INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 14, 2016 No. 175-I

About banking activities of non-bank credit institutions - the central partners, about obligatory standard rates of non-bank credit institutions - the central partners and features of implementation by the Bank of Russia of supervision of their observance

List of amending documents

This Instruction based on Articles 56, 62.2 Federal Laws 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. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; 41, Art. 5639; 48, Art. 6699; 2016, 1, Art. 23, Art. 46, Art. 50; 27, the Art. 4225, the Art. 4273, the Art. 4295) (further - the Federal Law On the Central bank the Russian Federation (Bank of Russia)), Item 3 parts three of article 1 of the Federal Law On banks and banking activity (in edition of the Federal Law of February 3, 1996 17-FZ) (Sheets of the Congress of People's Deputies of RSFSR and the Supreme Council of RSFSR, 1990, 27, Art. 357; Russian Federation Code, 1996, 6, Art. 492; 1998, 31, Art. 3829; 1999, 28, Art. 3459, Art. 3469; 2001, 26, Art. 2586; 33, Art. 3424; 2002, 12, Art. 1093; 2003, 27, Art. 2700; 50, Art. 4855; 52, Art. 5033, Art. 5037; 2004, 27, Art. 2711; 31, Art. 3233; 2005, 1, Art. 18, Art. 45; 30, Art. 3117; 2006, 6, Art. 636; 19, Art. 2061; No. 31, Art. 3439; No. 52, Art. 5497; 2007, No. 1, Art. 9; No. 22, Art. 2563; No. 31, Art. 4011; No. 41, Art. 4845; No. 45, Art. 5425; No. 50, Art. 6238; 2008, No. 10, Art. 895; 2009, No. 1, Art. 23; No. 9, Art. 1043; No. 18, Art. 2153; No. 23, Art. 2776; No. 30, Art. 3739; No. 48, Art. 5731; No. 52, Art. 6428; 2010, No. 8, Art. 775; No. 27, Art. 3432; No. 30, Art. 4012; No. 31, Art. 4193; No. 47, Art. 6028; 2011, No. 7, Art. 905; No. 27, Art. 3873, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6730; No. 49, Art. 7069; No. 50, Art. 7351; 2012, No. 27, Art. 3588; No. 31, Art. 4333; No. 50, Art. 6954; No. 53, Art. 7605, Art. 7607; 2013, No. 11, Art. 1076; No. 19, Art. 2317, Art. 2329; No. 26, Art. 3207; No. 27, Art. 3438, Art. 3477; No. 30, Art. 4048; No. 40, Art. 5036; No. 49, Art. 6336; No. 51, Art. 6683, Art. 6699; 2014, No. 6, Art. 563; No. 19, Art. 2311; No. 26, Art. 3379, Art. 3395; No. 30, Art. 4219; No. 40, Art. 5317, Art. 5320; No. 45, Art. 6144, Art. 6154; No. 49, Art. 6912; No. 52, Art. 7543; 2015, No. 1, Art. 37; No. 17, Art. 2473; No. 27, Art. 3947, Art. 3950; No. 29, Art. 4355, Art. 4357, Art. 4385; No. 51, Art. 7243; 2016, No. 1, Art. 23; No. 15, Art. 2050; No. 26, Art. 3860; No. 27, the Art. 4295) 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 November 11, 2016 No. 31) establish admissible combinations of banking activities for non-bank credit institutions - the central partners (further - the central partners), numerical values and method of calculation of obligatory standard rates of the central partner and feature of implementation by the Bank of Russia of supervision of their observance.

Chapter 1. Banking activities and obligatory standard rates of the central partner

1.1. The central partner has the right to perform the following banking activities:

opening and maintaining business bank accounts;

implementation of money transfers at the request of legal entities, including corresponding banks, according to their bank accounts;

attraction of money of legal entities in deposits (poste restante and for certain term);

purchase and sale of foreign currency in non-cash form;

opening and maintaining business bank accounts in precious metals, except for coins from precious metals;

implementation of transfers at the request of legal entities, including corresponding banks, according to their bank accounts in precious metals.

1.1.1. The central partner has the right to raise money of legal entities in deposits (poste restante and for certain term) is exclusive from participants of clearing (including in case when the participant of clearing acts for and on behalf of the clients).

1.1.2. The central partner has the right to perform banking activities and transactions with precious metals if it does not require use by the central partner of weight measuring devices and weights.

1.1.3. The central partner has the right to perfrom following the results of clearing calculations for bank accounts in precious metals according to obligations which party it is.

