INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of January 24, 2018 No. 4704-U

About cases of non-use of restrictions for making of closed-end investment fund by managing company which investment shares are intended for skilled investors, transactions on property acquisition at owners of investment shares of this mutual investment fund or on property acquisition to specified persons and issue of orders on making of such transactions

This Instruction based on Item 8 of article 40 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" (The Russian Federation Code, 2001, No. 49, Art. 4562; 2004, No. 27, Art. 2711; 2006, No. 17, Art. 1780; 2007, No. 50, Art. 6247; 2008, No. 30, Art. 3616; 2009, No. 48, Art. 5731; 2010, No. 17, Art. 1988; No. 31, Art. 4193; 2011, No. 48, Art. 6728; No. 49, Art. 7040, Art. 7061; 2012, No. 31, Art. 4334; 2013, No. 26, Art. 3207; No. 27, Art. 3477; No. 30, Art. 4084; No. 51, Art. 6695, Art. 6699; 2014, No. 11, Art. 1098; 2015, No. 27, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 47; No. 23, Art. 3301; No. 27, Art. 4225, Art. 4294; 2017, No. 18, Art. 2661; 2018, No. 1, of the Art. 66, the Art. 90) (further - the Federal Law "About Investment Funds") establishes cases of non-use of restrictions for making of closed-end investment fund by managing company which investment shares are intended for skilled investors (further - fund), of transactions on property acquisition at owners of investment shares of this fund or for property acquisition to specified persons (further - transactions with owners of investment shares) and issue of orders on making of such transactions.

1. Restrictions for making by managing company of fund of transactions with owners of investment shares and issue of orders for making of such transactions are not applied in the following cases:

the transaction is made with the owner of investment shares who is for date of its conclusion the owner of 100 percent of investment shares of fund;

the transaction with the owner of investment shares is unanimously approved by investment committee of fund provided that the procedure for forming of investment committee provides inclusion in its list of all owners of investment shares of fund (the physical persons designated by them), except for persons who according to Item 6.1 of article 17.1 of the Federal law "About Investment Funds" cannot enter into investment committee.

2. This Instruction becomes effective after 10 days after day of its official publication.

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