It is registered
Ministry of Justice
Russian Federation
On December 4, 2015 No. 39968
of August 3, 2015 No. 482-P
About single requirements to rules of implementation of activities for management of securities, to procedure for disclosure by the managing director of information, and also the requirements directed to exception of conflict of interest of the managing director
This Provision based on 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; 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; No. 30, Art. 4219; 2015, No. 14, Art. 2022; No. 27, Art. 4001; No. 29, the Art. 4348) (further - the Federal Law "About the Security Market") and according to 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, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, of the Art. 4348) establishes the single requirements to rules of implementation of activities for management of securities, to procedure for disclosure by the managing director of information and the requirement directed to exception of conflict of interest of the managing director.
1.1. The managing director exercises trust management of securities and money of the founder of management, taking all reasonable measures depending on it, for achievement of the investment purposes of the founder of management, in case of compliance to risk level of the possible losses connected with trust management of securities and money (further - risk) which this founder of management agrees and capable to bear (further - the client). If other is not provided by this Provision, the investment purposes of the client for a certain period of time and risk which it agrees and capable to bring to this period of time (further - investment profile), the managing director determines on the basis of the data received from this client.
1.2. The investment profile of the client is determined as:
risk which the client agrees and capable to bear, in absolute or relative numerical expression (further - admissible risk);
expected return from trust management which is determined by the managing director proceeding from the investment purposes of the client and taking into account admissible risk, in numerical expression (further - expected return);
period of time for which expected return and admissible risk are determined (further - the investment horizon).
1.3. The investment horizon cannot exceed the term for which the trust management agreement is signed. If the investment horizon is less than the term on which the trust management agreement is signed, expected return and admissible risk are determined for each investment horizon entering the specified time.
1.4. The risk which the client - physical person is capable to bear not being the skilled investor, is determined by the managing director proceeding from the data received by it from this client and (or) from the third parties including:
about age of physical person;
about the approximate average monthly income and average monthly expenses for the last 12 months;
about savings, investments and monetary commitments of physical person;
about education of the physical person, and also about experience and knowledge of physical person in the field of investment.
1.5. The risk which the client - physical person, being the skilled investor is capable to bear or the client - the legal entity, is determined by the managing director proceeding from the data received by it from this client as risk which this client agrees to bear.
1.6. The managing director shall approve the internal document establishing procedure for determination of investment profile and the list of the data necessary for its determination.
1.7. The managing director does not check reliability of the information provided by the client for determination of its investment profile if other is not provided by the internal document, stipulated in Item 1.6 this provision.
1.8. Ceased to be valid according to the Instruction of the Central bank of the Russian Federation of 28.06.2024 No. 6781-U
1.9. The investment profile of the client is reflected the managing director in the document signed by the authorized person of the managing director, constituted in paper form and (or) in electronic form in duplicate, one of which is given (goes) to the client, another is subject to storage by the managing director according to Item 2.1 of this provision (further - the document containing investment profile of the client).
1.10. The managing director does not exercise control of securities and money of the client if for such client the investment profile according to this Provision, or in case of lack of consent of the client with the specified investment profile is not determined, except as specified, established by this Provision.
Upon the demand of the client the managing director shall determine repeatedly its investment profile on the basis of the information on change of its investment purposes provided by the client. Also the managing director shall determine repeatedly investment profile of the client when obtaining from the client and (or) the third parties of data on reduction of level of admissible risk of this client.
Before approval of the client of repeatedly certain investment profile the managing director shall exercise trust management of securities and money of the client according to the last investment profile approved with it if other is not provided by the trust management agreement specified in article 5 of the Federal law "About the Security Market".
1.11. If the customer risk began to exceed the admissible risk determined in investment profile of the client, and the trust management agreement provides restrictions on actions of the managing director which are necessary for decrease in risk, the managing director notifies on it the client no later than the day following behind day of identification of such exceeding according to the procedure, approved with the client. In this case, on written customer requirement the managing director shall bring management of securities and money of this client into compliance with its investment profile.
1.12. Requirements of this provision do not extend to activities of managing companies for trust management of investment reserves of joint-stock investment funds, trust management of mutual investment funds, trust management of means of pension accruals, trust management of means of pension reserves of non-state pension funds, trust management of accumulatings for housing providing the military personnel, to trust management of mortgage covering, and also to activities for management of securities if it is connected only with implementation by the managing director of the rights on securities.
2.1. The managing director stores the document containing investment profile of his client, documents and (or) information based on which the specified investment profile, during the term of the agreement trust management with this client, and also within three years from the date of its termination is determined.
2.2. Documents and records about the property which is in trust management, and the obligations which are subject to execution at the expense of this property (further - investment portfolio of the client), about its cost, and also about the transactions made at the expense of this investment portfolio are subject to storage within at least five years from the date of their obtaining or creation by the managing director.
2.3. Measure calculations for disclosure of information according to subitems 5.2.2 and 5.2.3 of Item 5.2 of this provision shall be stored by the managing director within five years from the date of performing calculation of such indicators.
