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FEDERAL LAW OF THE RUSSIAN FEDERATION

of November 29, 2001 No. 156-FZ

About investment funds

(The last edition from 01-05-2017)

Accepted by the State Duma of the Russian Federation on October 11, 2001

Approved by Council of the Russian Federation on November 14, 2001

Chapter I. General provisions

Article 1. The relations regulated by this Federal Law

This Federal Law governs the relations connected with attraction of money and other property by share placing or the conclusion of trust management agreements for the purpose of their consolidation and the subsequent investment into the objects determined according to this Federal Law, and also with management (trust management) of property of investment funds, accounting, storage of property of investment funds and control of the order specified by property.

Investment fund - the property complex which is in property of joint-stock company or in common ownership of physical persons and legal entities, use and the order which are performed by managing company only for the benefit of shareholders of this joint-stock company or founders of trust management.

This Federal Law does not extend to the relations connected with creation for the purpose of investing activities of other funds if they do not answer signs of joint-stock investment funds (article 2 of this Federal Law) and (or) signs of mutual investment funds (article 10 of this Federal Law).

Features of creation, reorganization, liquidation, legal status of "Managing Company of the Russian Direct Investment Fund" joint-stock company and procedure it activities for trust management of investment funds, including "Russian Direct Investment Fund" closed-end investment fund, are determined by the Federal Law regulating activities of the specified society.

Features of legal status of "Managing Company of Fund of Consolidation of Banking Sector" limited liability company and procedure it activities, including for trust management, are determined by the Federal Laws.

Chapter II. Joint-stock investment fund

Article 2. Concept of joint-stock investment fund

1. Joint-stock investment fund - joint-stock company which exclusive object of activity is investment of property into the securities and other objects provided by this Federal Law and which trade name contains the words "joint-stock investment fund" or "investment fund".

Other legal entities have no right to use in the names the words "joint-stock investment fund" or "investment fund" in any combinations, except as specified, provided by this Federal Law.

The joint-stock investment fund has no right to perform other types of business activity.

2. The joint-stock investment fund has the right to perform the activities only based on special permission (license).

3. Provisions of the Federal Law "About Joint-stock Companies" extend to joint-stock investment funds taking into account the features established by this Federal Law.

Article 3. Requirements to joint-stock investment fund

1. The size of own means of joint-stock investment fund for date of submission of documents for receipt of license for activities of investment fund (further - the license of joint-stock investment fund) shall conform to the requirements established by the Bank of Russia.

2. The specialized depositary, the registrar, auditing organization, and also physical person or the legal entity with which according to requirements of the Federal Law of July 29, 1998 No. 135-FZ “About estimative activities in the Russian Federation” can be signed the agreement on evaluating (further - the appraiser) cannot be shareholders of joint-stock investment fund if persons specified in this Item signed the relevant agreements with this joint-stock investment fund.

3. The property of joint-stock investment fund is subdivided into the property intended for investment (investment reserves), and the property intended for ensuring activities of governing bodies and other bodies of joint-stock investment fund, in the ratio, determined by the charter of joint-stock investment fund.

4. Investment reserves of joint-stock investment fund (further - assets of joint-stock investment fund) shall be delivered in trust management of the managing company conforming to requirements of this Federal Law, except for case, stipulated in Item the 6th this Article.

5. For calculations for the transactions connected with trust management of assets of joint-stock investment fund opens are opened the separate bank account (accounts), and for accounting of the rights to the securities constituting assets of joint-stock investment fund, the separate account (accounts) of depot. Such accounts, except as specified, established by the legislation of the Russian Federation, open addressed to managing company with indication of that it is effective as the trustee, and with indication of the name of joint-stock investment fund.

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