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Ministry of Justice

Russian Federation

On October 4, 2019 No. 56144

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of July 22, 2019 No. 5216-U

About additional requirements to procedure for forming of committee of users of services of the central depositary, and also requirements to regulations on committee of users of services of the central depositary

This Instruction based on part 7 of Article 5, Items 3 and 4 of article 32 of the Federal Law of December 7, 2011 No. 414-FZ "About the central depositary" (The Russian Federation Code, 2011, No. 50, Art. 7356; 2012, No. 31, Art. 4334; No. 53, Art. 7607; 2013, No. 27, Art. 3477; No. 30, Art. 4084; 2015, No. 27, Art. 4001; No. 29, Art. 4357; 2018, No. 17, Art. 2429; No. 32, Art. 5088; No. 53, of the Art. 8440) establishes additional requirements to procedure for forming of committee of users of services of the central depositary, and also the requirement to regulations on committee of users of services of the central depositary.

Chapter 1. Additional requirements to procedure for forming of committee of users of services of the central depositary

1.1. Forming of committee of users of services of the central depositary (further - committee) shall be performed by the central depositary for a period of one year based on arrived from depositors of the central depositary, the organizers of trade performing carrying out the organized biddings by securities, the clearing organizations performing clearing following the results of the biddings by securities, registrars (further in case of joint mentioning - users of services of the central depositary) offers on inclusion in structure of committee of their representatives who are physical persons (further - representatives).

1.2. For the purpose of receipt of offers on inclusion in structure of committee of representatives the central depositary shall publish information on the beginning of the procedure of forming of committee (further - the message on forming of committee) on the official site on the Internet no later than 30 working days before the expiration of the year following behind day of forming of committee in time, and in case of early termination of powers of committee - no later than 5 working days from the date of the termination of powers of committee.

1.3. The central depositary shall perform acceptance of offers on inclusion in structure of committee of representatives within at least than 20 working days from the date of publication on the official site on the Internet of the message on forming of committee.

1.4. The committee shall be created with observance of the following requirements.

1.4.1. The quantitative structure of committee shall be at least 25 members.

1.4.2. No more than one representative from each user of services of the central depositary shall be part of committee.

1.4.3. Shall be part of committee:

at least one representative of the organizers of trade performing carrying out the organized biddings by securities and not being persons specified in the paragraph the second subitem 1.4.5 of this Item;

at least one representative of the clearing organizations performing clearing following the results of the biddings by securities and not being persons specified in the paragraph the second subitem 1.4.5 of this Item;

at least three representatives of registrars.

1.4.4. If the central depositary performs separation of users of services of the central depositary into groups depending on quantity of the account transactions of users of services performed by the central depositary and the asset costs belonging to users of the services which are stored the central depositary of committee in case of its forming by the central depositary shall be included representatives from each group of users of services.

1.4.5. The following persons shall constitute in total no more than one quarter of total number of members of the committee:

affiliates of the central depositary;

workers of affiliates of the central depositary;

workers and (or) affiliates of legal entities, workers or affiliates of which are board members (supervisory board) of the central depositary;

workers and (or) affiliates of the legal entities entering one group of persons with legal entities workers and (or) affiliates of which are board members (supervisory board) of the central depositary.

1.4.6. Physical persons shall not be part of committee:

being part of committee within two years preceding day of forming of committee;

not having the higher education and not having knowledge and work experience provided by regulations on committee;

the current agreements having with the central depositary about rendering services to the central depositary;

being representatives of users of the services of the central depositary which are in relation to the central depositary subsidiaries;

specified in Items 2 - 5 parts 3 of article 5 of the Federal Law of December 7, 2011 No. 414-FZ "About the central depositary".

1.4.7. The chairman of committee shall be elected from among members of the committee by a majority vote from total number of members of the committee.

1.4.8. The deputy (deputies) the chairman of committee shall be elected (shall be chosen) from among members of the committee on representation of the chairman of committee by a majority vote from total number of members of the committee.

1.4.9. When forming each following committee the structure of committee shall be updated on one third at least rather previous structure of committee.

1.5. If from representatives concerning whom the central depositary receives offers on inclusion in structure of committee the committee conforming to requirements to forming of committee, the stipulated in Item 1.4 presents of the Instruction and part 7 of article 5 of the Federal Law of December 7, 2011 No. 414-FZ "About the central depositary" cannot be created the central depositary shall propose independently alternate members of committee and create committee with observance of the specified requirements.

Chapter 2. Requirements to regulations on committee of users of services of the central depositary

2.1. The regulations on committee shall not provide benefit in case of adoption of decisions by committee to one members of the committee before other members, except for case when in case of equality of votes of members of the committee on vote the right of casting vote is granted to the chairman of committee.

2.2. The regulations on committee shall contain following provisions.

2.2.1. Competence of committee.

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