of May 11, 2017 No. 154
About financing of the commercial organizations under concession of the rights (requirements)
For the purpose of providing favorable conditions for development in the Republic of Belarus of the financial market, including expansion of sources of financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission, I decide:
1. Approve Regulations on financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission it (is applied).
2. Determine that control of activities of the special financial organizations, specialized depositaries of the allocated assets performs the republican state body performing state regulation of the security market.
2-1. The special financial organizations are sources of forming of credit stories on credit deals on which rights to claim were yielded to the special financial organization in case of securitization.
3. To Council of Ministers of the Republic of Belarus, National Bank till January 1, 2018:
3.1. provide:
reduction of regulatory legal acts in compliance with this Decree;
entering in accordance with the established procedure into the House of Representatives of National assembly of the Republic of Belarus of the bill of the Republic of Belarus providing reduction of the Tax code of the Republic of Belarus, the Bank code of the Republic of Belarus and other laws of the Republic of Belarus in compliance with this Decree;
3.2. take other measures for realization of provisions of this Decree.
4. This Decree becomes effective in the following procedure:
Items 1 and 2 - since July 1, 2018;
other provisions of this Decree - after its official publication.
President of the Republic of Belarus
A. Lukashenko
Approved by the Presidential decree of the Republic of Belarus of May 11, 2017 No. 154
1. This Provision governs the relations arising in the course of financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by issue of bonds by the special financial organizations or with the subsequent issue of bonds by the special financial organizations.
2. In this Provision terms in the values determined by the legislation on securities and on economic societies and also the terms having the following values are used:
the allocated assets – the rights (requirement) for monetary commitments which types are established by the republican state body performing state regulation of the security market (further – the rights (requirements) acquired by the special financial organization at the initiator (initiators) for the agreement (agreements) of concession of the requirement in case of securitization, receipts of the special financial organization for the rights (requirements), the financial assets acquired by the special financial organization for acquisition account by the rights (requirements) and the acquired financial assets, receipts on the acquired financial assets and from alienation of such financial assets, receipt of interest income of placement of temporarily free money which are part of the allocated assets, bank deposits (deposits), interest incomes for use of temporarily free money being on the current (settlement) bank account with the special mode of functioning, the provided ensuring obligation fulfillment on the bonds emitted by the special financial organization (in the presence);
activities of specialized depositary of the allocated assets (further – specialized depositary) – rendering according to the legislation of services in accounting of the allocated assets, the rights to them, and also to their storage proceeding from nature of the allocated assets and requirements of the legislation (further – accounting and storage of the allocated assets);
the debtor – person having monetary commitment before the initiator;
the initiator – the commercial organization, announced in the charter (the foundation agreement – for the commercial organization acting only on the basis of the foundation agreement) which authorized capital is created, performing concession of the rights (requirements) of the special financial organization in case of securitization;
the bonds emitted by the special financial organization (further – bonds), – bonds on which obligation fulfillment is performed at the expense of the allocated assets and other sources according to Item 17 of this provision;
uniformity of the rights (requirements) – compliance of the rights (requirements) to the general objective criterions determined by the republican state body performing state regulation of the security market;
securitization transaction – issue of bonds by the special financial organization with simultaneous acquisition of rights by it at the initiator (initiators) of the rights (requirements) with discount or without discount, and also acquisition by the special financial organization at the initiator (initiators) of the rights (requirements) with the subsequent bond emission. At the same time discount is understood as difference between the amount of monetary commitment of the debtor and the amount of the good consideration provided to the initiator by the special financial organization in case of acquisition of the allocated assets;
receipts by the rights (requirements) – receipts of the special financial organization of money from debtors by the rights (requirements) acquired at the initiator (initiators), and also by the rights providing obligation fulfillment of the debtor by the yielded rights (requirements) including by the right of the pawnbroker according to the pledge agreement;
securitization – financing of the initiator (initiators) by the special financial organization under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission;
specialized depositary – the depositary which passed according to the procedure and on the conditions established by Council of Ministers of the Republic of Belarus, the state accreditation on implementation of activities of specialized depositary;
the special financial organization – the joint-stock company created for implementation of transactions of securitization;
financial assets – money, securities and other objects of the civil laws which list is determined by the republican state body performing state regulation of the security market.