1.2. The central partner shall observe numerical values and method of calculation of the following obligatory standard rates:

sufficiency of own means (capital);

sufficiency of cumulative resources;

sufficiency of individual clearing providing;

liquidities;

maximum extent of concentration risk.

1.3. Obligatory standard rates are calculated the central partner according to the technique of their calculation determined in this Instruction on the basis of the principles of reliability and objectivity, discretion, dominance of economic essence over form allowing to estimate qualitatively transactions and to reflect them in the reporting. When calculating obligatory standard rates the central partner considers remaining balance on balance and off-balance sheet accounts (their parts) if other is not determined by the Bank of Russia.

1.4. The central partner shall calculate obligatory standard rates each trading day of the central partner. When calculating obligatory standard rates all indicators participating in calculation are calculated for settlement date of obligatory standard rates, except for indicators concerning which this Instruction establishes other frequency of calculation.

The central partner perfroms calculation of obligatory standard rates as a percentage with one sign after comma (rounding to one decimal sign after comma is performed by mathematical rules).

Violation by the central partner of admissible numerical value of the obligatory standard rate within five trading days in a row is non-compliance with the obligatory standard rate.

1.5. The central partner represents data on calculation of obligatory standard rates and on their values to the Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners).

If based on Item 1.3 of this Instruction changes are made to calculation of obligatory standard rates, at the same time central partner represents the explanatory note with statement of the applied calculation of obligatory standard rates.

Chapter 2. Standard rate of sufficiency of own means (capital) of the central partner

2.1. The standard rate of sufficiency of own means (capital) of the central partner (further - standard rate N1tsk) characterizes capital adequacy degree for covering of the risks integrated to activities of the central partner and implementation by the central partner of banking activities.

2.2. Norm N1tsk is determined as the relation of size of own means (capital) of the central partner to the amount of size of the means necessary for covering of the risks integrated to activities of the central partner, and size of the assets weighed taking into account the risk arising when implementing by the central partner of banking activities and calculated by formula:

 

where:

CC - the size of own means (capital) of the central partner determined for settlement date according to the technique established by the Provision of the Bank of Russia of July 4, 2018 No. 646-P "About technique of determination of own means (capital) of credit institutions ("Basel III")", the registered Ministry of Justice of the Russian Federation on September 10, 2018 No. 52122, on December 19, 2018 No. 53064 (further - the Provision of the Bank of Russia No. 646-P), taking into account the following features:

the structure of sources of the added capital determined according to subitem 2.3 of Item 2 of the Provision of the Bank of Russia No. 646-P does not join the indicators determined according to subitem 2.3.4 of Item 2 of the Provision of the Bank of Russia No. 646-P;

the structure of sources of the supplementary capital determined according to subitem 3.1 of Item 3 of the Provision of the Bank of Russia No. 646-P does not join the indicators determined according to subitem 3.1.8 of Item 3 of the Provision of the Bank of Russia No. 646-P;

МЛикв - the minimum size of means necessary for ensuring the termination or restructuring of activities of the central partner calculated annually as of January 1 of the year following for reporting, no later than five trading days after day of disclosure of annual accounting (financial) accounts according to the Instruction of the Bank of Russia of November 27, 2018 No. 4983-U "About forms, procedure and terms of disclosure by credit institutions of information on the activities", the registered Ministry of Justice of the Russian Federation on February 21, 2019 No. 53861 (further - the Instruction of the Bank of Russia No. 4983-U), constituting 50 percent from the size of operating expenses reflected in the column 4 of line 21 of the form 0409807 "Report on financial results (the published form)" established by the Instruction of the Bank of Russia of October 8, 2018 No. 4927-U "About the list forms and procedure for creation and representation of forms of the reporting of credit institutions in the Central bank of the Russian Federation", the registered Ministry of Justice of the Russian Federation on December 13, 2018 No. 52992 (further - the Instruction of the Bank of Russia No. 4927-U);

MDR - the minimum size of means necessary for covering of potential losses as a result of deterioration in financial position of the central partner owing to reduction of its income or increase in the expenses which are not connected with non-execution or improper execution (further - non-execution) obligations participants of clearing calculated annually as of January 1 of the year following for reporting, no later than five trading days after day of disclosure of annual accounting (financial) accounts according to the Instruction of the Bank of Russia No. 4983-U, constituting 25 percent from the size of operating expenses reflected in the column 4 of line 21 of the form 0409807 "Report on financial results (the published form)" established by the Instruction of the Bank of Russia No. 4927-U;";

