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ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of August 28, 2018 No. 1015

About establishment of the maximum share in investment portfolio of the assets estimated at cost, excellent from market and also requirements to such assets in case of investment of means of pension accruals and about introduction of amendments to some acts of the Government of the Russian Federation

(as amended on 06-06-2022)

According to Item 8 of article 28 of the Federal law "About Investment of Means for Financing of Funded Pension in the Russian Federation" Government of the Russian Federation decides:

1. Determine that the maximum share in investment portfolio of the assets estimated at cost, excellent from market, except for money, placed in deposits in credit institutions shall not exceed 60 percent of cost of the investment portfolio of managing company.

2. Determine that the assets of investment portfolio of managing company estimated at the cost other than market shall conform to the following requirements:

a) government securities of the Russian Federation on which obligations are expressed in currency of the Russian Federation shall be specially issued for investment of funds of institutional investors;

b) bonds of the Russian issuers, except for the securities specified in the subitem "an" of this Item shall conform to the following requirements at the same time:

term before repayment (the obligatory offer) of bonds at least 1820 calendar days from start date of their placement (date of the previous obligatory offer);

Analytical Credit Rating Agency (Joint-stock company) the credit rating not lower than the AA(RU) level on national rating scale for the Russian Federation is appropriated to release (issuer) of bonds at the time of assessment of their cost by credit rating agency or credit rating agency Joint-stock company "Expert RA rating agency the credit rating is not lower than the ruAA level on national rating scale for the Russian Federation or obligation fulfillment on payment of nominal value of bonds or for payment of nominal value of bonds and in parts or in full coupon yield on them is provided with the state guarantee of the Russian Federation;

c) money shall be placed in deposits in credit institution.

3. Approve the enclosed changes which are made to acts of the Government of the Russian Federation.

Russian Prime Minister

D. Medvedev

Approved by the Order of the Government of the Russian Federation of August 28, 2018 No. 1015

Changes which are made to acts of the Government of the Russian Federation

1. In the order of the Government of the Russian Federation of June 30, 2003 No. 379 "About establishment of additional restrictions for investment of means of pension accruals into separate asset classes and determination of the maximum share of separate asset classes in investment portfolio according to articles 26 and 28 of the Federal law "About Investment of Means for Financing of Funded Pension in the Russian Federation" (The Russian Federation Code, 2003, No. 27, Art. 2804; 2004, No. 7, Art. 536; No. 40, Art. 3957; No. 46, Art. 4545; 2006, No. 38, Art. 3990; 2009, No. 30, Art. 3827; No. 44, Art. 5239; 2010, No. 9, Art. 965; 2011, No. 36, Art. 5148; 2013, No. 12, Art. 1316; No. 21, Art. 2657; No. 27, Art. 3606; No. 36, Art. 4578; 2014, No. 11, Art. 1152; 2015, No. 1, Art. 286; No. 16, Art. 2385; 2017, No. 29, Art. 4384; 2018, No. 14, Art. 1971):

a) in the second offer of the paragraph of the fourth subitem "i" of Item 1 "market" to exclude the word;

b) in Item 3:

in paragraph one "market" to exclude the word;

in the paragraph the second to replace the words "Market value" with the word "Cost".

2. In the investment declaration of expanded investment portfolio of the state-owned managing company approved by the order of the Government of the Russian Federation of September 1, 2003 No. 540 "About approval of the investment declaration of expanded investment portfolio of the state-owned managing company" (The Russian Federation Code, 2003, No. 36, Art. 3521; 2004, No. 52, Art. 5522; 2006, No. 2, Art. 224; 2007, No. 9, Art. 1100; 2009, No. 44, Art. 5239; 2010, No. 8, Art. 882; No. 9, Art. 965; 2011, No. 36, Art. 5148; No. 42, Art. 5929; 2012, No. 52, Art. 7520; 2013, No. 27, Art. 3606; No. 36, Art. 4578; No. 52, Art. 7221; 2014, No. 35, Art. 4771; 2015, No. 1, Art. 286; No. 13, Art. 1951; No. 16, Art. 2385; No. 33, Art. 4824; 2017, No. 29, Art. 4384; 2018, No. 14, Art. 1971):

a) in Item 12:

in paragraph one "market" to exclude the word;

in the paragraph the second to replace the words "Market value" with the word "Cost";

b) in paragraph one of Item 15 of the word "market or estimative" to exclude;

c) add with Item 24 following of content:

"24. If violation of requirements to structure of expanded investment portfolio resulted from transfer to the Pension Fund of the Russian Federation of means of pension accruals in accordance with the legislation of the Russian Federation and the trust management agreement of means of pension accruals, the state-owned managing company has no right to acquire bonds of the corresponding asset class until elimination of such violation.".

3. In the investment declaration of investment portfolio of government securities of the state-owned managing company approved by the order of the Government of the Russian Federation of October 24, 2009 No. 842 "About enhancement of procedure for investment of means for financing of funded pension in the Russian Federation" (The Russian Federation Code, 2009, No. 44, Art. 5239; 2015, No. 1, Art. 286; No. 33, Art. 4824; No. 47, Art. 6590; 2018, No. 14, Art. 1971):

a) in Item 8:

in paragraph one "market" to exclude the word;

in the paragraph the second to replace the words "Market value" with the word "Cost";

b) in Item 9 of the word "market or estimative" to exclude;

c) add with Item 11 of the following content:

"11. If violation of requirements to structure of investment portfolio of government securities resulted from transfer to the Pension Fund of the Russian Federation of means of pension accruals in accordance with the legislation of the Russian Federation and the trust management agreement of means of pension accruals, the state-owned managing company has no right to acquire bonds of the corresponding asset class until elimination of such violation.".

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