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Ministry of Justice

Russian Federation

On March 18, 2021 No. 62812

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of February 9, 2021 No. 5732-U

About cases of non-use of restrictions for the conclusion by the managing company performing functions of sole executive body of joint-stock investment fund or operating as the trustee with assets of joint-stock investment fund or mutual investment fund, shares (investment shares) of which are intended for skilled investors, loan agreements and credit agreements and issue of orders on the conclusion of the specified agreements

This Instruction based on Item 7 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; 2019, No. 30, the Art. 4150) establishes cases of non-use of restrictions for the conclusion by the managing company performing functions of sole executive body of joint-stock investment fund or operating as the trustee with assets of joint-stock investment fund or mutual investment fund, shares (investment shares) of which are intended for skilled investors, loan agreements and credit agreements and issue of orders on the conclusion of the specified agreements.

1. The restriction set by the subitem 5 of Item 1 of article 40 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" regarding the conclusion by the managing company performing functions of sole executive body of joint-stock investment fund or operating as the trustee with assets of joint-stock investment fund or mutual investment fund, shares (investment shares) of which are intended for skilled investors (further - managing company), loan agreements according to which the managing company is creditor, and also issues of orders by managing company on the conclusion of the specified agreements is not applied if the charter (rules of trust management) of investment fund provides the conclusion of the specified agreements.

Provisions of paragraph one of this Item do not extend to managing companies of the mutual investment funds relating according to Item 1.1 of the Instruction of the Bank of Russia of September 5, 2016 No. 4129-U "About structure and structure of assets of joint-stock investment funds and assets of mutual investment funds", No. registered by the Ministry of Justice of the Russian Federation on November 15, 2016 44339, on May 11, 2017 No. 46679, on August 6, 2019 No. 55501, on May 13, 2020 No. 58335, to category of real estate funds.

2. The restriction set by the subitem 5 of Item 1 of article 40 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" regarding the conclusion by managing company of loan agreements and credit agreements (including if the specified agreements contain condition that the property acquired in structure of assets of investment fund on the means received according to the loan agreement or the credit agreement is subject of pledge or other ensuring obligation fulfillment of the specified loan agreement or the credit agreement), on which the managing company is borrower, and also issues of orders by managing company on the conclusion of the specified agreements is not applied if the charter (rules of trust management) of investment fund provides the conclusion of the specified agreements.

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

4. From the date of entry into force of this Instruction to declare invalid the Instruction of the Bank of Russia of August 29, 2018 No. 4885-U "About possibility of transfer to trust management of closed-end investment fund and exchange mutual investment fund of the property (in addition to money) provided by the investment declaration containing in rules of trust management of the relevant fund on case when the term of forming of closed-end investment fund cannot exceed six months, and also about cases of non-use of restrictions for the conclusion by managing company of joint-stock investment fund or mutual investment fund, shares (investment shares) of which are intended for skilled investors, loan agreements and credit agreements, and also on transactions on acquisition of the securities issued (issued) by persons specified in the subitem 8 of Item 1 of article 40 of the Federal Law of November 29, 2001 to No. 156-FZ "About investment funds", or share in the authorized capital of specified persons and issue of orders on the conclusion (making) of such agreements (transactions)", registered by the Ministry of Justice of the Russian Federation on September 25, 2018 No. 52237.

Chairman of the Central bank of the Russian Federation

E. S. Nabiullina

 

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