MBR - the minimum size of the capital calculated by formula:

 

where:

RK - the coefficient equal to 8 percent for the central partner and to 11 percent for the skilled central partner;

ZN1.0 - the size of denominator of the standard rate of sufficiency of own means (capital) (H1.0) calculated according to subitem 2.1.1 of Item 2.1 of the Instruction of the Bank of Russia of November 29, 2019 No. 199-I "About obligatory standard rates and allowances to capital adequacy ratios of banks with the universal license" registered by the Ministry of Justice of the Russian Federation on December 27, 2019 No. 57008. When calculating this size the remaining balance on balance and off-balance sheet accounts (their parts) formed as a result of carrying out transactions when implementing clearing activities and functions of the central partner is not considered;

VK - the minimum size of the allocated capital of the central partner intended according to rules of clearing for covering of possible losses in case of non-execution by participants of clearing of the obligations before use of funds deposited by fair participants of clearing in collective clearing providing. The minimum size of the allocated capital of the central partner is determined annually as of January 1 of the year following for reporting, no later than five trading days after day of disclosure of annual accounting (financial) accounts according to the Instruction of the Bank of Russia No. 4983-U i is calculated by formula:

 

                                                                                       

2.3. Minimum admissible numerical value of standard rate N1tsk is established in the amount of 100 percent.

Chapter 3. Standard rate of sufficiency of cumulative resources of the central partner

3.1. The standard rate of sufficiency of cumulative resources of the central partner (further - standard rate N2tsk) characterizes capability of the central partner to fulfill obligations to fair participants of clearing in case of non-execution of obligations two the largest in size of the potential losses (uncovered providing) participants of clearing caused by revaluation of their open line items (further - the largest participants of clearing on losses).

For the purpose of this Instruction providing is understood as individual clearing providing, and also other providing (except for collective clearing providing) intended for ensuring obligation fulfillment of the participant of clearing.

3.2. Norm N2tsk is determined as the relation of size of potential losses of the central partner in case of non-execution of obligations by two largest participants of clearing on losses to the amount of the allocated capital of the central partner and collective clearing providing and calculated by formula:

 

where:

П - the size of potential losses of the central partner in case of non-execution of obligations by two largest participants of clearing on losses calculated by formula:

 

where:

CVaRTk, i (the arbitrary value under risk calculated with confidential probability of 99 percent) - the size characterizing arithmetic-mean value on one-percentage selection of the greatest changes in value, negative for the central partner, for T of days of k-go net - set of the participant of clearing (the client of the participant of clearing) on i-mu to the tool following the results of carrying out clearing and (or) the biddings in the organized markets of which the greatest amount of transactions on this tool, in case of non-execution of obligations of this participant of clearing (the client of the participant of clearing) is the share. For the purpose of this Instruction under net - set the amount net - obligations according to all transactions with i-m by the tool which is the subject of obligations allowed to centralized clearing and (or) basic (basic) asset of derivative financial instruments (further - the tool), and the providing expressed in i-m the tool, the participant of clearing (the client of the participant of clearing) is understood. If the central partner keeps separate internal account of obligations and providing for benefit of the client of the participant of clearing, net - set concerning it is calculated separately. K-go changes in value net - set are considered in measure calculation of CVaRTk, i with the scales calculated by formula:

 

where:

EMATk, n - value of the exponential sliding average in n point (the last value of temporary number of changes in value k-go net - set);

EMATk, n-1 - value of the exponential sliding average in n point - 1 (the previous value of temporary number of changes in value k-go net - set). The first EMATk value, 0 is accepted by equal PTk, 0 - to the first value of temporary number of changes in value k-go net - set;

PTk, n - the change in value size k-go net - set in n point;

the lambda - the smoothing constant which value is established by Committee of financial supervision of the Bank of Russia and is published in "the Bulletin of the Bank of Russia" and (or) on the official site of the Bank of Russia on the Internet;

Biological Monitoring Department - the size of the providing calculated in total on k-mu net - to set of the participant of clearing (the client of the participant of clearing) for settlement date of the standard rate. If the central partner perfroms measure calculation of Biological Monitoring Department in total according to all bargains concluded by the participant of clearing, calculation of size is perfromed on all net - to obligations of the participant of clearing;

T - the number of trading days according to rules of clearing, necessary for discharge of the participant of clearing (the client of the participant of the clearing) which did not fulfill the obligations;

Ф - the cumulative size of collective clearing providing which use is provided by rules of clearing and which is created taking into account requirements of article 24 of the Federal Law of February 7, 2011 No. 7-FZ "About clearing, clearing activities and the central partner" (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, Art. 1098; 2015, No. 27, Art. 4001; No. 29, Art. 4357; 2016, No. 1, the Art. 23, the Art. 47) (further - the Federal Law "About Clearing, Clearing Activities and the Central Partner"), and also taking into account other resources intended according to rules of clearing for covering of potential losses in case of non-execution by participants of clearing of the obligations.

