INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of June 17, 2025 No. 7085-U

About conditions which observance is necessary for exception to the rules of trust management of mutual investment fund of specifying that investment shares of this fund are intended for skilled investors

This Instruction based on subitem 4.1 of Item 2 of article 55 of the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" establishes conditions which observance is necessary for exception to the rules of trust management of mutual investment fund of specifying that investment shares of this fund are intended for skilled investors.

1. Conditions which simultaneous observance is necessary for exception to the rules of trust management of mutual investment fund (further respectively - fund, rules) instructions on the fact that investment shares of this fund are intended for skilled investors, are the following:

1.1. Are provided by specialized depositary of fund to the Bank of Russia according to Item 1.2 of article 19 of the Federal Law of November 29, 2001 to No. 156-FZ "About investment funds" (further - the Federal Law No. 156-FZ) changes and amendments in the rules providing their reduction in compliance with the requirements to rules of fund which investment shares are not limited in turnover established by the Bank of Russia based on Item 4.2 of article 17 of the Federal Law No. 156-FZ (further - changes and amendments in rules).

1.2. Changes in rules, stipulated in Item 8.1 articles 17 of the Federal Law No. 156-FZ (further - changes in rules), and changes and amendments in rules become effective in one day in time provided by rules according to Item 5 of article 20 of the Federal Law No. 156-FZ, but not earlier than day of registration of changes by the Bank of Russia in rules.

1.3. The last working day preceding day of representation of fund by managing company in the Bank of Russia of documents for registration according to article 19 of the Federal Law No. 156-FZ of changes in rules:

1.3.1. The structure and structure of assets of fund at the same time correspond:

to requirements 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" <1> (further - the Instruction of the Bank of Russia No. 4129-U) for the funds specified in Item 1.2 of the Instruction of the Bank of Russia No. 4129-U;

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<1> It is registered by the Ministry of Justice of the Russian Federation on November 15, 2016, registration No. 44339, with the changes made by Instructions of the Bank of Russia of April 6, 2017 No. 4346-U (it is registered by the Ministry of Justice of the Russian Federation on May 11, 2017, registration No. 46679), of May 15, 2019 No. 5143-U (it is registered by the Ministry of Justice of the Russian Federation on August 6, 2019, registration No. 55501), of April 20, 2020 No. 5444-U (it is registered by the Ministry of Justice of the Russian Federation on May 13, 2020, registration No. 58335), of March 21, 2022 No. 6093-U (it is registered by the Ministry of Justice of the Russian Federation on June 16, 2022, registration No. 68876), of August 2, 2023 No. 6495-U (it is registered by the Ministry of Justice of the Russian Federation on September 27, 2023, registration No. 75346).

the investment declaration of fund in edition of changes and amendments in rules.

1.3.2. Trust management of the closed fund is not exercised of the insurance company having the license for implementation of voluntary insurance of life and the license of managing company for implementation of activities for management of investment funds, mutual investment funds and non-state pension funds.

1.3.3. Investment shares of the closed fund are paid in full (if rules of trust management of such fund provide incomplete payment of investment shares in case of their issue).

1.3.4. The formation of fund is completed ended).

1.3.5. Concerning managing company of fund, specialized depositary of fund, the issue, repayment agent and exchange of investment shares of fund, person performing maintaining the register of owners of investment shares of fund, by the Bank of Russia it is not imposed ban on carrying out all or parts of transactions concerning such fund according to article 61.1 of the Federal Law No. 156-FZ.

1.3.6. The managing company of the closed fund does not own investment shares of this fund.

1.3.7. There are no unexecuted obligations according to the transactions made at the expense of property of fund provided by subitems 3, 5 - 11 Items 1 of article 40 of the Federal Law No. 156-FZ according to Items 4, 5 and 8.1 articles 40 of the Federal Law No. 156-FZ.

1.4. The Bank of Russia did not receive from the face, the fund performing the termination, the notification according to the subitem 1 of Item 7 of article 31 of the Federal Law No. 156-FZ on emergence of the basis of the termination of fund.

1.5. Order taking for issue of investment shares of fund is not performed from the date of representation of fund by managing company in the Bank of Russia of documents for registration according to article 19 of the Federal Law No. 156-FZ of changes in rules and before acceptance date the Bank of Russia of the decision on registration (about refusal in registration) the specified changes in rules.

2. This Instruction is subject to official publication and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of June 6, 2025 No. PSD-16) become effective since March 1, 2026.

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