3. The name of the special financial organization shall include the words "special financial organization" or abbreviation of SFD.
4. The authorized capital of the special financial organization is created at the expense of money deposits of her founders. For increase in authorized capital of the special financial organization money of shareholders of the special financial organization, other persons and (or) equity of this special financial organization can be used.
5. Persons, performing the functions of sole executive body which are part of collegiate executive body or who are the employees of the special financial organization making the actions connected with issue, the address and bond redemption, payment of the income for them, acquisition of securities at the expense of temporarily free money which is part of the allocated assets, alienation of securities with right to sign on documents shall have competence certificates of the specialist of the security market according to the qualification requirements established by the republican state body performing state regulation of the security market.
6. During cycle time of bonds the special financial organization has the right according to the procedure, the determined decision on bond issue and the prospectus of the issue, taking into account the requirement established in Item 28 of this provision to make transactions on acquisition at the expense of temporarily free money which is part of the allocated assets, financial assets and also on alienation of the specified financial assets, to place temporarily free money which is part of the allocated assets, bank deposits (deposits), to make the transactions connected with realization of the rights, providing obligation fulfillment of the debtor by the yielded rights (requirements) including with realization of the right of the pawnbroker according to the pledge agreement.
7. The special financial organization is forbidden to act as the initiator and to perform other types of activity, except:
making of transactions of securitization;
making of the transactions specified in Items 6, of the 8 and 17 this provision;
implementation of investments by the methods provided in paragraphs the second, fourth and fifth article 4 of the Law of the Republic of Belarus of July 12, 2013 No. 53-Z "About investments";
implementation of the activities specified in paragraphs the second or fourth to part three of article 30 of the Law of the Republic of Belarus of January 5, 2015 No. 231-Z "About the security market";
placements of temporarily free money on its own behalf on accounts and (or) in bank deposits (deposits) in banks;
making of other actions determined by legal acts, the republican state body performing state regulation of the security market.
8. The special financial organization has the right to raise borrowed funds, including the credits, for acquisition of rights (requirements) and payment of the expenses connected with the subsequent bond emission for a period of up to day of the end of placement of bonds in the amount which is not exceeding the cost of the acquired rights (requirements) and expenses connected with the subsequent bond emission.
9. Statutory audit of the annual accounting and (or) financial reporting of the special financial organization is annually booked.
In addition to carrying out annual statutory audit of the annual accounting and (or) financial reporting of the special financial organization the auditing organization (the auditor performing activities as the individual entrepreneur) shall check the actual availability of assets (including the allocated assets) and obligations of the special financial organization, their compliance to accounting data and the accounting and (or) financial reporting.
10. Reorganization or liquidation of the legal entity, being the special financial organization (except for liquidations by a court decision, considering economic cases, or registering body), can be carried out after receipt of consent performing executive, control, the coordinating and regulating functions regarding state regulation of the security market, control of issue (issue), the address and repayment of securities, activities of professional participants of the security market of authorized structural division of the republican state body performing state regulation of the security market (further – authorized structural division) which procedure for issue is determined by Council of Ministers of the Republic of Belarus.
11. The authorized structural division refuses consent on reorganization or liquidation of the special financial organization:
if as a result of reorganization the special financial organization is not joint-stock company;
in the presence of outstanding bond issues;
in other cases provided by legal acts and resolutions of Council of Ministers of the Republic of Belarus.
12. The special financial organization opens information on the activities according to the legislation on securities, including by submission of the reporting to authorized structural division.
13. In case of the securitization made by issue of bonds by the special financial organization with simultaneous acquisition of rights by it at the initiator (initiators) of the rights (requirements), payment of the acquired rights (requirements) is performed at the expense of the means received from placement of bonds.
In case of the securitization made by acquisition by the special financial organization at the initiator (initiators) of the rights (requirements) with the subsequent bond emission, payment of the acquired rights (requirements) is performed at the expense of own and (or) borrowed funds of the special financial organization.