Indicators of CVaRTk, i and Biological Monitoring Department on net - to sets according to transactions with clearing participation certificates are calculated the central partner in proportion to cost portion of the property given by the participant of pool to the corresponding property pool.

The period of time for measure calculation of CVaRTk, i on the corresponding tool shall constitute at least 12 months of settlement date, but no more period of available history of the actual and (or) theoretical prices on tools on which the central partner calculates the indicator "П". The period of time for measure calculation of CVaRTk, i shall be established by the central partner in internal documents.

On the tools which are subject of obligations and earlier not switched on in centralized clearing, measure calculation of CVaRTk, i is carried out on the basis of the changes in price and other indicators of the tools having similar parameters with again entered tools on which there are data for the same period. Criteria of correlation of tools, and also operations procedure of the central partner in case of lack of tools with similar parameters are established by the central partner in internal documents.

Calculation of standard rate N2tsk is carried out by the central partner separately on each set of tools. Standard rate N2tsk is calculated in total on all markets in which the central partner provides offset net - obligations on the different markets on which the central partner calculates providing in total.

3.3. The most admissible numerical value of standard rate N2tsk is established in the amount of 100 percent.

Chapter 4. Standard rate of sufficiency of individual clearing providing the central partner

4.1. The standard rate of sufficiency of individual clearing providing the central partner (further - standard rate N3tsk) characterizes degree of sufficiency of the size of rate of individual clearing providing established by the central partner for covering of 99 percent of market crisis scenarios.

4.2. Norm N3tsk is determined as the relation of quantity of cases of excess of the actual changes in price of tools over the rates of individual clearing providing established by the central partner to total quantity of the actual changes in price of tools and calculated by formula:

 

where:

PM - quantity of cases of exceeding of the actual changes in price of tools following the results of carrying out clearing and (or) the biddings in the organized markets of which the greatest amount of transactions on these tools, over rates of individual clearing providing is the share. If the central partner uses several rates of individual clearing providing on the same tool, for calculation of standard rate N3tsk the smallest of them is used;

SL - total quantity of the actual changes in price of tools following the results of carrying out clearing and (or) the biddings in the organized markets of which the greatest amount of transactions on these tools is the share.

The period of time for calculation of standard rate N3tsk shall constitute at least 12 months of settlement date, but no more period of available history of the actual and (or) theoretical prices on this tool. The period of time for calculation of standard rate N3tsk shall be established by the central partner in internal documents.

Calculation of standard rate N3tsk is carried out by the central partner on each tool on which for settlement date of standard rate N3tsk line items are opened by participants of clearing, and the rate of individual clearing providing constitutes less than 100 percent.

4.3. The most admissible numerical value of standard rate N3tsk is established in the amount of one percent.

Chapter 5. Standard rate of liquidity of the central partner

5.1. The standard rate of liquidity of the central partner (further - standard rate N4tsk) characterizes capability of the central partner to cover potential losses at the expense of highly liquid resources of the central partner in case of non-execution of obligations two the largest in size net - obligations participants of clearing and (or) their clients if according to Articles 22, 23 or 24.1 Federal Laws "About Clearing, Clearing Activities and the Central Partner" upon the demand of participants of clearing the central partner keeps separate account of providing such clients (further - the isolated clients).

5.2. Norm N4tsk is determined as the relation of size of potential losses of the central partner in case of non-execution of obligations two the largest in size net - obligations participants of clearing and (or) the isolated clients in the markets which are serviced by the central partner to the size of highly liquid resources of the central partner, and calculated by the central partner by formula:

 

where:

PL - size net - obligations two the largest in size net - obligations of participants of clearing and (or) the isolated clients in the markets which are serviced by the central partner expected taking into account revaluation following the results of carrying out clearing in the specified markets settlement date of standard rate N4tsk.

Net - the obligation of the isolated client is calculated proceeding from obligations (requirements) for the bargains concluded in interests and at the expense of the isolated client which clearing is performed by the central partner.

