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FEDERAL LAW OF THE RUSSIAN FEDERATION

of April 22, 1996 No. 39-FZ

About the security market

(as amended on 02-12-2019)

Accepted by the State Duma of the Russian Federation on March 20, 1996

Approved by Council of the Russian Federation on April 11, 1996

Section I. General provisions

Chapter 1. The relations determined by this Federal Law

Article 1. Subject of regulation of this Federal Law

This Federal Law governs the relations arising in case of issue and the circulation of issued securities irrespective of the issuer's type in case of the circulation of other securities in the cases provided by the Federal Laws and also feature of creation and activities of professional participants of the security market.

Article 2. The main terms used in this Federal Law

Issued security - any security, including paperless which is characterized by at the same time following signs:

fixes set of the property and non-property rights which are subject to the certificate, concession and unconditional implementation with observance established by this Federal Law of form and procedure;

takes place releases;

has equal amount and terms of implementation of the rights in one release regardless of time of acquisition of security.

The share - the issued security affirming the rights of its owner (shareholder) to receipt of part of profit of joint-stock company in the form of dividends on participation in management of joint-stock company and on part of the property remaining after its liquidation. The share is personalized security.

The bond - the issued security affirming the right of its owner to obtaining if other is not provided by this Federal Law, in time, provided in it, from bond issuing institution of its nominal value or other property equivalent. The bond in case of observance of the conditions established by this Federal Law can not provide the right of its owner to receipt of nominal value of the bond depending on approach of one or several circumstances specified in it. The bond can also provide the right of its owner to receipt of the percent established in it or other property rights. The income on the bond are the percent and (or) discount.

The option of the issuer - the issued security affirming the right of its owner to purchase in the time provided in it and/or in case of approach of the circumstances of certain number of shares of the issuer of such option specified in it at the price determined in the option of the issuer. The option of the issuer is personalized security. Decision making about placement of options of the issuer and their placement are performed according to the rules of securities placement established by the Federal Laws, converted into shares. At the same time the share placing price in pursuance of requirements for options of the issuer is determined according to the price determined in such option.

Release of issued securities - set of all securities of one issuer who is providing identical amount of the rights to their owners and having identical nominal value in cases if availability of nominal value is stipulated by the legislation the Russian Federation. Single state registration number which extends to all securities of this release and if according to this Federal Law release of issued securities is not subject to state registration, - identification number is assigned to release of issued securities.

Additional release of issued securities - set of the securities placed in addition to earlier placed securities of the same release of issued securities. Securities of additional release are placed on identical conditions.

The issuer - the legal entity, executive body of the government, local government body which bear on its own behalf or on behalf of public legal entity of the obligation to owners of securities on implementation of the rights affirmed by these securities.

Personalized issued securities - securities, information on which owners shall be available to the issuer in the form of the register of owners of securities, transition of the rights to which and implementation of the rights affirmed by them require obligatory identification of the owner.

Issued bearer securities - securities, transition of the rights to which and implementation of the rights affirmed by them do not require identification of the owner.

Documentary form of issued securities - form of issued securities in case of which the owner is established based on presentation of the certificate of security which is drawn up properly or, in case of that deposition, based on record on the custody account.

Paperless form of issued securities - form of issued securities in case of which the owner is established based on entry in the register of owners of securities or, in case of deposition of securities, based on record on the custody account.

The decision on issue of securities - the document containing the data sufficient for establishment of amount of the rights affirmed by security.

The certificate of issued security - the document issued by the issuer and certifying set of the rights to the number of securities specified in the certificate. The owner of securities has the right to demand from the issuer of execution of its obligations based on such certificate.

The owner - person to whom securities belong on the property right or other corporeal right.

Security circulation - the conclusion of the civil transactions attracting transition of the property rights to securities.

Placement of issued securities - alienation of issued securities by the issuer to the first owners by the conclusion of civil transactions.

Issue of securities - the sequence of actions of the issuer for placement of issued securities established by this Federal Law.

Professional participants of the security market - legal entities who are created in accordance with the legislation of the Russian Federation also perform the types of activity specified in Articles 3 - 5, the 7 and 8 this Federal Law, and also person which perform the activities specified in article 6.1 of this Federal Law.

The financial consultant in the security market - the legal entity having the license for the implementation of broker and/or dealer activities in the security market rendering to the issuer of service in preparation of the securities prospectus.

The fair acquirer - person who acquired securities made their payment and at the time of acquisition did not know and could not know about the third party rights to these securities if other is not proved.

The state registration number - digital (alphabetic, sign) code which identifies the specific release of issued securities which is subject to state registration.

