INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of May 11, 2017 No. 4373-U

About requirements to own means of professional participants of the security market

This Instruction based on article 76.4 of 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. 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; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, Art. 4225, Art. 4273, Art. 4295; 2017, No. 14, the Art. 1997), Item 3 of article 44 of 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. 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; 2014, No. 30, Art. 4219; 2015, No. 1, Art. 13; No. 14, Art. 2022; No. 27, Art. 4001; No. 29, Art. 4348, Art. 4357; 2016, No. 1, Art. 50, Art. 81; No. 27, the Art. 4225) 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 April 28, 2017 No. 10) establish requirements to own means of professional participants of the security market.

1. The size of own means of the professional participant of the security market shall be at least minimum size of own means of the professional participant of the security market calculated according to this Instruction.

2. The minimum size of own means of professional participants of the security market is calculated by formula:

                                                                                                                MRSS = X x recreation center,

where:

MRSS - the minimum size of own means;

X - the constant equal to 2 million rubles (except for depositaries).

Recreation center - additional coefficient, the stipulated in Item 3 presents of the Instruction;

For depositaries size X is calculated by formula:

 

where:

Qi; j - quantity of j-ykh of securities on the account of the nominee holder or the account of person which is acting for the benefit of other persons, i-ym open for depositary person performing accounting of the rights to securities;

Pi; j - the market price of j-ykh of the securities considered on the account of the nominee holder or the account of person which is acting for the benefit of other persons, i-ym open for depositary person performing accounting of the rights to securities, determined according to the procedure established for determination of tax base on income tax according to Chapter 23 of the Tax Code of the Russian Federation (The Russian Federation Code, 2000, No. 32, the Art. 3340). The depositary for calculation of size X uses the market price of security determined for settlement date of size X. If for settlement date of size X market price of security is not determined, for Pi value determination; the depositary uses j: for depositary receipts - the work of market price of the represented securities of their quantity, and in case of lack of market price - the work of nominal value of the represented securities on their quantity increased by the correction coefficient equal 3; for investment shares of share investment

funds - the settlement cost of investment shares as of the last date its determinations preceding settlement date of size X; for hypothecation certificates of participation - estimated value as of the last date its determinations preceding settlement date of size X; for mortgages - the obligation amount on return of the main amount of debt according to the requirements constituting mortgage covering as of the last date its determinations preceding settlement date of size X or in the absence of information on the specified obligation amount - the obligation amount provided with mortgage, specified in the subitem 6 of Item 1 of article 14 of the Federal Law of July 16, 1998 to No. 102-FZ "About mortgage (pledge of the real estate)"; for other securities - the work of nominal value of the specified securities on their quantity increased by the correction coefficient equal 3;

ai - value of the coefficient applied according to item 4 of this Instruction appropriated to i-mu to person performing accounting of the rights to securities;

C - constant equal to 2 million rubles;

Recreation center - additional coefficient, the stipulated in Item 3 presents of the Instruction.

The depositary when calculating size X does not use the following securities:

securities of foreign issuers concerning which there is no information on their market price and nominal value;

the depositary receipts specified in paragraph eleven of this Item in case of absence at the represented securities of market price and nominal value;

the securities considered on personal account of the nominee holder in the register of owners of securities which maintaining is not transferred to the registrar;

the securities considered on personal account of the nominee holder in the register of owners of securities which maintaining is not performed by the registrar in connection with termination of the contract on maintaining the register;

the securities considered on the custody account of the nominee holder in the depositaries specified in lines 7 and 8 of the table of appendix to this Instruction if the depositary took the measures aimed at possibility of opening of the custody account of the nominee holder in the depositaries specified in lines 2 - 4, the 6th tables of appendix to this Instruction, and has the proofs confirming acceptance of such measures;

securities concerning which the following conditions are at the same time complied:

person performing accounting of the rights to such securities stopped the activities or at such person the license according to which accounting of the rights was performed is cancelled;

maintaining the register of owners of such securities is not performed by the registrar, including in connection with termination of the contract on maintaining the register.