14. The rights (requirement) which are part of the allocated assets at the expense of which obligation fulfillment on one bond issue is performed shall be homogeneous.
The relation of the amount of nominal values of bonds of one release which is in circulation *, to cost of the allocated assets at the expense of which obligation fulfillment on bonds of this release is performed and to the cost (size) of the ensuring obligation fulfillment provided by the special financial organization for bonds of this release (in case of its availability) shall not exceed the extreme values established by the republican state body performing state regulation of the security market depending on type of the rights (requirements) which are part of the allocated assets at the expense of which obligation fulfillment on one bond issue is performed.
Within two months from the date of failure to provide of the ratio specified in part two of this Item, the special financial organization for providing such relation:
performs the early redemption or early repayment of bonds;
has the right to provide ensuring obligation fulfillment on bonds of this release (in case of issue of unsecured bonds) either to provide collateral security or to perform providing replacement (in case of issue of secured bonds).
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* For the purposes of this Decree the bonds which are in circulation are understood as the placed bonds, except for the bonds acquired (redeemed) by the special financial organization and which are on its account of "depot".
15. The special financial organization with observance of the requirement established in Item 28 of this provision uses the allocated assets only for:
obligation fulfillments on the bonds emitted by it on one transaction of securitization;
acquisitions of financial assets at the expense of temporarily free money which is part of these allocated assets;
placements of temporarily free money which is part of the allocated assets, bank deposits (deposits);
fees on accounting and data storage of the allocated assets, issue and bond redemption emitted on this transaction of securitization, depositary accounting of the rights to bonds in depositary system of the Republic of Belarus, other services connected with ensuring safety of these allocated assets and transactions with them (further - services in securitization transaction);
payments of the taxes established by the legislation, charges (duties), other obligatory payments in the budget;
salary payments, the amounts of compulsory insurance premiums, fees on professional pension insurance in the budget of state non-budgetary fund of social protection of the population of the Republic of Belarus, insurance premiums for compulsory insurance from labor accidents and occupational diseases and payment of the income tax (in the cases established in Item 7 of article 216 of the Tax Code of the Republic of Belarus) estimated from the size of the salary of the employees of the special financial organization specified in part two of this Item, or for compensation of the called expenses made by the special financial organization earlier at the expense of own funds from the current (settlement) bank account.
To number of persons employed of the special financial organization, specified in paragraph seven of part one of this Item, belong:
the workers performing functions of sole executive body, the chief accountant, their deputies;
the workers making the actions connected with issue, the address and bond redemption, emitted by the special financial organization, payment of the income for them, acquisition at the expense of temporarily free money which is part of the allocated assets, financial assets and also with alienation of the called financial assets;
other workers performing the functions connected with ensuring safety of the allocated assets and transactions with them.
The fee on securitization transaction performed by the special financial organization at the expense of the allocated assets is made only in the absence of the obligations which are not fulfilled at the scheduled time on bonds which execution shall be performed at the expense of these allocated assets if other is not determined by the President of the Republic of Belarus.
The payments specified in paragraph seven of part one of this Item are performed by the special financial organization at the expense of the allocated assets only in the absence of the obligations which are not fulfilled at the scheduled time on bonds which execution shall be performed at the expense of these allocated assets, and on fee on transaction of the securitization specified in part three of this Item and also provided that implementation of the payments specified in paragraph seven of part one of this Item will not entail insufficiency of the allocated assets for observance of the ratio established in part two of Item 14 of this provision if other is not determined by the President of the Republic of Belarus.
16. From the date of state registration of bond issue the address of collection on the allocated assets at the expense of which obligation fulfillment on this bond issue is performed is allowed only after obligation fulfillment of the special financial organization for this bond issue in full and fees on this transaction of securitization.
17. In case of insufficiency of the money which is part of the allocated assets at the expense of which obligation fulfillment on bonds is performed the specified obligations ensuring the obligation fulfillment on this bond issue provided by the special financial organization according to the decision on bond issue and the prospectus of the issue is fulfilled at the expense of own or borrowed funds of the special financial organization, and also due to ensuring obligation fulfillment of the debtor by the yielded rights (requirements), including by the right of the pawnbroker according to the pledge agreement, or.