Public placement of securities - securities placement by open subscription, including securities placement at the organized biddings. Securities placement, intended for skilled investors, at the organized biddings is not public.

Public security circulation - security circulation at the organized biddings or security circulation by the offer of securities to the unrestricted group of people, including with advertizing use. Security circulation, intended for skilled investors, at the organized biddings is not public.

Listing of securities - inclusion of securities by the organizer of trade in the list of the securities admitted to organized trading for the conclusion of purchase and sale agreements including inclusion of securities by the exchange in the quoted list.

Delisting of securities - exception of securities the organizer of trade from the list of the securities admitted to organized trading for the conclusion of purchase and sale agreements including exception of securities the exchange from the quoted list.

Identification number - digital (alphabetic, sign) code which identifies specific release (additional release) of issued securities which is not subject to state registration.

The Russian depositary receipt - the personalized issued security which does not have nominal value, certifying the property right to certain quantity of the represented securities (shares or bonds of the foreign issuer or securities of other foreign issuer certifying the rights concerning shares or bonds of the foreign issuer) and affirming the right of its owner to demand from the issuer of the Russian depositary receipts of obtaining instead of the Russian depositary receipt of the corresponding quantity of the represented securities and rendering the services connected with implementation by the owner of the Russian depositary receipt of the rights affirmed by the represented securities. If the issuer of the represented securities assumes liabilities to owners of the Russian depositary receipts, the specified security certifies also the right of its owner to require proper accomplishment of these obligations.

The financial instrument - security or the derivative financial instrument.

The derivative financial instrument - the agreement, except for the repurchase agreement, providing one or several of the following obligations:

1) obligation of the Parties or agreement parties periodically or one-timely to pay sums of money, including in case of presentation of requirements by other party, depending on the change in price for goods, securities, rate of the corresponding currency, size of the interest rates, the rate of inflation, values calculated based on the prices of derivative financial instruments, measure values constituting official statistical information, values of physical, biological and (or) chemical indicators of state of environment from approach of the circumstance testimonial of non-execution or improper execution by one or several legal entities, the states or municipalities of the obligations (except for the guarantee agreement and the insurance contract), or other circumstance, which is provided by the Federal Law or regulations of the Central bank of the Russian Federation (further - the Bank of Russia) and concerning which it is unknown, it will come or will not come, and also from change of the values calculated based on one or set of several indicators specified in this Item. At the same time such agreement can also provide obligation of the Parties or agreement parties to transfer to other party securities, goods or currency or obligation to sign the agreement which is the derivative financial instrument;

2) obligation of the Parties or the parties on the conditions determined in case of the conclusion of the agreement in case of submission of demand other party to purchase or sell securities, currency or goods or to sign the agreement which is the derivative financial instrument;

3) obligation of one party to transfer securities, currency or goods to the possession to other party not earlier than the day before yesterday after day of the conclusion of the agreement, obligation of other party to accept and pay the specified property and specifying on the fact that such agreement is the derivative financial instrument.

The terms "insider information" and "market manipulation" are used in this Federal Law in the value determined by the Federal Law "About Counteraction to Unauthorized Use of Insider Information and to Market Manipulation and about Modification of Separate Legal Acts of the Russian Federation".

The controlling person - person having the right directly or indirectly (through persons under control to it) to dispose owing to participation in controlled organization and (or) based on property trust management agreements, and (or) particular partnership, and (or) the order, and (or) the shareholders' agreement, and (or) other agreement which subject is implementation of the rights certified by shares (shares) of controlled organization, more than 50 percent of votes in the supreme body of management of controlled organization or the right to appoint (to elect) sole executive body and (or) more than 50 percent of structure of collegiate organ of management of controlled organization.

Under control person (controlled organization) - the legal entity who is under direct or indirect control of the controlling person.

The complete accounting period - the accounting period concerning which fixed term of submission of accounting (financial) records expired or the accounting (financial) records for which are constituted before the expiration of fixed term of its representation.

Part thirty fourth voided according to the Federal Law of the Russian Federation of 13.07.2015 No. 222-FZ

Specialized society - economic society which conforms to the requirements established by Chapter 3.1 of this Federal Law.

Persons performing the rights on securities - owners of securities and other persons who according to the Federal Laws or their personal law on its own behalf perform the rights on securities.

Section II. Members of the security market

Chapter 2. Types of professional activity in the security market

Article 3. Broker activities

1. Broker activities activities for execution of the order of the client (including the issuer of issued securities are recognized in case of their placement) on making of civil security transactions and (or) on the conclusion of the agreements which are derivative financial instruments, performed based on paid contracts with the client (further - the agreement on broker servicing).

