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Ministry of Justice

Russian Federation

On August 22, 2017 No. 47894

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 29, 2017 No. 4332-U

About compulsory provisions of the trust management agreement of means of pension reserves and (or) means of pension accruals concluded by non-state pension fund with managing company

This Instruction based on Item 7 of Article 25 and the paragraph of the seventeenth subitem 1 of Item 3 of article 34 of the Federal Law of May 7, 1998 No. 75-FZ "About non-state pension funds" (The Russian Federation Code, 1998, No. 19, Art. 2071; 2001, No. 7, Art. 623; 2002, No. 12, Art. 1093; 2003, No. 2, Art. 166; 2004, No. 49, Art. 4854; 2005, No. 19, Art. 1755; 2006, No. 43, Art. 4412; 2007, No. 50, Art. 6247; 2008, 18, Art. 1942; No. 30, Art. 3616; 2009, No. 29, Art. 3619; No. 48, Art. 5731; No. 52, Art. 6450, Art. 6454; 2010, No. 17, Art. 1988; No. 31, Art. 4196; 2011, No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7036, Art. 7037, Art. 7040, Art. 7061; 2012, No. 31, Art. 4322; No. 47, Art. 6391; No. 50, Art. 6965, Art. 6966; 2013, No. 19, Art. 2326; No. 30, Art. 4044, Art. 4084; No. 49, Art. 6352; No. 52, Art. 6975; 2014, No. 11, Art. 1098; No. 30, Art. 4219; 2015, No. 27, Art. 3958, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 41, Art. 47; No. 27, of the Art. 4225) (further - the Federal Law "About Non-state Pension Funds") establishes compulsory provisions of the trust management agreement of means of pension reserves and (or) means of pension accruals concluded by non-state pension fund (further - fund) with managing company (further - the agreement).

1. The agreement shall contain the following compulsory provisions.

1.1. Instruction of the means delivered in trust management (for example, "means of pension reserves", "the means of pension accruals which are not included in reserves of fund", "means of pension accruals of insured persons which establishes due retirement benefit", "means of payable reserve").

1.2. Procedure and terms of cession of property, the constituting means of pension reserves and (or) means of pension accruals (further - property), in trust management.

1.3. Procedure and terms of cession of property, being in trust management.

1.4. Condition that if transactions with the property which is in trust management under the agreement or transactions at the expense of this property are made through the broker, then such transactions can be made only through the broker who keeps the isolated cash accounting, arrived from managing company on each investment portfolio.

1.5. Prohibition of managing company to grant to the broker the right to exploit the money of fund which is on the special brokerage account and to transfer the rights and obligations under the agreement of other managing company.

1.6. Structure, content and procedure for submission of information by managing company to the founder of trust management.

1.7. Condition that the transactions connected with investment of funds of pension reserves and (or) investment of means of pension accruals shall consist according to the requirements established by subitem 3.1.1 of Item 3.1 of the Instruction of the Bank of Russia of July 4, 2016 No. 4060-U "About requirements to the organization of risk management system of non-state pension fund", No. 43052 registered by the Ministry of Justice of the Russian Federation on August 1, 2016.

1.8. The bases and procedure for termination of the contract with indication of that the agreement stops in day of transfer to fund of all means of pension reserves (property in which means of pension reserves are placed) and (or) means of pension accruals from managing company or cession of property in which means of pension reserves are placed and (or) are invested means of pension accruals, other managing company on specifying of fund.

1.9. The description of the purpose of investment of means of pension accruals (for example, achievement of the indicators of profitability and risk of investment portfolio of managing company similar to indicators of investment index, or investment of means of pension accruals for the purpose of maximization of the income in case of observance of the restrictions set by the investment declaration).

1.10. The description of investment policy of managing company, the requirement to assets in which means of pension accruals, requirements to structure of assets can be invested.

1.11. Requirements for restriction of risks (including the cumulative extreme extent of risks) investment portfolio of managing company (including the structure of which is determined in the form of investment index (indexes), including:

market risks (including risks of change of financial performance, quotations, level of interest rates, values of inflation);

credit risks (including risks of non-execution or improper execution of obligations by the partners or persons obliged on the securities constituting assets of pension accruals).

1.12. Requirements to liquidity of investment portfolio of managing company.

1.13. Terms of elimination of violation of the requirements established in the agreement according to subitems 1.9 - 1.12 these Items.

2. Funds shall bring the activities into accord with requirements of this Instruction no later than January 1, 2018.

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

4. From the date of entry into force of this Instruction to declare invalid the Instruction of the Bank of Russia of September 29, 2016 No. 4143-U "About compulsory provisions of the trust management agreement of means of pension accruals between the non-state pension fund performing activities as the insurer for mandatory pension insurance, and managing company and requirements to provisions of the investment declaration", registered by the Ministry of Justice of the Russian Federation on November 23, 2016 No. 44406.

Chairman of the Central bank of the Russian Federation

E. S. Nabiullina

 

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