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Ministry of Justice

Russian Federation

On August 23, 2018 No. 51980

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of May 7, 2018 No. 4792-U

About requirements to procedure organizer of trade of internal control and internal audit

(as amended of the Instruction of the Central bank of the Russian Federation of 17.05.2021 No. 5792-U)

Based on part 4 Articles 14, Item 13 of part 1 of article 25 of the Federal Law of November 21, 2011 No. 325-FZ "About the organized biddings" (The Russian Federation Code, 2011, No. 48, Art. 6726; 2012, No. 53, Art. 7607; 2013, No. 30, Art. 4084; No. 51, Art. 6699; 2015, No. 27, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 47, Art. 48; No. 27, Art. 4225; 2017, No. 30, of the Art. 4456) (further - the Federal Law "About the Organized Biddings") this Instruction establishes requirements to procedure the organizer of trade of internal control and internal audit.

Chapter 1. General provisions

1.1. Within implementation of internal control and internal audit the organizer of trade with observance of requirements of this Instruction shall create organizational structure which corresponds to amount and nature of the performed transactions inherent in the level and combination in activities of the organizer of trade 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 compliance of the activities performed by the organizer of trade based on the license of the exchange or the license of trade system, to requirements of the Federal Laws and the regulations adopted according to them, rules of the organized biddings, and also constituent and internal documents of the organizer of trade, 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 organizer of trade, and also set of the directions and methods of control.

1.2. Implementation by the organizer of trade of internal control and internal audit shall be directed on:

ensuring reliability, completeness, objectivity and timeliness of creation and representation by the organizer of trade of accounting (financial), statistical and other records;

ensuring efficiency of financial and economic activities;

ensuring information security of the organizer of trade, including security of interests (is more whole) than the organizer of trade in the information sphere;

observance by the organizer of trade of the legislation of the Russian Federation, constituent and internal documents of the organizer of trade;

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

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

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

1.3. The organizer of trade within implementation of internal control and internal audit provides the stipulated in Item 1.1 presents of the Instruction governing bodies, structural divisions and officials:

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

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

1.4. The organizer of trade shall provide independence of the controller (employees of service of internal control) and the internal auditor (employees of service of internal audit) from other workers of the organizer of trade whose activities are directly connected with emergence of risks of the organizer of trade, including by means of establishment of wages system and structure of remuneration.

1.5. If the organizer of trade is included into banking group (bank holding) and (or) is under control or considerable influence of not credit financial credit institution, transfer of the separate functions performed within internal control and (or) internal audit is allowed only the organization which is the credit and (or) not credit financial institution entering into the specified group (holding) either exercising control or exerting considerable impact concerning the organizer of trade on condition of ensuring no conflict of interest.

1.6. In case of transfer of the separate functions performed within internal control and (or) internal audit the organizer of trade shall provide to the third parties according to Item 1.5 of this Instruction implementation of internal control and internal audit according to requirements of this Instruction.

1.7. The organizer of trade shall exercise internal control and internal audit on permanent basis.

Combination of functions of the controller (service of internal control) and the internal auditor (service of internal audit) is not allowed.

1.8. The organizer of trade shall store the documents confirming compliance of the organizer of trade to requirements of this Instruction, at least five years from the date of creation of the specified documents.

Chapter 2. Requirements to procedure organizer of trade of internal control

2.1. Within implementation of internal control the organizer of trade shall:

perform identification, the analysis, assessment, monitoring of risk of origin at the organizer of trade of expenses (losses) and (or) other adverse effects as a result of discrepancy of the activities performed by it based on the license of the exchange or the license of trade system, to requirements of the Federal Laws and the regulations adopted according to them, rules of the organized biddings, constituent and internal documents of the organizer of trade and also as a result of application of measures from the Bank of Russia (further - regulatory risk of activities for the organization of the biddings), and also management of such risk;

appoint the controller or create service of internal control;

develop the document determining procedure for the organization and implementation of internal control (further - regulations on internal control), procedure and frequency of review (at least once a year) regulations on internal control regarding compliance to requirements of the legislation of the Russian Federation on the organized biddings, including to requirements of Item 2.8 of this Instruction.

2.2. The controller (head of internal control) is appointed to position and dismissed by sole executive body of the organizer of trade and is accountable to sole executive body of the organizer of trade according to part 2 of article 14 of the Federal law "About the Organized Biddings".

2.3. The organizer of trade in case of temporary absence of the controller (head of internal control) shall designate person fulfilling duties of the controller (head of internal control) and also to create the conditions excluding origin at such person of conflict of interest during the entire period of implementation of functions by it of the controller (head of internal control).

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