The professional participant of the security market performing broker activities hereinafter is referred to as as the broker.

In case of rendering by the broker services in placement of issued securities the broker has the right to acquire at own expense not placed in time, provided by the agreement, securities.

2. The broker shall carry out orders of clients honesty and according to the procedure of their receipt. The transactions performed at the request of clients in all cases are subject to priority execution in comparison with dealer transactions of the broker in case of combination of activities of the broker and the dealer by it.

If the conflict of interest of the broker and his client on which the client was not notified before receipt of the corresponding order by the broker led to causing to the client of losses, the broker shall compensate them according to the procedure, established by the civil legislation of the Russian Federation.

2.1. If it is provided by the agreement on broker servicing, the broker has the right to make security transactions and to sign the contracts which are derivative financial instruments at the same time being the representative of the different parties in the transaction, including not being entrepreneurs.

2.2. The obligations which arose from the agreement signed not at the organized biddings, each of the parties of which is the broker, do not stop coincidence of the debtor and creditor in one person if obligations of the parties are fulfilled at the expense of different clients or the third parties for the benefit of different clients. The broker has no right to sign the specified agreement if its conclusion is performed in execution of the order of the client who is not containing the price of the agreement or procedure for its determination. Transaction consequence with violation of the requirements established by this Item is assignment on the broker of obligation to pay to the client damages.

3. The money of clients given by them to the broker for transactions with securities and (or) the conclusions of the agreements which are derivative financial instruments and also the money received by such transactions and (or) such agreements broker which is made (are concluded) by the broker based on contracts with clients, shall be on the separate bank account (accounts) opened (opened) by the broker in credit institution (the special broker account). The broker shall record the money of each client which is on the special brokerage account (accounts) and to report to the client. On the money of clients which is on the special brokerage account (accounts) collection according to obligations of the broker cannot be turned. The broker has no right to enlist own money into the special brokerage account (accounts), except as specified their return to the client and/or provision of loan to the client according to the procedure, established by this Article.

The broker who is the participant of clearing upon the demand of the client shall open the separate special broker account for execution and (or) the ensuring obligation fulfillment allowed to clearing and arisen from the agreements signed at the expense of such client.

The broker has the right to exploit the money which is on the special brokerage account (accounts) if it is provided by the agreement on broker servicing, guaranteeing to the client execution of its orders at the expense of the specified money or their return upon the demand of the client. Money of the clients who granted the right of their use to the broker in its interests shall be on the special brokerage account (accounts) separate of the special broker account (accounts) on which there is money of the clients who did not grant to the broker such right. Money of the clients who granted to the broker the right of their use can be enlisted by the broker on its own bank account.

Requirements of this Item do not extend to credit institutions.

4. The broker has the right to provide to the client in loan money and/or securities for transactions of purchase and sale of securities on condition of provision by the client of providing. The transactions made with use of the money and/or securities transferred by the broker to loan hereinafter are referred to as as marginal transactions.

Terms of the contract of loan, including loan amount or procedure for its determination, can be determined by the agreement on broker servicing. At the same time the document certifying transfer to loan of certain sum of money or certain number of securities the report of the broker on committed marginal transactions or other document determined by terms of the contract is recognized.

The broker has the right to levy percent on the granted loans from the client. As providing obligations of the client on the granted loans the broker has the right to accept only money and (or) securities.

The securities and other property of the client which are at the disposal of the broker including the property which is providing obligations of the client on the loans granted by the broker are subject to revaluation by the broker according to the procedure and on conditions which are established by the Bank of Russia. Also requirements for the bargains concluded for customer account are subject to revaluation.

In non-return cases in time of loan amount and (or) busy securities, failure to pay in time percent on the granted loan, and also in the cases provided by the agreement on broker servicing, the broker turns collection on the money and (or) securities speaking as providing obligations of the client on the loans granted by the broker, extrajudicially by implementation of such securities at the organized biddings.

The paragraph of the sixth ceased to be valid according to the Federal Law of the Russian Federation of 29.06.2015 No. 210-FZ

4.1. If as providing obligations of the client to the broker, including on the loans granted by the broker, securities are provided, such securities shall correspond to the criteria of liquidity established by regulations of the Bank of Russia.

5. The broker has the right to acquire the securities intended for skilled investors and to sign the contracts which are the derivative financial instruments intended for skilled investors, only if the client at the expense of whom such transaction is made (such agreement is signed), is skilled investor according to Item 2 of article 51.2 of this Federal Law (further - skilled investors owing to the Federal Law) or is recognized as this broker the skilled investor according to this Federal Law. At the same time the security or the derivative financial instrument are considered intended for skilled investors if according to regulations of the Bank of Russia of the transaction with such securities (the agreements which are such derivative financial instruments) can be made (to consist) exclusively skilled investors or at the expense of skilled investors. The skilled investors owing to the Federal Law and person recognized as skilled investors according to this Federal Law hereinafter are referred to as as skilled investors.