3.1. In case of application at the organized biddings for the conclusion of agreements which subject are securities at the expense of property of several clients the monetary commitments following from such agreements are performed for the account or for benefit of each of the specified clients in amount which is determined proceeding from average price of the security weighed by the number of securities, acquired or alienable under the agreements signed based on the specified request.
In case of the conclusion of the agreement which subject are securities at the expense of property of several clients not at the organized biddings monetary commitments under such agreement are fulfilled for the account or for benefit of each of the specified clients in amount which is determined proceeding from the price of one security calculated proceeding from the price of the agreement and the number of acquired or alienable securities under this agreement.
The agreement which is the derivative financial instrument can be signed only at the expense of one client. At the same time the conclusion of such agreement by the managing director at the organized biddings based on the application submitted for the benefit of several clients for the conclusion of several agreements which are derivative financial instruments at the expense of several clients is allowed.
Acquisition of one security or the conclusion of the agreement which is the derivative financial instrument at the expense of property of several clients is not allowed, except for case when the property of these clients which is in trust management belongs to them on the right of common property.
3.2. Acquisition of bills of exchange, mortgages and warehouse certificates at the expense of the property which is in trust management is not allowed.
Acquisition by the managing director of the financial instrument in investment portfolio of the client - the physical person which is not the skilled investor is allowed if or from being of the financial instrument follows from the trust management agreement that this financial instrument will not be transferred to the client in case of termination of the contract of trust management, except as specified, when in case of determination of investment profile of the specified client by the managing director are received according to Item 1.4 of this provision of the data on the client's capability independently to manage this financial instrument.
Acquisition by the managing director of derivative financial instruments or securities on which the amount of payments depends on approach or not approach of one or several circumstances specified in the paragraph the second the subitem 23 of Item 1 of article 2 of the Federal law "About the Security Market" in structure of investment portfolio of the client - the physical person which is not the skilled investor is allowed provided that acquisition of other financial instruments in structure of investment portfolio of the specified client does not allow to achieve its investment goals according to its investment profile.
3.3. Under management of securities and money of several clients the managing director undertakes measures for non-admission of establishment of priority of interests of one or several clients over interests of other clients. The specified measures shall be determined in the internal documents approved by the managing director and which are brought to the attention of clients.
3.4. Accounting of the rights to the securities which are in trust management is performed by depositaries or registrars, being legal entities in accordance with the legislation of the Russian Federation or the foreign organizations included in the list of the foreign organizations performing accounting of the rights to securities according to Item 9 of article 51.1 of the Federal law "About the Security Market".
3.5. Ceased to be valid according to the Instruction of the Central bank of the Russian Federation of 28.06.2024 No. 6781-U
3.6. For the purposes of value assessment of the objects of trust management of the client (delivered by the client in trust management, and also which are in trust management according to the trust management agreement) the managing director determines the cost of objects of trust management by technique of the value assessment of objects of trust management established by internal documents of the managing director if concerning the certain client the trust management agreement does not provide other technique of cost determination of objects of trust management.
3.7. The managing director performs the rights on securities according to the policy of implementation of the rights on securities determined by internal documents of the managing director if other is not provided by the trust management agreement.
3.8. If according to the trust management agreement the managing director is not authorized to perform on the securities which are object of trust management, voting power on general meeting of owners of securities, then this managing director makes the actions necessary for implementation by the client of voting power on such securities, and also the rights to demand from the issuer of securities (person obliged on security) of their redemption (repayment).
4.1. The activities report of the managing director provided to the client (further - the Report), shall contain the following information:
data on dynamics of monthly profitability of investment portfolio of the client for the entire period of trust management if the trust management agreement does not provide other period including the last twelve months, preceding date for which the Report is constituted;
data on the cost of the investment portfolio of the client determined for the end of every month, for the period trust management if the trust management agreement does not provide other period including the last twelve months, preceding date for which the Report is constituted.
4.2. If according to the trust management agreement profitability of investment portfolio of the client is put into dependence on change of index or other target indicator, the Report shall contain dynamics of daily change in value of investment portfolio in comparison to dynamics of change of the specified index or other target indicator.
4.3. If the client is legal entity or the individual entrepreneur, the Report shall contain information concerning the property which is in trust management, necessary for reflection in financial accounting of the client and creation of its accounting records.
4.4. In addition to information specified in Items 4.1 - 4.3 this provision, the Report also shall contain the following information.
4.4.1. Data on depositary (depositaries), registrar (registrars) performing accounting of the rights to the securities of the client which are in trust management including full name, the identification taxpayer number (ITN), the primary state registration number (PSRN) and the location address.
4.4.2. Data on the foreign organization (the foreign organizations) performing (performing) accounting rights to the securities of the client which are in trust management including full name in foreign language, the international code of identification (in the presence) and the location address.
4.4.3. The name and the location address of credit institution (credit institutions) in which (which) for the managing director it is opened (are open) the bank account (bank accounts) for calculations for the transactions connected with trust management of securities and money of the client.
4.4.4. The information about the broker (brokers) and (or) other persons who make at the request of the managing director of the transaction, connected with management of securities and money of the client.
