can perform investments of the organization of collective investment into securities, the approved Resolution of the National commission No. 5/15 of January 31, 2015.

54. When calculating provision of certain OKITsB, in case of kontragentny risk according to Item 53 this provision, it is necessary to use the positive cost of the agreement connected with the derivative financial instrument, traded out of the controlled markets, concluded with this partner, noted in the market (mark-to-market).

55. Line items on derivative financial instruments of certain OKITsB with the same partner can be compensated on condition of agreement signature about compensation with the partner on behalf of OKITsB. Compensation is allowed only in case of the derivative financial instruments traded out of the controlled markets with the same partner and not for other exposure which OKITsB can have in relation to the same partner.

56. Exposure of OKITsB in relation to certain partner in the transaction with the derivative financial instrument, traded out of the controlled markets, can be reduced by means of receipt of guarantee. The obtained guarantee shall be rather liquid that it could be quickly sold at the price which is brought closer to assessment price before its sale.

57. The limits on the issuer provided in the Regulations on restrictions and types of tools in which can perform investments of the organization of collective investment into securities approved by the Resolution of the National commission No. 5/15 of January 31, 2015 shall be calculated based on the exposure in relation to underlying asset which resulted from use of derivative financial instruments according to the method based on obligations.

 

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