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Ministry of Justice

Russian Federation

On September 15, 2020 No. 59865

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of July 22, 2020 No. 5511-U

About requirements to identification of conflict of interest and management of conflict of interest of managing company of investment funds, mutual investment funds and non-state pension funds and specialized depositary

This Instruction based on the paragraph of the fourth Item 1.1 of Article 39, the paragraph of the fourth Item 10.1 of Article 44 and the subitem 2 of Item 2 of article 55 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" (The Russian Federation Code, 2001, No. 49, Art. 4562; 2019, No. 18, Art. 2199; No. 30, of the Art. 4150) establishes requirements to identification of conflict of interest and management of conflict of interest of managing company of investment funds, mutual investment funds and non-state pension funds and specialized depositary, including by prevention of emergence of conflict of interest and (or) disclosure or provision of information on conflict of interest.

Chapter 1. General provisions

1.1. The managing company of investment funds, mutual investment funds and non-state pension funds (further - managing company) and specialized depositary (further in case of joint mentioning - the financial organization) shall perform identification of the conflict of interest specified in the paragraph the second Item 1.1 of Article 39 (for managing company) and in the paragraph the second Item 10.1 of Article 44 (for specialized depositary) the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" (The Russian Federation Code, 2001, No. 49, Art. 4562; 2019, No. 49, the Art. 6953) (further respectively - the Federal Law "About Investment Funds", conflict of interest), and management of conflict of interest during implementation of internal control, stipulated in Item the 15th Article 38 (for managing company) and Item 17 of Article 44 (for specialized depositary) the Federal Law "About Investment Funds" (The Russian Federation Code, 2001, No. 49, Art. 4562; 2019, No. 49, Art. 6953).

1.2. The financial organization shall perform the actions for identification of conflict of interest and management of conflict of interest provided by appendix 1 to this Instruction.

1.3. The financial organization shall develop the document determining procedure for identification of conflict of interest and management of conflict of interest and being integral part of rules of the organization and implementation of internal control of the financial organization (further - Policy of management of conflict of interest).

Chapter 2. Requirements to identification of conflict of interest and management of conflict of interest of managing company of investment funds, mutual investment funds and non-state pension funds

2.1. The managing company shall reveal the conflicts of interest arising when implementing activities of managing company including the conflicts of interest arising in case of approach at least of one of the circumstances provided by appendix 2 to this Instruction.

2.2. The managing company shall prevent emergence of conflicts of interest, except for the following cases.

2.2.1. The managing company shall not prevent emergence of conflict of interest if the conflict of interest arose in case of simultaneous observance of the following conditions:

emergence of conflict of interest is not connected with circumstances, stipulated in Item 5, the paragraph the second Item 7 and Item 8 of appendix 2 to this Instruction;

rules of trust management of mutual investment fund, other trust management agreement signed by managing company based on license for activities on management of investment funds, mutual investment funds and non-state pension funds (further - the trust management agreement) (except for the trust management agreement of means of pension accruals and (or) means of pension reserves of non-state pension fund), provide the right of managing company not to prevent emergence of conflict of interest and contain the data on conflict of interest provided by subitem 5.1.1 of Item 5 of appendix 1 to this Instruction (except for the data which are personal data according to the Federal Law of July 27, 2006 No. 152-FZ "About personal data" (The Russian Federation Code, 2006, No. 31, Art. 3451; 2020, No. 17, the Art. 2701) (further - personal data).

2.2.2. The managing company shall not prevent emergence of conflict of interest if the conflict of interest arose in case of simultaneous observance of the following conditions:

emergence of conflict of interest is not connected with circumstances, stipulated in Item 5, the paragraph the second Item 7 and Item 8 of appendix 2 to this Instruction;

managing company (employees of managing company and other persons if they act on behalf of managing company or on its own behalf, but at her expense) in the conditions of availability of conflict of interest during the making or non-execution of the legal and (or) actual acts influencing the interests of the agreement party of trust management connected with rendering services of managing company (further respectively - the client of managing company, property management of the client), is effective (are effective) the same as in the conditions of no conflict of interest;

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