4.4.5. Information on types of all expenses incurred by the managing director in connection with implementation of trust management under the contract with the client in the accounting period and compensated (which are subject to compensation) at the expense of property of the client, and also information on the remuneration paid (subject to payment) to the managing director for the accounting period, with reduction of calculation of its size.
4.4.6. In case of implementation by the managing director in the accounting period of voting powers on securities of the client the managing director specifies in the Report on what securities he voted on general meeting of owners of securities with indication of the vote option chosen by it on each question of the agenda.
4.5. The report may contain other information which is not provided by this Provision.
4.6. By the written request of the client the managing director shall in time, not exceeding 10 working days from the date of receipt of request, to provide to the client information on investment portfolio of the client, its cost, and also on the transactions made at the expense of this investment portfolio. Such information is provided for the date specified in the client's request and if date is not specified - on the date of receipt of request by the managing director.
Information on the transactions made at the expense of property of the client is provided in amount and for the period, specified in the client's request. Requirements of this Item do not extend to information containing in documents and records concerning which the storage duration, stipulated in Item 2.2 this provision expired.
4.7. Concerning the stopped trust management agreements the managing director represents to person with whom such agreement is stopped, by its written request information concerning its investment portfolio if the storage duration of such information, stipulated in Item 2.2 this provision, did not expire.
5.1. The managing director opens on the official site on the Internet the internal documents provided by this Provision. The documents specified in this Item, and also changes in them shall be opened no later than 10 calendar days about day of their entry into force.
5.2. The managing director who performs according to the contracts with clients signed till January 1, 2025 management of securities and money of several clients by single rules and the principles of forming of structure and structure of the assets which are in trust management (further - the standard strategy of management) shall provide to such clients (if the standard strategy of management were addressed to one or several particular persons) or to open on the official site on the Internet (if the standard strategy of management were addressed to the uncertain group of people) the following information:
5.2.1. Data on each standard strategy of management, including data on the investment horizon if the standard strategy of management provides the investment horizon.
5.2.2. The description of the risks connected with each of the offered standard strategy of management and also dynamics of average monthly profitability on each of the offered strategy for all term of management of securities and money according to this strategy of management. At the same time such dynamics can be provided graphical with indication of periods of time and the level of profitability.
5.2.3. To the loudspeaker of average deviations of profitability of investment portfolios of clients from change of index or other target indicator in case of application of the offered standard strategy of management in which profitability of investment portfolio is put into dependence on change of index or other target indicator. At the same time such dynamics can be provided graphical with indication of periods of time and sizes of variation. Information provided in this Item reveals for all term of management of securities and money according to this strategy of management.
5.2.4. Information on remuneration of the managing director in connection with trust management on each of the offered standard strategy of management.
5.2.5. Expense information, the offered standard strategy of management connected with trust management on each of.
5.3. The managing director provides updating of information provided in Item 5.2 of this provision.
6.1. The managing director shall take measures for identification and control of conflict of interest, and also prevention of its effects.
If the measures taken by the managing director on prevention of effects of conflict of interest did not lead to decrease in risk of damnification to interests of the client, the managing director shall notify the client on the general nature and (or) sources of conflict of interest prior to transactions connected with property trust management of the client.
6.2. The managing director establishes rules of identification and control of conflict of interest, and also prevention of its effects in internal documents.
7.1. Within six months from the date of entry into force of this provision managing directors shall bring the activities into accord with requirements of this provision. After six months from the date of entry into force of this provision the managing director based on the agreements signed before entry into force of this provision exercises control of securities and money of clients concerning which the investment profile, taking into account the following is not determined.
7.1.1. The investment horizon constitutes:
period of time from the date of the expiration of reduction of activities in compliance with requirements of this provision before day of the expiration of the trust management agreement if such period of time constitutes less than 12 months;
each 12 months, since day of the expiration of reduction of activities in compliance with requirements of this provision, about day of the expiration of the trust management agreement and if the last period of time from the date of the termination of the corresponding investment horizon about day of the expiration of the trust management agreement constitutes less than 12 months, then such period of time constitutes the last investment horizon.
7.1.2. The admissible risk of investment portfolio of the client who is not the skilled investor for the investment horizon with probability of 95 percent shall make no more than 20 percent of the cost of the specified investment portfolio determined as of the beginning of this investment horizon.
7.2. The managing director shall bring to clients information on investment profile according to which control of their securities and money, no later than one month about day of the expiration of reduction of activities in compliance with requirements of this provision will be exercised.
7.3. In case, stipulated in Item 7.1 this provision, receipt of the client by the managing director of consent with the investment profile provided by the specified Item are not required.
8.1. This Provision becomes effective after 10 days after day of its official publication in "the Bulletin of the Bank of Russia".
8.2. From the date of entry into force of this provision not to apply the order of the Federal Service for Financial Markets of April 3, 2007 No. 07-37/pz-n "About approval of the Procedure of activities for management of securities", No. 9457 registered by the Ministry of Justice of the Russian Federation on May 14, 2007 (The bulletin of regulations of federal executive bodies of June 25, 2007 No. 26).
Chairman of the Central bank of the Russian Federation
E. S. Nabiullina
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions. This section provides answers to questions set by users.