18. The contract of assignment of the requirement in case of securitization shall contain procedure and dates of receipt the special financial organization of receipts for the rights (requirements).
If under the contract of assignment of the requirement in case of securitization by the special financial organization at the initiator the rights (requirements) for the credit agreement are acquired, in the contract of assignment of the requirement in case of securitization it is determined that:
acceptance of receipts by the rights (requirements) is performed by the initiator with the subsequent transfer of these receipts of the special financial organization according to the procedure and the terms provided by the contract of assignment of the requirement in case of securitization;
the initiator continues to provide realization of the rights of the borrowers who are physical persons, provided in parts of the ninth or eleventh article 150 of the Bank code of the Republic of Belarus;
special financial organization:
guarantees observance of bank secrecy of clients of the initiator with whom credit agreements are the subject of the agreement of concession of the requirement in case of securitization;
notifies the borrower on the fact of transition of the rights (requirements) to it according to the credit agreement, and also on the fact of transition of the rights (requirements) for the credit agreement in case of provision by it instead of the yielded rights (requirements) which are part of the allocated assets, other rights (requirements) conforming to the requirements established in part one of Item 14 of this provision, and providing observance of the ratio established in part two of Item 14 of this provision (further – replacement of the allocated assets).
If the initiator's obligation upon the demand of the special financial organization is provided in the contract of assignment of the requirement in case of securitization to perform replacement of the allocated assets, the prospectus of the issue of bonds shall contain:
the bases for origin at the initiator of obligation on replacement of the allocated assets;
regulations that acquisition of bonds of the special financial organization which prospectus of the issue provides possibility of replacement of the allocated assets means the consent of the acquirer of such bonds with procedure (rules) for replacement of the allocated assets which is specified (which are specified) in the prospectus of the issue of bonds of the special financial organization.
The contract of assignment of the requirement in case of securitization which conditions provide possibility of replacement of the allocated assets shall contain the description of procedure (rules) of replacement of the allocated assets.
The special financial organizations shall represent to National Bank of the data, being part of credit history, according to the procedure, No. 441-Z established by the Law of the Republic of Belarus of November 10, 2008 "About credit stories", on credit deals on which right to claim was yielded in case of securitization, from the date of concession.
19. The contract of assignment of the requirement in case of securitization shall be signed in writing.
Non-compliance with written form of the contract of assignment of the requirement in case of securitization attracts its invalidity.
The special financial organization has the right to receive from banks, being initiators, the data relating to bank secrecy regarding the rights (requirements) acquired by it at banks under the agreement (agreements) of concession of the requirement in case of securitization.
20. Owing to concession of the rights (requirements) in case of securitization passes right to claim to the special financial organization:
the main monetary commitment of the debtor before the initiator;
the percent which are not paid for date of concession of the right (requirement) and other payments connected with the main monetary commitment of the debtor;
by the rights providing obligation fulfillment of the debtor by the yielded rights (requirements), including the right of the pawnbroker according to the pledge agreement.
The rights (requirement) shall pass to the special financial organization no later than approval date of the prospectus of the issue of bonds.
21. In process of repayment (early repayment) of release by the special financial organization (part of release) of the bonds emitted within one transaction of securitization, the allocated assets (part of the allocated assets) at the expense of which obligation fulfillment on bonds is performed of repayment (early repayment) of this release (part of release) of bonds which remained later, fees on transaction of securitization, payment of the taxes established by the legislation, charges (duties), other obligatory payments in the budget, and also implementation of the payments specified in paragraph seven of part one of Item 15 of this provision are transferred to structure of own means of the special financial organization of which the special financial organization has the right to dispose at discretion, in case of simultaneous observance of the following conditions:
availability in the prospectus of the issue of bonds of obligation of the special financial organization to perform early bond buyback upon the demand of bondholders in case of approach of the circumstances specified in paragraph one of this Item;
sufficiency of the allocated assets for implementation of bond buyback upon the demand of their owners and observance of the ratio established in part two of Item 14 of this provision.