3. The additional coefficient is established to equal following values:

1,5 - for the brokers having the license of the professional participant of the security market for implementation of broker activities which does not have the right based on the contract for broker servicing with the client to exploit money of clients and to make security transactions and derivative financial instruments for customer account without involvement of other broker (agent);

2,5 - for the brokers having the license of the professional participant of the security market for implementation of broker activities only for the conclusion of the agreements which are derivative financial instruments which basic asset are the goods;

7,5 - for other brokers;

1,5 - for dealers;

2,5 - for managing directors;

100 - for the depositaries which are issuers of the Russian depositary receipts;

125 - for settlement depositaries;

40 - for the depositaries performing activities of specialized depositary of investment funds, mutual investment funds and non-state pension funds;

7,5 - for other depositaries;

50 - for registrars.

4. Value of the coefficients appropriated to persons performing accounting of the rights to securities (further - ai coefficient) (appendix to this Instruction), is applied taking into account the following.

Application of coefficient of ai which value depends on the size of own means of depositary (line 6 - the 8th table of appendix to this Instruction) is performed based on the reporting on calculation of own means of depositary (except for the depositary which is credit institution) opened according to line of 21 appendices to the Instruction of the Bank of Russia of August 2, 2023 No. 6496-U "About disclosure of information by professional participants of the security market" <1> (further - the reporting on calculation of own means), as of the last calendar day of the month previous previous in relation to month in which size X is calculated or according to the decision of the depositary perfroming calculation of the minimum size of own means - based on information on the size of own means obtained by it from such depositary (further - information on the size of own means of depositary), as of the specified calendar day.

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<1> It is registered by the Ministry of Justice of the Russian Federation on November 8, 2023, registration No. 75881.

Application of coefficient of ai which value depends on the size of own means of depositary (line 6 - the 8th table of appendix to this Instruction), in cases when the depositary is credit institution, is performed based on calculation of own means (capital) of the specified credit institution posted on the official site of the Bank of Russia on the Internet (in the presence) or based on information on the size of own means obtained from such credit institution as of the last date determinations of own means (capital) preceding settlement date of size X.

Paragraph 4 of ceased to be valid according to the Instruction of the Central bank of the Russian Federation of 27.09.2024 No. 6866-U

At the same time value of coefficient ai is applied to the foreign organization performing accounting of the rights to securities and entering group of persons with depositary for which the size X (line 10 of the table of appendix to this Instruction) is calculated in case of simultaneous observance of the following conditions:

securities concerning which size X is calculated are considered on the account of the foreign organization performing accounting of the rights to securities and entering group of persons with depositary, opened in the organization (the foreign organization) corresponding to the criteria established by the Bank of Russia according to Item 3 of Article 27.5-3 and the paragraph the second Item 9 of article 51.1 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" (further - the Federal Law "About the Security Market");

the account specified in paragraph six of this Item contains the data allowing to identify owners of securities and other persons who according to the Federal Laws or their personal law on its own behalf perform the rights on securities, and also the quantity of the securities belonging to them.