6. Consequences of making by the broker of security transactions and the conclusions of the agreements which are derivative financial instruments in defiance of the requirement of Item 5 of this Article, including as a result of illegal recognition of the client by the skilled investor, are:

1) assignment on the acquisition broker of obligation at own expense at the client of securities upon the demand of the client and on compensation to the client of all expenses incurred when making of the specified transactions including expenses on fee of the broker, depositary and exchange;

2) assignment on compensation broker of obligation to the client of the losses caused in connection with the conclusion and execution of the agreements which are derivative financial instruments including all expenses incurred by the client when making of the specified transactions including expenses on fee of the broker, the exchange.

7. In the case provided by the subitem 1 of Item 6 of this Article, security purchase is performed on the greatest of the following prices: the prices of acquisition of this security or market price of date of the statement by the client of the requirement provided by the subitem 1 of Item 6 of this Article.

8. The claim for application of consequences, stipulated in Item the 6th this Article, can be shown by the client within one year from the date of receipt to them the corresponding report of the broker on committed transactions.

9. For the purpose of the conclusion of the agreement on broker servicing the broker has the right to involve other legal entity only based on the agreement of the order (further - the broker's attorney). The broker bears responsibility for violation the attorney of the broker of the legislation of the Russian Federation and regulations of the Bank of Russia. Conditions and procedure for attraction by the broker of the confided broker are established by the basic standard developed, approved and approved according to requirements of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market".

Article 4. Dealer activities

Dealer activities transactions of purchase and sale of securities on its own behalf and at own expense by the public announcement of purchase prices and/or sale of certain securities with the obligation of purchase and/or sale of these securities on the announced person performing such activities, to the prices are recognized.

The professional participant of the security market performing dealer activities hereinafter is referred to as as the dealer. Only the legal entity, being the commercial organization, and also the state corporation if for such corporation the possibility of implementation of dealer activities is established by the Federal Law based on which it is created can be the dealer.

Except the price the dealer has the right to announce other essential terms of the contract of purchase and sale of securities: the minimum and maximum quantity of the bought and/or sold securities, and also term during which the announced prices are effective. In case of absence in the announcement of specifying on other essential conditions the dealer shall sign the agreement on the essential terms offered by his client. In case of evasion of the dealer from the conclusion of the agreement to it the claim for the forced conclusion of such agreement and/or for compensation of the losses caused to the client can be made.

Article 4.1. Activities Forex dealer

1. Activities Forex dealer is recognized activities for the conclusion on its own behalf and at own expense with the physical persons who are not individual entrepreneurs, not at the organized biddings:

agreements which are derivative financial instruments on which obligation of the Parties depends on change in the exchange rate of the corresponding currency and (or) currency pairs and which condition of the conclusion is provision Forex dealer to the physical person who is not the individual entrepreneur, opportunities to assume liabilities which size exceeds the amount of the providing provided by this physical person Forex dealer;

two and more agreements which subject is the foreign currency or currency pair, completion date of obligations on which matches, the creditor according to the obligation in one of which is debtor according to the similar obligation in other agreement and which condition of the conclusion is provision Forex dealer to the physical person who is not the individual entrepreneur, opportunities to assume liabilities which size exceeds the amount of the providing provided by this physical person Forex dealer.

The agreements specified in paragraphs second and third this Item can consist only in the relation of currency which has the digital and alphabetic codes established by the federal executive body performing functions on rendering the state services, management of state-owned property in the sphere of technical regulation and ensuring unity of measurements.

2. The professional participant of the security market performing activities Forex dealer hereinafter is referred to as Forex dealer. Forex dealer has the right to perform the activities only after the accession to the self-regulatory organization in the sphere of the financial market uniting Forex dealers, according to the procedure, No. 223-FZ established by the Federal Law of July 13, 2015 "About self-regulatory organizations in the sphere of the financial market".

3. The word "Forex", words, derivative of it, and combinations to it in trade name can be used only Forex dealers.

4. Activities Forex dealer according to the conclusion of the agreements specified in Item 1 of this Article are exclusive. Forex dealer has no right to combine the activities with other professional activity in the security market, and also with other activities.

