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Ministry of Justice

Russian Federation

On May 25, 2018 No. 51188

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 15, 2018 No. 4739-U

About requirements to the organization and implementation by the clearing organization of internal control and internal audit

(as amended of the Instruction of the Central bank of the Russian Federation of 17.05.2021 No. 5793-U)

Based on part 4 Articles 10, Item 11 of part 1 of article 25 of the Federal Law of February 7, 2011 No. 7-FZ "About clearing, clearing activities and the central partner" (The Russian Federation Code, 2011, No. 7, Art. 904; No. 48, Art. 6728; No. 49, Art. 7040, Art. 7061; 2012, No. 53, Art. 7607; 2013, No. 30, Art. 4084; 2014, No. 11, Art. 1098; 2015, No. 27, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 23, Art. 47; 2017, No. 30, of the Art. 4456) (further - the Federal Law of February 7, 2011 No. 7-FZ) this Instruction establishes requirements to the organization and implementation by the clearing organization of internal control and internal audit, including the requirement to the documents of the clearing organization establishing procedure it internal control and internal audit.

Chapter 1. General provisions

1.1. Within the organization and implementation of internal control and internal audit the clearing organization with observance of requirements of this Instruction shall create the organizational structure corresponding to amount and nature of the performed transactions inherent in the level and combination in activities of the clearing organization of risks including to determine set of governing bodies, structural divisions and officials, including the controller (service of internal control) and the internal auditor (service of internal audit) providing control of observance of the legislation of the Russian Federation by the clearing organization, constituent and internal documents of the clearing organization, with efficiency and effectiveness of financial and economic activities, effective management of assets and liabilities including ensuring safety of assets, effective management of risks of the clearing organization, and also set of the directions and methods of implementation of such control.

1.2. The organization and implementation by the clearing organization of internal control and internal audit shall be directed on:

ensuring reliability, completeness, objectivity and timeliness of creation and submission of accounting (financial), statistical and other records;

ensuring efficiency of financial and economic activities;

ensuring information security of the clearing organization, including security of its interests (is more whole) in the information sphere;

compliance with law of the Russian Federation, constituent and internal documents of the clearing organization;

exception of involvement of the clearing organization and its workers in implementation of unlawful and unfair activity, including in legalization (washing) of income gained in the criminal way and terrorism financing;

exception of unauthorized use of insider information and (or) market manipulation;

providing exception of conflict of interest, including identification and control of conflict of interest, and also prevention of its consequences.

1.3. Within the organization and implementation of internal control and internal audit the clearing organization shall provide the stipulated in Item 1.1 presents of the Instruction governing bodies, structural divisions and officials:

resources (material, technical, personnel), necessary and sufficient for achievement of the tasks set for them;

information access, necessary for implementation of the functions by them.

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