4.1. In case of appointment as the Bank of Russia according to Item 1 of article 189.26 of the Federal Law of October 26, 2002 No. 127-FZ "About insolvency (bankruptcy)" (The Russian Federation Code, 2002, No. 43, Art. 4190; 2004, No. 35, Art. 3607; 2005, No. 1, Art. 18, Art. 46; No. 44, Art. 4471; 2006, No. 30, Art. 3292; No. 52, Art. 5497; 2007, No. 7, Art. 834; No. 18, Art. 2117; No. 30, Art. 3754; No. 41, Art. 4845; No. 49, Art. 6079; 2008, No. 30, Art. 3616; No. 49, Art. 5748; 2009, No. 1, Art. 4, Art. 14; No. 18, Art. 2153; No. 29, Art. 3632; No. 51, Art. 6160; No. 52, Art. 6450; 2010, No. 17, Art. 1988; No. 31, Art. 4188, Art. 4196; 2011, No. 1, Art. 41; No. 7, Art. 905; No. 19, Art. 2708; No. 27, Art. 3880; No. 29, Art. 4301; No. 30, Art. 4576; No. 48, Art. 6728; No. 49, Art. 7015, Art. 7024, Art. 7040, Art. 7061, Art. 7068; No. 50, Art. 7351, Art. 7357; 2012, No. 31, Art. 4333; No. 53, Art. 7607, Art. 7619; 2013, No. 23, Art. 2871; No. 26, Art. 3207; No. 27, Art. 3477, Art. 3481; No. 30, Art. 4084; No. 51, Art. 6699; No. 52, Art. 6975, Art. 6984; 2014, No. 11, Art. 1095, Art. 1098; No. 30, Art. 4217; No. 49, Art. 6914; No. 52, Art. 7543; 2015, No. 1, Art. 10, Art. 11, Art. 29, Art. 35; No. 27, Art. 3945, Art. 3958, Art. 3967, Art. 3977; No. 29, Art. 4350, Art. 4355, Art. 4362; 2016, No. 1, Art. 11, Art. 27, Art. 29; No. 23, Art. 3296; No. 26, Art. 3891; No. 27, Art. 4225, Art. 4237, Art. 4293, Art. 4305; 2017, No. 1, Art. 29; No. 18, Art. 2661; No. 25, Art. 3596; No. 31, Art. 4767, Art. 4815, Art. 4830; No. 48, Art. 7052; 2018, No. 1, Art. 54; No. 11, of the Art. 1588) (further - the Federal Law "About Insolvency (Bankruptcy)") temporary administration on management of the credit institution which is person performing accounting of the rights to securities (further - temporary administration on management of credit institution), depositary about day of adoption by the Bank of Russia of the decision on the termination of activities of temporary administration for management of credit institution is applied value of coefficient ai which was applied by it on the date of appointment of temporary administration on management of credit institution provided that from the date of its appointment there passed less than two months (except for the case provided by the paragraph the second this Item).

In case of approval by the Board of directors of the Bank of Russia of Item 2 of article 189.49 of the Federal law "About Insolvency (Bankruptcy)" of the plan of participation of the Bank of Russia in implementation of measures for the prevention of bankruptcy of bank specified in paragraph one (further - the plan) concerning the credit institution which is person performing accounting of the rights to securities and provided that concerning the specified person the temporary administration on management of credit institution is appointed, the depositary about day of adoption by the Bank of Russia of the decision on the termination of activities of temporary administration for management of credit institution applies value of coefficient ai which was applied by it on the date of appointment of temporary administration on management of credit institution.

In case of approval of the plan by the Board of directors of the Bank of Russia concerning the credit institution which is person performing accounting of the rights to securities and provided that concerning the specified person the temporary administration on management of credit institution is not appointed, the depositary about day of the termination of term of implementation of the plan applies value of coefficient ai which was applied by it on the date of approval of the plan.

Paragraph 4 of ceased to be valid according to the Instruction of the Central bank of the Russian Federation of 27.09.2024 No. 6866-U

4(2). If for date of use of value of coefficient of ai the depositary performs storage of mortgages and is the depositary specified in lines 7 and 8 of the table of appendix to this Instruction for determination of Pi; j of such mortgages is applied to the specified depositary value of coefficient ai specified in line 12 of the table of appendix to this Instruction.

Value of coefficient ai equal to 0,5, is applied to person performing accounting of the rights to securities if for date of use of value of coefficient of ai:

the depositary perfroming calculation of the minimum size of own means has no access to the reporting on calculation of own means and information on the size of own means of depositary;

calculation of own means (capital) of the depositary which is credit institution is not posted on the official site of the Bank of Russia on the Internet and information on the size of own means is not obtained according to the paragraph third item 4 of this Instruction (except as specified, stipulated in Item 4(1) these Instructions);

at person performing accounting of the rights to securities the license of the professional participant of the security market for implementation of depository activity is cancelled (license for activities on maintaining the register, license for activities of specialized depositary of investment funds, mutual investment funds and non-state pension funds) or it is suspended the license of the professional participant of the security market for implementation of depository activity (license for activities on maintaining the register);

concerning person performing accounting of the rights to securities the temporary administration is appointed (except as specified, stipulated in Item 4(1) these Instructions);

the Arbitration Court makes the decision on introduction on person performing accounting of the rights to securities, one of insolvency proceedings according to the Federal Law "About Insolvency (Bankruptcy)" (except as specified, stipulated in Item 4(1) these Instructions).