5. The size of own means Forex dealer shall constitute at least hundred million rubles. If the size of the money of the physical persons who are not individual entrepreneurs which are on the nominal account (accounts) Forex dealer exceeds hundred fifty million rubles, the size of own means of it Forex dealer shall be increased by the amount constituting five percent from the size being on the specified nominal account (accounts) of money of the physical persons who are not individual entrepreneurs which exceeds hundred fifty million rubles. Procedure for determination of the size of the money of the physical persons who are not individual entrepreneurs which are on the nominal account (accounts) Forex dealer for the purpose of calculation of own means Forex dealer, and also terms of the specified calculation are established by regulations of the Bank of Russia.

6. General terms of obligations relations of the parties (further - the framework agreement) shall be determined by the agreement signed Forex dealer with the physical persons who are not individual entrepreneurs which are concretized by the parties in the separate agreements signed by exposure Forex dealer of quotations and giving by the specified physical persons of requests on the basis and in pursuance of the framework agreement. The agreement limiting responsibility Forex dealer is insignificant.

The text of the framework agreement, procedure for drawing of quotations and submission of requests shall correspond to this Federal Law and approximate conditions of the framework agreement which shall contain in the basic standard of making of transactions in the financial market developed by self-regulatory organization in the sphere of the financial market uniting Forex dealers, approved and approved according to requirements of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market".

Forex dealer shall register the text of the framework agreement in self-regulatory organization in the sphere of the financial market uniting Forex dealers.

7. Forex dealer to the conclusion of the framework agreement with the physical person who is not the individual entrepreneur shall receive from it confirmation of the fact that the specified physical person got acquainted with the risks connected with the conclusion, execution and discharge of the framework agreement and separate agreements and accepts such risks. The list is risk with which the specified physical person shall be acquainted, and form of confirmation of their acceptance are established by regulations of the Bank of Russia.

8. The money of the physical person who is not the individual entrepreneur provided Forex dealer and (or) considered on the special Section of the nominal account including foreign currency, are ensuring obligation fulfillment before Forex dealer.

9. The ratio of the amount of the providing provided by the physical person who is not the individual entrepreneur, Forex dealer and the size of its obligations cannot be less than one to fifty. The Bank of Russia has the right to change, including based on the appeal of self-regulatory organization Forex dealers, size of the ratio specified in this Item depending on basic asset of the derivative financial instrument specified in the paragraph the second Item 1 of this Article, or the subject of the agreement specified in paragraph three of Item 1 of this Article. At the same time the Bank of Russia has the right to increase only the size of the obligation of such physical person in the specified ratio no more than twice. The procedure of payments of the size of obligations of the physical person who is not the individual entrepreneur is established by the standard of self-regulatory organization Forex dealers which is subject to coordination with the Bank of Russia.

10. Forex dealer shall establish in the framework agreement the minimum size of ratio of the size the provided physical person who is not the individual entrepreneur, providing and the size of its obligations in case of which achievement completion date of obligations of the parties under all separate agreements is considered come.

11. If the money of the physical person who is not the individual entrepreneur considered on the special Section of the nominal account is not enough for satisfaction of requirements Forex dealer, requirements Forex dealer which are not satisfied at the expense of the specified money are considered as extinguished.

12. Monetary commitments under agreements Forex dealer with the physical person who is not the individual entrepreneur are performed in non-cash form.

13. The money given by the physical person who is not the individual entrepreneur Forex dealer shall be enlisted on the nominal account Forex dealer opened in the bank which is in the territory of the Russian Federation from the bank account of the specified physical person.

14. If on the nominal account Forex dealer money, the rights to which belong to several physical persons who are not individual entrepreneurs, are considered, money of each such physical person shall be considered by bank on special Sections of the nominal account. By the agreement of the nominal account obligation according to the cash accounting of beneficiaries - physical persons cannot be assigned to Forex dealer. Forex dealer for making of transactions according to the nominal account specifies the physical person who is not the individual entrepreneur whose money is enlisted on the nominal account or are charged off the nominal account.

15. Forex dealer has the right to instruct in making of transactions according to the nominal account without the corresponding order of the physical person who is not the individual entrepreneur only for execution of the separate agreement signed with the specified physical person or in case of approach of the bases for the termination of all obligations under the separate agreements signed with the specified physical person. If other is not provided by the agreement of the nominal account, bank in case of control of observance of the restrictions set when making transactions according to the nominal account having no right to require from Forex dealer of provision of confirmations of the conclusion of the separate agreement or approach of the bases for discharge of separate agreements.

16. Forex dealer shall record all the signed agreements and all transactions made in connection with their execution, according to the procedure and terms which are established by the Bank of Russia.