22. The special financial organization has the right to perform bond emission on which obligation fulfillment is performed at the expense of the allocated assets, within bond issue amount limits in relation to the cost of the allocated assets depending on their type established by the republican state body performing state regulation of the security market.
Bond emission is performed by the special financial organization without the provisions provided in subitem 1.7 of Item 1 of the Presidential decree of the Republic of Belarus of April 28, 2006 No. 277 "About some questions of regulation of the security market".
23. The initiator shall acquire at least five percent of the bonds emitted by the special financial organization when making transaction of securitization which participant is this initiator and to own at least than five percent of the bonds which are in circulation during all term of their address.
If several initiators participate in one transaction of securitization, requirements of part one of this Item extend to each of them.
24. The prospectus of the issue of bonds in addition to data, stipulated by the legislation about securities, shall contain the following data:
the name and the location of the initiator (initiators), its rights and obligation according to the agreement (agreements) of concession of the requirement in case of securitization;
name and location of specialized depositary;
the characteristic of the rights (requirements), including regarding their uniformity, condition, the procedure and dates of receipt of receipts by the rights (requirements), including procedure for receipt of the specified receipts if according to the agreement (agreements) of concession of the requirement in case of securitization acceptance of receipts performs (perform) the initiator (initiators);
the directions of use of temporarily free money which is part of the allocated assets (placement in bank deposits (deposits), acquisition of financial assets, including their list);
expense types, connected with fee on securitization transaction;
about affiliates of the initiator if that is economic society (initiators if those are economic societies), the special financial organization;
about participation within five years preceding the conclusion of the contract of assignment of the requirement in case of securitization in other transactions of securitization of the special financial organization, the initiator (initiators), and also about rendering services in other transactions of securitization by specialized depositary;
the size, structure and the forecast analysis of growth of cost of the allocated assets at the expense of which obligation fulfillment on this bond issue is performed;
about the provided ensuring obligation fulfillment on bonds (in the presence).
Integral part of the prospectus of the issue of bonds is the agreement (agreements) of concession of the requirement in case of securitization.
The prospectus of the issue in addition to persons called in the legislation on securities is signed by the initiator and specialized depositary which confirm thereby accuracy of the information:
the initiator – the part one of this Item specified in paragraphs the second, the fourth, seventh and eighth and containing the data relating to the initiator and the rights (requirements) yielded to them;
specialized depositary – the part one of this Item specified in paragraphs three and the eighth and containing the data relating to specialized depositary.
The initiator and the specialized depositary which signed the prospectus of the issue solidary with the special financial organization bear subsidiary damage liability, caused by the special financial organization to the investor owing to containing in the called prospectus of the unreliable and (or) incomplete information specified in part three of this Item.
The other persons who signed the prospectus of the issue bear damage liability, caused by the special financial organization to the investor owing to content in the prospectus of the issue of unreliable and (or) incomplete information, according to legal acts.
25. To the initiator, and (or) to the special financial organization, and (or) the specialized depositary participating in one transaction of securitization it is forbidden:
transactions:
on acquisition by the initiator (its affiliates if the initiator is economic society) shares in authorized fund (shares) in the amount of ten and more percent of the special financial organization and (or) specialized depositary (their affiliates) and (or) on acquisition of the company as property complex of specialized depositary;
on acquisition by specialized depositary of share in authorized fund (shares) in the amount of ten and more percent of the special financial organization (its affiliates) and (or) the company as property complex of the initiator (its affiliates if the initiator is economic society), the bonds of the special financial organization emitted within this transaction of securitization, share in authorized fund (shares) in the amount of ten and more percent of the initiator (its affiliates if the initiator is economic society);
entry into structure of one holding of the initiator (its affiliates if the initiator is economic society), and (or) the special financial organization (its affiliates), and (or) specialized depositary.
