RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of December 15, 2017 No. 49

About some questions of implementation of transactions of securitization

Based on paragraphs two, the seventh and thirteenth Item 2, of part two of Item 14 and part one of Item 22 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, No. approved by the Presidential decree of the Republic of Belarus of May 11, 2017 154, of paragraph two of Item 1 of the resolution of Council of Ministers of the Republic of Belarus of September 10, 2009 No. 1163 "About authority delegation to the Ministry of Finance", Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

1. Determine that:

1.1. the special financial organization has the right to acquire at the initiator (initiators) under the agreement (agreements) of concession of the requirement in case of securitization of the right (requirement) on:

to credit agreements (further – the credits);

to loan agreements, except for the microloans provided by the microfinancial organizations;

to the economic agreements assuming sales of goods (works, services) and containing monetary commitment of the debtor.

The structure of the allocated assets at the expense of which obligation fulfillment on one bond issue of the special financial organization, emitted in case of securitization is performed (further – bonds) cannot join the rights (requirement) if at the time of their concession:

these rights (requirements) are encumbered with obligations of the initiator (initiators) to the third parties;

debtor is the legal entity on whom the decision on liquidation is made or insolvency proceedings or bankruptcy are initiated;

debtor is the physical person, including the individual entrepreneur, the legal entity concerning which the enforcement proceeding is initiated;

1.2. the rights (requirement) which are part of the allocated assets at the expense of which obligation fulfillment on bonds is performed shall be uniform in the following criteria:

have identical currency of monetary commitments;

have identical face type, being the debtor (physical persons, including individual entrepreneurs, legal entities);

1.3. for calculation of the limits of amount of one bond issue specified in part three of this subitem the cost of the allocated assets determined for date of the conclusion of the contract of assignment of the rights (requirements) in case of securitization depending on type of the rights (requirements) which pass to the special financial organization for such agreement is used.

The amount of bond issue is understood as the amount of nominal values of all bonds of this release.

Limits of amount of one bond issue of the special financial organization shall not exceed:

by the rights (requirements) for the credits issued by banks on construction, reconstruction or acquisition of housing on the security of the real estate – 90 percent of the cost (size) of the main amount of debt and 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, but no more than the cost (size) of ensuring obligation fulfillment on such credits;

by the rights (requirements) provided with the guarantee – the size of the guarantee which is not exceeding the net assets value (the equity size) of the guarantor calculated on the first day of the quarter preceding approval date of the prospectus of the issue of bonds;

by the rights (requirements) provided with pledge – 80 percent of the cost (size) of the main amount of debt and 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, but no more than the cost (size) of the property encumbered by pledge. The property which is pledge subject is subject to independent assessment according to the procedure, established by the legislation, and the cost of such property is determined by the existing conclusion about assessment;

by the rights (requirements) provided with the bank guarantee – the size of the bank guarantee;

by other rights (requirements) – 70 percent of the cost (size) of the main amount of debt and 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;

100 percent of the cost (size) of the main amount of debt and 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 if according to the prospectus of the issue the special financial organization in the procedure established by the legislation provides ensuring obligation fulfillment on bonds in the form of pledge, the guarantee, the bank guarantee on the amount corresponding to difference between the cost (size) of the main amount of debt and 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, and the limits specified in paragraphs by second or pole of this part;

1.4. during circulation period of bonds the special financial organization:

annually as of January 1 and on July 1 determines the cost of the allocated assets and performs reconciliation with specialized depositary of cost, structure and movement of the allocated assets;

provides ratio of the amount of nominal values of bonds of one release which is in circulation, with the cost of the allocated assets in case of reduction of the cost of these allocated assets accepted to calculation of the specified ratio regarding the rights (requirements) which are part of these allocated assets taking into account requirements of part three of subitem 1.3 of this Item, way:

implementation of early bond buyback;

implementation of repayment of part of bond issue.

The bonds which are in circulation are understood as the placed bonds, except for the bonds redeemed by the special financial organization and which are on its account of "depot".

In case of reduction of cost of the allocated assets or the provided ensuring obligation fulfillment on bonds which entailed change of subitem 1.3 of this Item of ratio of the amount of nominal values of bonds of one release which is in circulation provided by the paragraph the seventh parts three with the cost of the allocated assets at the expense of which obligation fulfillment on bonds of this release, and the cost (size) of the ensuring obligation fulfillment provided by the special financial organization for bonds of this release is performed the special financial organization has also the right:

perform replacement of ensuring obligation fulfillment on bonds according to the procedure, established by the legislation on securities if ensuring obligation fulfillment on this bond issue was provided by the special financial organization according to the prospectus of the issue of bonds;

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