17. Forex dealer has no right:

1) to sign the framework agreements if the text of the framework agreement is not registered by self-regulatory organization in the sphere of the financial market uniting Forex dealers;

2) to sign separate contracts without request of the physical person who is not the individual entrepreneur which shall contain the parameters determined by the framework agreement;

To conclude 3) in one period of time with different partners similar separate agreements on different conditions. At the same time the period of time is established by regulations of the Bank of Russia;

To change 4) unilaterally conditions of the separate agreement after its conclusion;

5) to terminate unilaterally the separate agreement;

6) to change conditions of the quotation on purchase without corresponding change of conditions of the quotation on sale;

7) to grant loans to the physical persons who are not individual entrepreneurs.

18. Program technical means Forex dealer shall correspond to nature and amount of the operations performed by it, and also to provide its uninterrupted activities and safety of data, including by creation of backup copies. Forex dealer shall have the main and reserve complexes of program technical means which shall be located in the territory of the Russian Federation. Requirements to program technical means Forex dealer are established by the basic standard on risk management developed by self-regulatory organization in the sphere of the financial market uniting Forex dealers, approved and approved according to requirements of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market". The Bank of Russia refuses coordination of the specified requirements if they do not provide observance of regulations of this Federal Law and regulations of the Bank of Russia.

19. The transaction on provision loan Forex dealer to the physical person who is not the individual entrepreneur is insignificant.

20. The legislation of the Russian Federation is applied to the relations Forex dealer and the physical persons who are not individual entrepreneurs who are connected with the conclusion, the termination and execution of agreements, provision of providing and indemnification.

21. The requirements following from the agreements signed Forex dealer and the physical persons who are not individual entrepreneurs are subject to judicial protection.

22. The claims arising from the agreements signed Forex dealer and the physical persons who are not individual entrepreneurs are shown in accordance with the legislation of the Russian Federation. Territorial cognizance can be by agreement of the parties changed, at the same time the parties shall determine court to which cognizance the dispute, within the subject of the Russian Federation in the location of the physical person who is not the individual entrepreneur, specified to them in the agreement will be carried. Contractual disputes, Forex dealers with the physical persons who are not individual entrepreneurs cannot be transferred to prisoners to permission of reference tribunal.

23. Forex dealer shall have the website on the Internet which e-mail address includes domain name, the rights to which belong to it Forex dealer. Forex dealer on the specified website shall open the following information:

1) procedure and conditions of determination Forex dealer of quotations according to which separate contracts are signed;

2) about the generalized financial results received by the physical persons who are not individual entrepreneurs under the agreements signed about Forex dealer with indication of ratio of number of accounts (special Sections of the nominal account) on which money of the specified physical persons who received negative financial result to the number of accounts (special Sections of the nominal account) on which money of the specified physical persons who received positive financial result is considered is considered. At the same time the procedure of payments of the generalized financial results received by the physical persons who are not individual entrepreneurs under the agreements signed about Forex dealer is established by the basic standard on risk management developed by self-regulatory organization in the sphere of the financial market uniting Forex dealers, approved and approved according to requirements of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market". The Bank of Russia refuses coordination of such procedure of payments if it does not provide observance of regulations of this Federal Law and regulations of the Bank of Russia. Information specified in this subitem reveals quarterly;

3) the notification on the risks arising in case of the conclusion, execution and the termination of agreements about Forex dealer;

4) registered by self-regulatory organization in the sphere of the financial market uniting Forex dealers, the text of the framework agreement, and also procedure for the conclusion of separate agreements;

5) about persons specified in Item 1.1 of article 10.1 of this Federal Law and also about their compliance to the established requirements;

6) other information established by regulations of the Bank of Russia.

24. Forex dealer shall post on the website on the Internet the basic standard of making of transactions in the financial market containing the framework agreement or the changes made to it.

Forex dealer has no right to apply the basic standard of making of transactions in the financial market containing conditions of new edition of the framework agreement to the separate agreements signed about day of application of the basic standard of the making of transactions in the financial market containing the changes made to the framework agreement.

25. Forex dealer shall store all texts of editions of the framework agreement established by the basic standard of making of transactions in the financial market. Upon the demand of any interested person Forex dealer shall provide the copy of the framework agreement registered by self-regulatory organization in the sphere of the financial market uniting Forex dealers in the edition operating for the date specified in the requirement. Forex dealer has no right to require for provision of the specified copy of the framework agreement payment.