5. Requirements of this Instruction do not extend to professional participants of the security market, being credit institutions, Forex dealers, and also to the professional participants of the security market having the license of managing company of investment funds, mutual investment funds and non-state pension funds.

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

7. From the date of entry into force of this Instruction to recognize invalid:

Instruction of the Bank of Russia of July 21, 2014 No. 3329-U "About requirements to own means of professional participants of the security market and managing companies of investment funds, mutual investment funds and non-state pension funds", registered by the Ministry of Justice of the Russian Federation on August 15, 2014 No. 33608;

Instruction of the Bank of Russia of September 9, 2015 No. 3787-U "About modification of the Instruction of the Bank of Russia of July 21, 2014 No. 3329-U "About requirements to own means of professional participants of the security market and managing companies of investment funds, mutual investment funds and non-state pension funds", registered by the Ministry of Justice of the Russian Federation on October 9, 2015 No. 39247;

Instruction of the Bank of Russia of July 19, 2016 No. 4074-U "About recognition No. 3329-U which voided Item 5 of the Instruction of the Bank of Russia of July 21, 2014 "About requirements to own means of professional participants of the security market and managing companies of investment funds, mutual investment funds and non-state pension funds", registered by the Ministry of Justice of the Russian Federation on August 15, 2016 No. 43233.

Appendix

to the Instruction of the Bank of Russia of May 11, 2017 No. 4373-U "About requirements to own means of professional participants of the security market"

The coefficients appropriated to persons performing accounting of the rights to securities

 

№ of payment order	Person performing accounting of the rights to securities	Value of coefficient ai
1	2	3
1	The holder of the register of owners of securities (concerning these securities), the foreign organization which has the right according to its personal law based on the agreement signed with the issuer of securities (person obliged on securities) to perform accounting and transition of the rights to securities of such issuer, the foreign issuer who according to the personal law performs maintaining the register of owners of the securities (concerning these securities)	0
2	Central depositary	0
3	Settlement depositary	0
4	Person performing obligatory centralized storage of documentary securities (concerning these securities) or centralized accounting of the rights to securities (concerning these securities)	0
5	The organization corresponding to the criteria established by the Bank of Russia according to Item 3 of article 27.5-3 of the Federal law "About the Security Market" and the foreign organization corresponding to the criteria established by the Bank of Russia according to the paragraph the second Item 9 of article 51.1 of the Federal law "About the Security Market"	0
6	The depositary which is not the organizations specified in lines 2 - 4 these tables which size of own means constitutes 1 billion rubles and more	0
7	The depositary which is not the organizations specified in lines 2 - 4 these tables which size of own means constitutes more than 300 million rubles, but less than 1 billion rubles.	0,01
8	The depositary which is not the organizations specified in lines 2 - 4 these tables which size of own means constitutes 300 million rubles and less	0,5
9	The foreign organization performing accounting of the rights to securities, not being the organization specified in line 5, or line 10, or line 11 of this table	0,5
10       11                       12	The foreign organization performing accounting of the rights to securities and entering group of persons with depositary for which size X is calculated   The organization corresponding to the criteria established by the Bank of Russia according to Item 3 of article 27.5-3 of the Federal law "About the Security Market" as of December 31, 2024 and the foreign organization corresponding to the criteria established by the Bank of Russia according to the paragraph the second Item 9 of article 51.1 of the Federal law "About the Security Market" as of December 31, 2024 (concerning the securities enlisted into the account of person which is acting for the benefit of other persons, open for depositary in the specified organization (the foreign organization) till December 31, 2024 and also the securities enlisted into the specified account after December 31, 2024 as a result of implementation of the rights on the securities enlisted into the specified account till December 31, 2024)   The depositary performing storage of mortgages (concerning such mortgages)	0       0                     0

 

 

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