For the purpose of calculation net - obligations of the obligation of the participant of clearing decrease by the size of the providing clearing provided by the participant if the asset of the obligation and asset of providing match.

For the purpose of calculation net - obligations of the isolated client of the obligation according to the bargains concluded in interests and at the expense of the isolated client which clearing is performed by the central partner decrease by size provided by the isolated client of providing if the asset of the obligation and asset of providing match.

If size net - obligations accepts negative value, for calculation of size PL it is accepted equal to zero. If net - the obligation was reduced by providing size, then such providing shall not be considered in calculation of VLR.

VLR - the size of highly liquid resources of the central partner which use is provided by rules of clearing for covering of the losses arising in case of non-execution of obligations two the largest in size net - obligations participants of clearing and (or) the isolated clients. The size of highly liquid resources of the central partner (which the central partner during the period of time determined by rules of clearing for which the central partner performs settlement of the losses which arose in case of non-execution of obligations two the largest in size net - obligations shall have participants of clearing and (or) the isolated clients) is determined as the amount:

fair value of the securities entering portfolio of the central partner included in the Lombard list of the Bank of Russia according to the Instruction of the Bank of Russia of August 10, 2012 in No. 2861-U "About the list of the securities entering the Lombard list of the Bank of Russia", the registered Ministry of Justice of the Russian Federation on September 26, 2012 No. 25541, on May 8, 2013 No. 28350, on November 14, 2014 No. 34697, on December 11, 2014 No. 35134, on January 16, 2015 No. 35560, reduced by the size of discounts for the specified securities, and (or) the state debt securities having the long-term rating of issue of securities at the level not below "AA" on classifications of rating agencies "Es — and — Pi Global Reytinggs" ("S&P Global Ratings") or "Reytinggs's Fitch" ("Fitch Ratings") or "Aa2" by classification of Mudis Investors Service rating agency ("Moody" s Investors Service") and emitted by the state, which national currency is included into the following list of currencies: US dollars, euro, pounds sterling, Japanese yens, Swiss francs;

costs of the securities provided two the largest in size net - obligations participants of clearing as providing and collective clearing providing and (or) the isolated clients as providing and kept on custody accounts in settlement depositaries, the equal value of such securities used by the central partner for assessment of the specified providing;

remaining balance on the correspondent, clearing and other accounts of the central partner (in the amount of, exceeding the size of the minimum sizes of the money required to obligatory maintenance (storage) on the specified accounts) reflected in balance sheet accounts No. 30104, of 30110, of 30114, of 30118, of 30119, 30221 (regarding incomplete settlings with the Bank of Russia), 30416, 30417, 30418, 30419, 30602 according to the Provision of the Bank of Russia of February 27, 2017 No. 579-P "About the Chart of accounts of financial accounting for credit institutions and procedure for its application", the registered Ministry of Justice of the Russian Federation on March 20, 2017 No. 46021, on July 20, 2017 No. 47474, on December 12, 2017 No. 49220, on March 12, 2018 No. 50299, on December 3, 2018 No. 52845, on January 16, 2019 No. 53372, on March 26, 2019 No. 54165.

Size VLR regarding the securities provided two the largest in size net - obligations participants of clearing as providing and collective clearing providing and (or) the isolated clients as providing, is determined taking into account the discounts established by the central partner.

Obligations according to the bargains concluded in interests and at the expense of the isolated client which clearing is performed by the central partner and also the providing provided by the isolated client are not considered when calculating net - obligations of the participant of the clearing servicing this isolated client.

For the purpose of calculation of size VLR providing in securities of the participant of clearing decreases by the providing size in securities provided by the isolated clients whom it services.

If size VLR is equal to zero, standard rate N4tsk is considered broken.

5.3. The most admissible numerical value of standard rate N4tsk is established in the amount of 100 percent.

Chapter 6. Standard rate of the maximum extent of concentration risk

6.1. The standard rate of the maximum extent of concentration risk (further - standard rate N5tsk) characterizes degree of concentration of assets in the providing provided by participants of clearing by the issuer's i-go (group of the connected issuers) (further - the issuer), except for the Russian Federation, federal executive bodies and the Bank of Russia.

Coherence of issuers is determined according to article 64 of the Federal law "About the Central Bank Russian Federation (Bank of Russia)".