26. Provisions of this Article are applied also to the agreements specified in paragraphs second and third Item 1 of this Article if they consist between Forex dealer and the broker or the managing director acting at the expense of the physical person who is not the individual entrepreneur. If Forex dealer concluded with the broker or the managing director acting at the expense of the physical person who is not the individual entrepreneur the agreement specified in the paragraph second or third Item 1 of this Article execution or discharge of such agreement is performed according to requirements of this Article. In case of the conclusion, execution or the termination of the specified agreements Forex dealer shall observe the requirements established by this Federal Law. The broker or managing director acting at the expense of the physical person who is not the individual entrepreneur to the conclusion of the framework agreement about Forex dealer shall receive from the client stipulated in Item the 5th this Article confirmation of the fact that he got acquainted with the risks connected with the conclusion, execution or discharge of agreements about Forex dealer and accepts the specified risks.

The broker or managing director acting at the expense of the physical person who is not the individual entrepreneur to the conclusion of the framework agreement about Forex dealer shall notify Forex dealer on the conclusion of agreements for customer account - the physical person who is not the individual entrepreneur.

27. Provisions of this Article are not applied to purchase and sale of the foreign currency in cash and non-cash forms performed in accordance with the legislation of the Russian Federation about banks and banking activity, about currency control and currency exchange control.

Article 5. Securities management

The securities management activities for trust management of the securities, money intended for transactions with securities and (or) the conclusions of the agreements which are derivative financial instruments are recognized.

The professional participant of the security market performing the securities management hereinafter is referred to as as the managing director.

Availability of license for activities on the securities management is not required if trust management is connected only with implementation by the managing director of the rights on securities.

The procedure of the securities management, the right and obligation of the managing director are determined by the legislation of the Russian Federation and agreements.

The managing director when implementing the activities shall specify that he acts as the managing director.

If the conflict of interest of the managing director and his client or different clients of one managing director on whom all parties were not notified in advance led to the actions of the managing director which caused damage to interests of the client, the managing director shall pay at own expense damages according to the procedure, established by the civil legislation.

The managing director the securities intended for skilled investors and to sign the contracts which are the derivative financial instruments intended for skilled investors, only provided that the client is skilled investor having the right to acquire when implementing the securities management.

Consequences of making by the managing director of security transactions and the conclusions of the agreements which are derivative financial instruments in defiance of the requirement provided by part seven of this Article are:

assignment on the managing director of obligation upon the demand of the client or according to the instruction of the Bank of Russia to sell securities and to stop the agreements which are derivative financial instruments;

compensation by the managing director to the client of the losses caused as a result of security sale and the termination of the agreements which are derivative financial instruments;

payment by the managing director of percent on the amount on which security transactions were made and (or) the contracts which are derivative financial instruments are signed. The size of percent is determined by rules of Article 395 of the Civil code of the Russian Federation. In case of positive difference between the amount received as a result of security sale (execution and the termination of the agreements which are derivative financial instruments), and the amount paid in connection with acquisition and security sale (the conclusion, execution and the termination of the agreements which are derivative financial instruments), percent are paid in the amount which is not covered with the specified difference.

The claim for application of consequences of making by the managing director of the transaction in defiance of the requirement of part seven of this Article can be made by the client within one year from the date of receipt to them the corresponding report of the managing director.

The managing director shall perform accounting of the securities which are object of trust management according to each trust management agreement.

The managing director at discretion performs all rights affirmed by the securities which are object of trust management except for of the right to require proper trust management of mutual investment fund and if other is not provided by the trust management agreement of securities, the rights to participate in general meeting of owners of investment shares in case of acceptance in trust management and (or) acquisition at the expense of the property which is in trust management, investment shares of mutual investment fund, trust management of which is exercised by the managing director. Restriction for implementation of voting power can be set by the trust management agreement.

The managing director, if the voting power on the specified securities is not limited to the trust management agreement, performs the duties provided by the law connected with ownership of the securities which are object of trust management.

If according to this Federal Law and (or) the trust management agreement the managing director is not authorized to perform voting power on general meeting of owners of securities, including at general shareholder meeting, general meeting of owners of investment shares, general meeting of owners of hypothecation certificates of participation, it shall provide information on the founder of management for creation of the list of persons having the participation right in general meeting of owners of securities and also upon the demand of the founder of management to instruct depositary (instruction) in realization by the founder of management of voting power.

The managing director has the right to take a legal action independently with any claims in connection with implementation of the securities management by him, including with claims which right of presentation is in accordance with the legislation of the Russian Federation granted to shareholders or other owners of securities. In case of the appeal of the managing director to court in connection with implementation of the securities management by it legal costs, including the state fee, are paid by the managing director at the expense of the property which is object of trust management.

The managing director has the right to charge to other person to make on behalf of the managing director or on behalf of this person of the transaction at the expense of the property which is in trust management if other is not provided by the trust management agreement.

