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ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of December 12, 2004 No. 770

About approval of the Model code of professional ethics of managing companies, specialized depositary, the brokers performing the activities connected with forming and investment of means of pension accruals, and Rules of approval of codes of professional ethics of managing companies, specialized depositary, the brokers performing the activities connected with forming and investment of means of pension accruals with the Federal Service for Financial Markets

According to the Federal Law "About Investment of Means for Financing of Funded Portion of Work Pension in the Russian Federation" Government of the Russian Federation decides:

Approve enclosed:

The model code of professional ethics of managing companies, specialized depositary, the brokers performing the activities connected with forming and investment of means of pension accruals;

Rules of approval of codes of professional ethics of managing companies, specialized depositary, the brokers performing the activities connected with forming and investment of means of pension accruals with the Federal Service for Financial Markets.

 

Prime Minister

Russian Federation M. Fradkov

Approved by the order of the Government of the Russian Federation of December 12, 2004, No. 770

The model code of professional ethics of managing companies, specialized depositary, the brokers performing the activities connected with forming and investment of means of pension accruals

I. General provisions

1. Provisions of this Code are directed to protection of the rights and interests of the owner of means of pension accruals and insured persons and are subject to execution by officials and staff of managing companies, specialized depositary, brokers who perform the activities connected with forming and investment of means of pension accruals (further - the organization).

2. This Code includes the set of rules and the procedures obligatory for observance by officials and employees

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      (указывается полное наименование организации)

and also the sanctions applied to violators for non-execution of the specified rules and procedures also establishes standards of professional ethics for the purpose of protection of the rights and interests of the owner of means of pension accruals and insured persons when rendering services in the field of forming and investment of means of pension accruals.

3. For the purpose of of this Code the following concepts are used:

"employees" - persons consisting with the organization in employment relationships based on the employment contract or in the civil relations based on the agreement of civil nature as which ensuring the activities performed by the organization in the field of forming and investment of means of pension accruals enters;

"officials" are persons holding positions in governing bodies of the organization (person performing functions of sole executive body, board members, board members (supervisory board), and also heads of structural divisions of the organization, the internal controller;

"personal benefit" - interest of the official or employee of the organization, his close relatives, the spouse, the spouse, the adoptive father adopted in receipt of the non-material benefits and other non-material benefits;

"material benefit" - the appliances received by the official or the employee of the organization, his close relatives, the spouse, the spouse, adoptive parents adopted as a result of use by them of the organization of information concerning investment of means of pension accruals which is at the disposal over means which are due to them according to the employment and civil contracts signed with the organization and also any appliances received by the organization as a result of transactions or other transactions with means of pension accruals over means which are due to it for performance of works and (or) rendering services in the agreements signed by the organization with clients;

"office information" - any information which is not public and not subject to disclosure being at the disposal of officials and staff of the organization owing to their service duties which distribution can affect market value of assets in which means of pension accruals are placed;

"confidential information" - documentary information, access to which is limited in accordance with the legislation of the Russian Federation;

"client" - the legal entity to whom the organization renders services in the course of implementation of activities for forming and investment of means of pension accruals;

"close relatives" are relatives on the direct ascending and descending line (parents and children, grandfathers, grandmothers and grandsons), full and not full (having general the father or mother) brothers and sisters.

II. Principles of professional ethics

4. Organization activity, and also her officials and employees is based on the following principles of professional ethics:

a) legality.

The organization, her officials and employees perform the activities according to the Federal Laws, other regulatory legal acts of the Russian Federation, and also this Code;

b) priority of legitimate rights and interests of clients and insured persons.

The organization, her officials and employees recognize that legitimate rights and interests of clients and insured persons are put above interests of the organization, interest of her officials and employees in receipt of material and (or) personal benefit;

c) safety and surplus of means of pension accruals.

The organization, her officials and employees undertake all necessary measures directed to safety and surplus of means of pension accruals;

d) professionalism.

The organization performs activities only on professional basis, involving, connected with investment of means of pension accruals, qualified professionals.

The organization constantly takes measures for maintenance and increase in skill level and professionalism of officials and employees, including by carrying out professional training.

Officials and staff of the organization aim at increase in the professional level;

e) independence.

The organization, her officials and employees in the course of implementation of activities for forming and investment of means of pension accruals do not allow bias, dependence on the third parties which can cause damage to legitimate rights and interests of the client;

e) conscientiousness.

Officials and staff of the organization act honesty, that is with that degree of discretion and care which is required from them taking into account specifics of organization activity and practice of business conduct.

Officials and staff of the organization shall treat responsibly and fairly to each other, clients, insured persons, other subjects and participants of the relations on forming and investment of means of pension accruals.

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