of February 20, 1992 No. 2383-1
About commodity exchanges and exchange trade
This Law is directed to settlement of the relations on creation and activities of commodity exchanges, stock exchange trading and ensuring legal guarantees for activities at commodity exchanges.
The relations connected with activities of commodity exchanges (their branches and other separate divisions) and stock exchange trading are regulated by this Law and other acts of the legislation of the Russian Federation, and also constituent documents of the exchanges, rules of stock exchange trading and other internal documents of the exchanges accepted according to the legislation.
The relations connected with activities of employment exchanges, stock and currency exchanges, and also share and currency sections (departments, departments) of the commodity, commodity and share and universal exchanges are not regulated by this Law.
1. The commodity exchange for the purpose of this Law is understood as the organization with the rights of the legal entity creating the wholesale market by the organization and regulation of the stock exchange trading performed in the form of the public public auction held in in advance determined place and in certain time by the rules established by it.
2. The commodity exchange can have the branches and other separate divisions established according to the legislation.
The commodity exchange in the text hereinafter is referred to as further also "exchange".
1. The exchange has the right to perform the activities which are directly connected with the organization and regulation of stock exchange trading, except for the activities provided by Items 2 and 3 of this Article.
2. The exchange cannot perform the trading, trade and intermediary and other activity which is directly not connected with the organization of stock exchange trading. This restriction does not extend to the legal entity and physical person which is the member of the exchange.
3. The exchange has no right to perform deposits, to acquire shares (shares), shares of the organizations if the specified organizations do not set as the purpose implementation of activities, stipulated in Item 1 this Article.
1. The exchanges can create the unions, associations and other associations for coordination of the activities, protection of interests of the members and implementation of joint programs, including for the organization of the joint biddings.
2. Creation of the exchange unions, associations and other associations is forbidden if their education contradicts requirements of the antitrust law of the Russian Federation and this Law, and also agreements and the actions of the exchanges aiming or involving elimination or restriction of the competition in exchange trade are invalid.
The organizations which are not meeting the requirements established by articles 2 and 3 of this Law and also their branches and other separate divisions "exchange" or "commodity exchange" have no right to the organization of stock exchange trading, use in the name of words.
1. The exchange goods for the purpose of this Law are understood as the goods of certain sort and quality which are not withdrawn from circulation allowed in accordance with the established procedure by the exchange to exchange trade.
2. Real estate and intellectual property items cannot be exchange goods.
3. In cases and procedure which are established by the Government of the Russian Federation the commodity exchange performs registration of off-exchange transactions with exchange goods, including long-term agreements of delivery, keeps the register of the specified transactions and provides provision of information from the corresponding register.
4. The parties of off-exchange transactions with exchange goods, including long-term agreements of delivery, shall provide to commodity exchange information on such transactions in cases, according to the procedure, in amount and terms which are established by the Government of the Russian Federation.
1. Stock exchange transaction is the agreement (agreement) registered by the exchange signed by participants of stock exchange trading concerning exchange goods during the exchange biddings. The order of registration and registrations of stock exchange transactions is established by the exchange.
2. The transactions made at the exchange, but which are not conforming to requirements, stipulated in Item 1 this Article are not exchange. Guarantees of the exchange for such transactions do not extend.
The exchange has the right to apply sanctions against the participants of stock exchange trading making not stock exchange transactions at this exchange.
3. Stock exchange transactions cannot be made from name and at the expense of the exchange.
1. During the exchange biddings organized by commodity exchange transactions of purchase and sale of exchange goods can be made, and also be signed the contracts which are derivative financial instruments which basic asset are the exchange goods.
2. Provisions of article 51.4 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" are applied to the agreements which are derivative financial instruments, signed at the exchange biddings if it does not contradict being of the relations arising from such agreements.
1. Stock exchange trading is performed in the way:
making of stock exchange transactions by the exchange intermediary on behalf of the client and at his expense, on behalf of the client and at own expense or on its own behalf and for customer account (broker activities);
making of stock exchange transactions by the exchange intermediary on its own behalf and at own expense for the purpose of the subsequent resale at the exchange (dealer activities).
2. Exchange mediation in exchange trade is performed by exclusively exchange intermediaries.
1. Exchange intermediaries for the purpose of this Law are understood as brokerage firms, broker offices and independent brokers.
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