The managing director has the right to the remuneration provided by the trust management agreement of securities and also to compensation of the necessary expenses made by it in case of trust management of securities at the expense of objects of management. At the same time such right can be not caused by income acquisition from the securities management.

For the purpose of the conclusion of the trust management agreement the managing director has the right to involve other legal entity only based on the agreement of the order (further - the managing director's attorney). The managing director bears responsibility for violation the attorney of the managing legislation of the Russian Federation and regulations of the Bank of Russia. Conditions and procedure for attraction by the managing director of the confided managing director are established by the basic standard developed, approved and approved according to requirements of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market".

If it is provided by the trust management agreement of securities, the managing director has the right to accept in trust management and (or) to acquire at the expense of the property which is in trust management, investment shares of mutual investment fund, trust management of which it exercises.

The managing director before acquisition of the investment shares provided by part of the eighteenth this Article shall notify the founder of management on intention to acquire the specified investment shares by the direction of the notification in writing containing reasons for transaction with the specified investment shares including data on compliance of such transaction to interests of the founder of management. The managing director can be exempted from discharge of duty, the provided this part, based on the written application of the founder of management about refusal of receipt of the specified notifications.

Regulations of Article 413 of the Civil code of the Russian Federation on the termination of the obligation by coincidence of the debtor and creditor in one person are not applied to the relations connected with acquisition by the managing director of the investment shares provided by part of the eighteenth this Article.

Article 6.

Voided according to the Federal Law of the Russian Federation of 07.02.2011 No. 8-FZ

Article 6.1. Activities for investment consulting

1. Activities for investment consulting rendering consulting services concerning securities, transactions with them and (or) the conclusion of the agreements which are derivative financial instruments, way of provision of individual investment recommendations is recognized.

Provision by the professional participant of the security market, managing company of investment fund, mutual investment fund and non-state pension fund, credit institution, non-state pension fund, insurance company, insurance broker of information on the services and (or) issued (emitted) them financial instruments provided that the provided information does not contain the individual investment recommendation is not activities for investment consulting.

Investment consulting is performed based on the agreement (the agreement on investment consulting).

Signs of the individual investment recommendation can be established by the basic standard developed, approved and approved according to requirements of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market".

2. The professional participant of the security market performing activities for investment consulting hereinafter is referred to as as the investment adviser. The legal entity who is created in accordance with the legislation of the Russian Federation, or the individual entrepreneur, being members of self-regulatory organization in the sphere of the financial market uniting investment advisers, and included in the unified register of investment advisers can be the investment adviser.

The words "investment adviser", words, derivative of them, and combinations to them in trade name can be used only by investment advisers.

3. The Bank of Russia establishes procedure for maintaining the unified register of investment advisers, keeps the specified register, provides to interested persons the information containing in the specified register places these data on the Internet.

For inclusion in the unified register of investment advisers the legal entity and the individual entrepreneur shall conform to the requirements established to investment advisers by this Federal Law and regulations of the Bank of Russia adopted according to it.

The Bank of Russia makes the decision on entering of information about person into the unified register of investment advisers or on refusal in entering of information about person into the unified register of investment advisers based on the statement and documents which list is established by the regulation of the Bank of Russia.

The procedure, terms of adoption of the specified decision and the application form about entering of information about person into the unified register of investment advisers are established by the regulation of the Bank of Russia.

Entering of information about person into the unified register of investment advisers it can be refused on the bases established by the Bank of Russia.

4. The basis for adoption by the Bank of Russia of the decision on exception of information about the investment adviser of the unified register of investment advisers is:

1) the application of the investment adviser submitted to the Bank of Russia;

2) the termination of membership of the investment adviser in self-regulatory organization in the sphere of the financial market uniting investment advisers;

3) numerous violation by the investment adviser when implementing activities for investment consulting of requirements of this Federal Law and the regulations of the Bank of Russia adopted according to it.

5. The self-regulatory organization shall no later than the next day after day of decision making about the termination of membership of the investment adviser report about it in the Bank of Russia. The Bank of Russia shall no later than the next day after day of receipt of such message exclude person from the unified register of investment advisers and send it the adequate notice.

6. The investment advisers who are individual entrepreneurs governing bodies of the investment advisers who are legal entities and their workers shall conform to requirements, stipulated in Item 1 article 10.1 of this Federal Law.

7. The investment adviser who is the legal entity having the right to combine the activities with other types of professional activity in the security market and activities of credit institution.

The investment adviser also has the right to combine the activities with any other activities which are not subject to licensing in accordance with the legislation of the Russian Federation.

Article 6.2. Provision of individual investment recommendations

1. The investment adviser shall render services in investment consulting honesty, reasonably and to act for the benefit of the client.

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