To the initiator, and (or) participation in one transaction of securitization is forbidden to the special financial organization, and (or) specialized depositary if:
the initiator (to its affiliates if the initiator is economic society) on the property right or other corporeal right possesses shares in authorized fund (share) in the amount of ten and more percent of the special financial organization (its affiliates) and (or) the company as property complex of specialized depositary, share in authorized fund (share) in the amount of ten and more percent of specialized depositary;
the specialized depositary on the property right or other corporeal right possesses shares in authorized fund (share) in the amount of ten and more percent of the special financial organization (its affiliates), the bonds of the special financial organization emitted within this transaction of securitization and (or) the company as property complex of the initiator (its affiliates if the initiator is economic society), shares in authorized fund (share) in the amount of ten and more percent of the initiator (its affiliates);
persons performing the functions of sole executive body which are part of the board of directors (supervisory board) or collegiate executive body being the initiator's workers (its affiliates if the initiator is economic society) and (or) specialized depositary, perform functions of sole executive body of the special financial organization, are part of its board of directors (supervisory board) or collegiate executive body;
persons performing the functions of sole executive body which are part of the board of directors (supervisory board) or collegiate executive body being the initiator's workers (its affiliates if the initiator is economic society) and (or) the special financial organization (its affiliates), perform functions of sole executive body of specialized depositary, are part of its board of directors (supervisory board) or collegiate executive body;
persons performing the functions of sole executive body which are part of the board of directors (supervisory board) or collegiate executive body being employees of the special financial organization (its affiliates) and (or) specialized depositary, perform functions of sole executive body of the initiator (its affiliates if the initiator is economic society), are part of its board of directors (supervisory board) or collegiate executive body;
the initiator (its affiliates if the initiator is economic society), and (or) the special financial organization (its affiliates), and (or) specialized depositary are part of one holding.
26. The allocated assets of each special financial organization are considered and stored separately from own property of person performing their accounting and (or) storage, the allocated assets of other special financial organizations and other property, accounting and (or) storage of which it performs.
The allocated assets at the expense of which the special financial organization performs obligation fulfillment on one bond issue shall be considered and be stored separately from other allocated assets of these special financial organization relating to other transaction of securitization.
Procedure for storage by specialized depositary of the allocated assets, except for the money which is part of the allocated assets, and other property which storage by specialized depositary is not performed in strength of mind of this property and requirements of the legislation and also accounting treatment specialized depositary of the allocated assets are determined by the republican state body performing state regulation of the security market.
The money which is part of the allocated assets is enlisted on the current (settlement) bank accounts with the special mode of functioning (further – special accounts) which features of functioning are determined in appendix.
The specialized depositary has no right to use and dispose of the allocated assets.
27. Activities of specialized depositary are performed based on the service provision agreement on accounting and storage of the allocated assets.
The specialized depositary shall develop and approve the local legal act determining procedure and conditions of activities of specialized depositary, requirements to which content are established by the republican state body performing state regulation of the security market.
The local legal act (changes in this act) specified in part two of this Item no later than five working days from the date of its approval (changes in this act) is posted on the official site of specialized depositary on the global computer Internet, and also it is represented in authorized structural division.
The special financial organization has the right to sign the service provision agreement on accounting and storage of the allocated assets on one transaction of securitization only with one specialized depositary if other is not established by legal acts.
If it is provided by the service provision agreement on accounting and storage of the allocated assets, the specialized depositary involves in execution of the obligations on storage and accounting of separate types of the property included in structure of the allocated assets, the third parties having the right to implementation of activities for accounting and (or) storage of separate types of property according to legal acts. The specialized depositary is responsible for actions of the third parties rendering services in accounting and storage of separate types of the property included in structure of the allocated assets as for own.
Restrictions on specialized depositaries, stipulated in Item 25, part five of Item 26 of this provision extend to the third parties specified in part five of this Item.
28. The specialized depositary agrees to the special financial organization in writing to the order the property which is part of the allocated assets if such order conforms to requirements of the legislation, except for consent to the order money when their accounting is performed in the specialized depositary which is bank or the non-bank credit and financial organization.
The procedure for consent on the order money and other property which is part of the allocated assets is determined by the republican state body performing state regulation of the security market together with National Bank.
The transactions made by the special financial organization with violation of the requirement specified in part one of this Item are insignificant.