6.2. Norm N5tsk is determined as the relation of the maximum size of asset type by the issuer in the providing provided by participants of clearing to the cumulative size of providing and calculated by formula:

 

where:

Ai - the asset type size i-go by the issuer in providing, the requirements to the Russian Federation, federal executive bodies and the Bank of Russia except for nominated in rubles;

maxiAi - the maximum size of asset by the issuer in providing on all i;

i - number of asset type by the issuer in providing;

A - the cumulative size of the providing accepted by the central partner.

6.3. The most admissible numerical value of standard rate N5tsk is established in the amount of 25 percent.

Chapter 7. Features of implementation of supervision by the Bank of Russia of observance by the central partners of obligatory standard rates

7.1. The Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) exercises supervision of observance by the central partners of obligatory standard rates on the basis:

the data obtained according to Item 1.5 of this Instruction;

these checks performed by the Bank of Russia (his authorized representatives) according to article 73 of the Federal law "About the Central Bank Russian Federation (Bank of Russia)".

7.2. In case of identification by the Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) of the facts of violation by the central partner of requirements of this Instruction when calculating obligatory standard rates, the Bank of Russia sends to the central partner the instruction to bring calculation of obligatory standard rates into accord with this Instruction with the requirement.

7.3. In case of violation by the central partner of admissible numerical values of obligatory standard rates the Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) considers the reasons, size, duration and frequency of decrease in obligatory standard rates. At the same time features of activities of the central partner and the current market situation in general, including the following are considered:

causes of infringement the central partner of obligatory standard rates (for example, use of the allocated capital of the central partner, own means (capital), highly liquid assets for covering of the actual cash outflow, impossibility of prolongation of agreements of attraction of money, claiming of means on the provided contingent obligations of credit nature, negative market situation of securities, the money market and the capital market);

extent of influence on violation of obligatory standard rates of conditions of instability and the factors which are directly connected with activities of the central partner;

financial condition and level of the risks accepted by the central partner, observance by the central partner of obligatory standard rates and other requirements of the Bank of Russia, observance of internal documents of the central partner on risk management;

potential influence of the facts of violation by the central partner of obligatory standard rates on other credit institutions and (or) financial system in general, including in case of realization of the actions directed to reduction by the central partner of the actual values of obligatory standard rates to admissible numerical values.

7.4. The Bank of Russia has the right to apply to the central partners of measure, the stipulated in Article 74 Federal Laws "About the Central Bank Russian Federation (Bank of Russia)", in case of non-compliance with obligatory standard rates by the central partners.

Chapter 8. About establishment of control values of obligatory standard rates

8.1. The Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) can establish to the central partner control values of obligatory standard rates according to its petition in case of violation (including predicted) the central partner of obligatory standard rates taking into account the bases listed in Item 8.2 of this Instruction provided that there is direct cause and effect relationship between emergence of the basis and failure to carry out by the central partner of the corresponding obligatory standard rate. Establishment to the central partner of control values of obligatory standard rates is understood as establishment of values of obligatory standard rates for quarter dates which allows to provide uniform reduction of values of the violated obligatory standard rates to required (normative) value.

8.2. In case of establishment to the central partner of control values of obligatory standard rates the Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) takes the following bases into account:

change of method of calculation of obligatory standard rates of the central partner by the Bank of Russia, including procedure of payments of the indicators entering calculation of obligatory standard rates;

change of technique of forming of reserves by the Bank of Russia on possible losses and reserve on possible losses according to loans, on the loan and equated to it debt;

essential change of environment of the financial markets as a result of actions or failure to act of the economic authorities of foreign states in relation to participants of clearing (clients of participants of clearing) - residents of the Russian Federation. Criteria of materiality of change of environment of the financial markets are established according to the decision of Committee of banking supervision of the Bank of Russia and published on the official site of the Bank of Russia in the Internet.

8.3. In case of violation (including predicted) the central partner of obligatory standard rates on the bases listed in Item 8.2 of this Instruction, the central partner can send to the Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) the petition constituted in any form and signed by person performing functions of sole executive body of the central partner or his deputy, the representative to sign the reporting, the chief accountant or other person replacing the chief accountant.

The Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) considers the petition of the central partner and within 10 trading days sends to the central partner information on the made decision. If this decision is positive, the Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) sends to the central partner also information on control values of obligatory standard rates and term for which they are established.

The term for which the Bank of Russia (the structural division of the Bank of Russia exercising supervision of activities of the central partners) establishes to the central partner control values of obligatory standard rates cannot exceed one calendar year.

Chapter 9. Final provisions

9.1. This Instruction becomes effective after 10 days after day of its official publication.

 

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