INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of July 15, 2019 No. 5202-U

About the list obligatory for development by the self-regulatory organizations in the sphere of the financial market uniting non-state pension funds, joint-stock investment funds and managing companies of investment funds, mutual investment funds and non-state pension funds, specialized depositaries, basic standards and requirements to their content and also about the list of transactions (content of types of activity) of specialized depositaries in the financial market, standardization subjects

This Instruction based on part 2 of article 5 of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market" (The Russian Federation Code, 2015, No. 29, Art. 4349; 2016, No. 27, Art. 4225; 2017, No. 52, Art. 7920; 2018, No. 1, Art. 10; No. 49, of the Art. 7524) establishes the list obligatory for development by the self-regulatory organizations in the sphere of the financial market uniting non-state pension funds, joint-stock investment funds and managing companies of investment funds, mutual investment funds and non-state pension funds, specialized depositaries, basic standards and the requirement to their content and also the list of transactions (content of types of activity) of specialized depositaries in the financial market, standardization subjects.

Chapter 1. The list obligatory for development by the self-regulatory organizations in the sphere of the financial market uniting non-state pension funds, joint-stock investment funds and managing companies of investment funds, mutual investment funds and non-state pension funds, specialized depositaries, basic standards

1.1. The self-regulatory organizations in the sphere of the financial market (further - self-regulatory organizations) uniting non-state pension funds (further - funds), shall develop the following basic standards:

internal control;

protection of the rights and interests of physical persons and legal entities - receivers of the financial services rendered by members of the self-regulatory organizations uniting funds (further - the basic standard of protection of the rights and interests of receivers of services of funds).

1.2. The self-regulatory organizations uniting joint-stock investment funds and managing companies of investment funds, mutual investment funds and non-state pension funds (further - managing companies), shall develop the following basic standards:

internal control;

protection of the rights and interests of physical persons and legal entities - receivers of the financial services rendered by members of the self-regulatory organizations uniting joint-stock investment funds and managing companies (further - the basic standard of protection of the rights and interests of receivers of services of joint-stock investment funds and managing companies).

1.3. The self-regulatory organizations uniting specialized depositaries shall develop the following basic standards:

internal control;

making of transactions in the financial market.

Chapter 2. Requirements to contents of basic standards and the list of transactions (content of types of activity) of specialized depositaries in the financial market, standardization subjects

2.1. The basic standards of internal control developed by the self-regulatory organizations uniting funds, the self-regulatory organizations uniting joint-stock investment funds and managing companies, the self-regulatory organizations uniting specialized depositaries shall contain following provisions.

2.1.1. The purposes and tasks of internal control system according to fund, joint-stock investment fund, managing company, specialized depositary (further - the financial organization) providing:

efficiency and effectiveness of activities of the financial organization;

effective management of risks of the financial organization, and also development and assessment of the financial organization of efficiency of the risk management methods applied by it;

observance of requirements of the legislation of the Russian Federation by the financial organization about provision of pensions and mandatory pension insurance (for the financial organizations which are funds), about joint-stock investment funds (for the financial organizations which are joint-stock investment funds), about managing companies (for the financial organizations which are managing companies), about specialized depositaries (for the financial organizations which are specialized depositaries), basic standards according to which activities of the financial organizations, internal documents of the financial organization are performed;

reliability, completeness and timeliness of creation and submission of the reporting by the financial organization for external and internal users;

exception of involvement of the financial organization and its workers in implementation of unlawful activity, including in legalization (washing) of income gained in the criminal way and terrorism financing, and also unauthorized use of insider information and (or) market manipulation;

assessment by the financial organization of system effectiveness of internal control.

2.1.2. Requirements about observance by the financial organization of the principles of the organization of internal control system providing:

continuity of process of internal control;

efficiency of internal control;

compliance of internal control system to type of activity of the financial organization, to nature and amounts of the transactions made by it;

timely bringing information concerning internal control system to data of governing bodies of the financial organization.

2.1.3. Mechanisms of realization of the principles specified in subitem 2.1.2 of this Item.

2.1.4. Requirements to system of separation of powers, organizational structure, functions and internal procedures of the financial organization in the sphere of internal control.

2.1.5. Requirements to internal documents of the financial organization in the sphere of internal control.

2.1.6. Requirements to form, content, procedure and reporting frequency on internal control to governing bodies of the financial organization.

2.1.7. Procedure for systematic monitoring and efficiency evaluation by the financial organization of internal control system, including procedures and evaluation methods of system effectiveness of internal control of the financial organization.

2.2. The basic standard of protection of the rights and interests of receivers of services of funds shall contain following provisions.

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