29. The specialized depositary bears liability for damages, caused to the special financial organization, bondholders on whom obligation fulfillment is performed at the expense of the allocated assets, as a result of non-execution or improper execution of obligations by specialized depositary on accounting and storage of the allocated assets, illegal refusal in consent on the order by the property included in structure of the allocated assets.
30. The name of specialized depositary shall include the words "specialized depositary", except for banks and the non-bank credit and financial organizations, Central Securities Depository in the Republic of Belarus.
31. The specialized depositary shall:
perform accounting and storage of the allocated assets;
record all transactions on the allocated assets;
provide storage of copies of source accounting documents concerning the allocated assets (the rights to them), and also copies of the documents confirming the rights to the real estate which is part of the allocated assets;
refuse giving the special financial organization of consent to the order the property which is part of the allocated assets in case of discrepancy of such order to the legislation with the notification of authorized structural division no later than the working day following behind day of refusal;
in writing to notify authorized structural division on the violations revealed by specialized depositary in activities of the special financial organization no later than the working day following behind day of their identification;
perform disclosure of information on the activities in the amount and procedure determined by the legislation on securities.
32. Validity on rendering services in accounting and storage of the allocated assets, the this provision specified in Item 27 (further - the service provision agreement on accounting and storage of the allocated assets), stops:
by agreement of the parties from the date of, provided by such agreement, on condition of the conclusion the special financial organization of the service provision agreement for accounting and storage of the allocated assets with other specialized depositary which is becoming effective from the specified day;
in case of liquidation of the special financial organization, including in connection with the expiration on which it is created, from the date of entering of record by registering body into the Single state register of legal entities and individual entrepreneurs about exception of it of the special financial organization;
in case of the termination at specialized depositary of the corresponding state accreditation from the date of entry into force of the decision on the termination of the state accreditation;
in case of liquidation of specialized depositary from the date of acceptance according to the legislation of the decision on such liquidation;
in case of unilateral refusal of agreement performance on rendering services in accounting and storage of the allocated assets according to the procedure, stipulated by the legislation and this agreement, with observance of the requirement containing in part two of this Item;
after the duration of the agreement on rendering services in accounting and storage of the allocated assets;
in other cases, stipulated by the legislation.
In case of unilateral refusal of agreement performance on rendering services in accounting and storage of the allocated assets other party shall be in writing notified on it at least in three months prior to the termination of this agreement.
33. Data on cancellation of the service provision agreement on accounting and storage of the allocated assets are represented by the special financial organization, specialized depositary to authorized structural division no later than the working day preceding day of cancellation of the service provision agreement on accounting and storage of the allocated assets with indication of the bases of the termination of its action.
34. In case of cancellation of the service provision agreement on accounting and storage of the allocated assets, except for the terminations of its action on the basis specified Item part one in paragraph three 32 this provision, the specialized depositary shall transfer the allocated assets all which are at it stored the documents which are available for it connected with implementation of the actions specified in paragraphs second, third Item of 31 this provision and also the copies of documents provided in paragraph four of Item of 31 this provision, to other specialized depositary with which the special financial organization signed the service provision agreement on accounting and storage of the allocated assets, according to the procedure and the terms determined by the republican state body performing state regulation of the security market.
to Regulations on financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission
Features of functioning of special accounts of the special financial organization
1. Special accounts of the special financial organization are opened by banks irrespective of availability in the banks accepted (taken out) by the bodies (officials) authorized according to legal acts:
decisions (resolutions) on suspension of account transactions of the special financial organization;
resolutions (determinations) on seizure of the money which is on accounts of the special financial organization.
Within one transaction of securitization the special financial organization has the right to open only one special account in Belarusian rubles and no more than one special account for each of the foreign currencies used in transaction of securitization.
2. Source of forming of means on special accounts of the special financial organization is the money which is part of the allocated assets relating to one transaction of securitization.
3. If other is not determined in Item 9 of this appendix, the money enlisted into special accounts of the special financial organization:
have purpose and are used on the purposes determined in Item 15 of the Regulations on financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission, or with the subsequent bond emission, approved by this Decree;
as a result of technical mistake, are charged off these accounts according to the procedure, established by the bank law.
expenditure from special accounts of the special financial organization of money on the purposes which are not provided in Item 15 of the Regulations on financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission, or with the subsequent bond emission or not called in Item 9 of this appendix;
transfer to special accounts of other money, except 2 presents of appendix specified in Item.
Banks do not exercise control of observance by the special financial organizations of the regulations containing in part one of this Item.
5. The address of collection according to the executive and other documents which are the basis for cash write-off from accounts in indisputable procedure on the money placed on special accounts of the special financial organization is not made, arrest is not imposed the specified money, suspension of transactions on special accounts is not performed.
6. The requirements determined in Item 5 of this appendix do not extend to cases:
when the address of collection on the money which is on the special account is made based on the executive or other document which is the basis for cash write-off from accounts in indisputable procedure, the collection type on which corresponds to purpose of the special account;
legalizations, stipulated by the legislation about prevention, of income gained in the criminal way, financings of terrorist activities and distribution of weapons of mass destruction, other activities doing harm to homeland security.
7. Are transferred by the special financial organization into its current (settlement) bank accounts:
money in the amount which is unreasonably credited into the special account within five working days from the date of their transfer into the special account;
the remaining balance of unused money formed on the special account after completion of transaction of securitization to which it belongs, and also at the time of closing of the special account.
8. The special financial organization shall direct to bank the application for closing of the special account within ten working days:
after completion of transaction of securitization within which it was open;
with acceptance date (removal) of the decision on liquidation of the special financial organization, opening of bankruptcy proceedings concerning the special financial organization.
9. In case of adoption (removal) of the decision on reorganization of the special financial organization in the form of merge all special accounts are closed. The special financial organizations - owners of the closed special accounts within ten working days from the date of adoption (removal) of the relevant decision shall direct applications for closing of special accounts to banks, and also list balances in cash from the closed special accounts into special accounts of again arisen special financial organization.
In case of adoption (removal) of the decision on reorganization of the special financial organization in the form of accession to other special financial organization the attached special financial organization within ten working days from the date of adoption (removal) of the relevant decision shall direct the application for closing of special accounts to bank, and also list balance in cash from the closed special accounts into special accounts of the special financial organization to which accession is performed.
In case of adoption (removal) of the decision on reorganization of the special financial organization in the form of separation or allocation the special financial organization within ten working days from the date of adoption (removal) of the relevant decision shall list balance in cash from the closed special accounts into special accounts of again arisen special financial organizations.
10. Money recovery in indisputable procedure from special accounts of the special financial organization which made the decision on liquidation is not performed.
11. In the presence to special accounts of the liquidated special financial organization or the special financial organization on which the decision on opening of bankruptcy proceedings is made resolutions (determinations) on seizure of the money which is on special accounts, decisions (resolutions) on suspension of transactions on special accounts liquidation commission (liquidator), the anti-recessionary managing director address to authorized body (to the official) with the statement for their cancellation.
The authorized body (official) within a month from receipt date of the statement of liquidation commission (liquidator), the anti-recessionary managing director issues the decree (determination) on cancellation of the resolution (determination) on seizure of the money which is on special accounts, the decision (resolution) on cancellation of the decision (resolution) on suspension of transactions on special accounts which go to liquidation commission (liquidator), the anti-recessionary managing director, to the servicing bank and (or) the corresponding automated information system or refuses their cancellation what in writing reports to liquidation commission (liquidator), the anti-recessionary managing director about.
The refusal of authorized body (official) in cancellation of resolutions (determinations) on seizure of the money which is on special accounts, decisions (resolutions) on suspension of transactions on special accounts can be appealed by liquidation commission (liquidator), the anti-recessionary managing director in court if other is not established by legal acts.
12. Confer the personal responsibility for:
the illegal address of collection on the money which is on special accounts of the special financial organization - on persons performing such collection;
unreasonable suspension of transactions on special accounts of the special financial organization, seizure of the money which is of them - on officials of the authorized bodies performing suspension of transactions, seizure;
non-compliance with the requirements established in Item part two 1, Item 2, the paragraph the second Item 3, of Item part one 4, Items 8 and 9 of this appendix - on heads of the special financial organizations.
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