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FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 24, 2002 No. 111-FZ

About investment of means for financing of funded pension in the Russian Federation

(as amended on 03-08-2018)

Accepted by the State Duma of the Russian Federation on June 26, 2002

Approved by Council of the Russian Federation on July 10, 2002

This Federal Law establishes the legal basis of the relations on forming and investment of means of the pension accruals intended for financing of funded pension determines features of legal status, the right, obligation and responsibility of subjects and participants of the relations by forming and investment of means of pension accruals, and also establishes bases of state regulation of control and supervision in the sphere of forming and investment of means of pension accruals.

Chapter 1. General provisions

Article 1. Subject of regulation and scope of this Federal Law

Subject of regulation of this Federal Law are the relations connected with forming and investment of means of pension accruals for financing of payment of funded pension.

Article 2. The legislation on investment of means of pension accruals in the Russian Federation

The legislation on investment of means of pension accruals in the Russian Federation consists of the Constitution of the Russian Federation, the Civil code of the Russian Federation, this Federal Law, the Federal Laws governing the relations in the sphere of mandatory pension insurance, other Federal Laws.

In the cases provided by the Federal Laws, relations management, connected with investment of means of pension accruals it is performed on the basis of regulatory legal acts of the Russian Federation and regulations of the Central bank of the Russian Federation.

The legislation of the Russian Federation on investments and investing activities is applied to the relations on investment of pension accruals into parts, not contradicting this Federal Law.

If the international treaty of the Russian Federation establishes other rules, than provided by this Federal Law rules of the international treaty of the Russian Federation are applied.

Article 3. The basic concepts and terms applied in this Federal Law

For the purpose of this Federal Law the following basic concepts and terms are applied:

1) pension accruals - the set of means including:

the amounts of insurance premiums for financing of funded pension, and also the amount of additional insurance premiums for funded portion of work pension, the amount of fees of the employer for benefit of insured person paid according to the Federal Law of April 30, 2008 to No. 56-FZ "About additional insurance premiums for funded pension and the state support of forming of pension accruals" (further - the Federal Law "About Additional Insurance Premiums for Funded Pension and the State Support of Forming of Pension Accruals"), which arrived in the Pension Fund of the Russian Federation and not delivered in trust management to managing companies yet, including net financial result which is received from temporary placement of the specified insurance premiums and fees of the employer by the Pension Fund of the Russian Federation and which procedure of payments for the purpose of this Federal Law is established by authorized federal executive body;

the amounts of fees on joint financing of forming of pension accruals which arrived in the Pension Fund of the Russian Federation according to the Federal Law "About Additional Insurance Premiums for Funded Pension and the State Support of Forming of Pension Accruals";

the funds (part of means) of the maternity (family) capital allocated for forming of funded pension according to the Federal Law of December 29, 2006 No. 256-FZ "About additional measures of the state support of the families having children" (further - the Federal Law "About Additional Measures of the State Support of the Families Having Children") and not delivered in trust management to managing companies, and also non-state pension funds yet;

the means delivered in trust management to managing companies of the Pension Fund of the Russian Federation according to this Federal Law;

the means which arrived in the Pension Fund of the Russian Federation from managing companies for payment to insured persons and their legal successors and are not directed to pension payment yet;

the funds (part of means) of the maternity (family) capital allocated for forming of funded pension, which arrived in the Pension Fund of the Russian Federation from managing companies and non-state pension funds in case of refusal of insured person from the direction them on forming of funded pension and the choice of other direction of use according to the Federal Law "About Additional Measures of the State Support of the Families Having Children" and not directed yet on the specified purposes;

the means which arrived in the Pension Fund of the Russian Federation from managing companies for transfer to non-state pension funds according to statements of insured persons and are not transferred to non-state pension funds yet;

means, including funds (part of means) of the maternity (family) capital allocated for forming of funded pension, which arrived in the Pension Fund of the Russian Federation from non-state pension funds in accordance with the legislation of the Russian Federation and not delivered in trust management to managing companies yet;

the means of payable reserve delivered by the Pension Fund of the Russian Federation in trust management of the state-owned managing company of means of payable reserve according to the trust management agreement of means of payable reserve, feature of forming and which investments are established by the Federal Law of November 30, 2011 No. 360-FZ "About procedure for financing of payments at the expense of means of pension accruals" (further - the Federal Law "About Procedure for Financing of Payments at the expense of Means of Pension Accruals");

means of pension accruals of insured persons which establishes due retirement benefit, delivered by the Pension Fund of the Russian Federation in trust management of the state-owned managing company of means of payable reserve according to the trust management agreement of means of pension accruals of insured persons which establishes due retirement benefit, features of forming and which investments are established by the Federal Law "About Procedure for Financing of Payments at the expense of Means of Pension Accruals";

means of reserve on mandatory pension insurance;

means of the warranty compensation received according to the Federal Law "About Guaranteeing the Rights of Insured Persons in System of Mandatory Pension Insurance of the Russian Federation during the Forming and Investment of Means of Pension Accruals, Establishment and Implementation of Payments at the expense of Means of Pension Accruals".

2) investment of means of pension accruals - activities of managing company for management of means of pension accruals;

3) the permitted assets - the investment objects permitted for the purpose of this Federal Law;

4) managing company - the managing company which is selected on tender, the state-owned managing company, and also the state-owned managing company by means of payable reserve;

4. 1) the managing company which is selected on tender, - the legal entity having license for activities on management of investment funds, mutual investment funds and non-state pension funds, selected on the competition held according to the procedure, established by this Federal Law, for implementation of investment of means of the pension accruals delivered to it in trust management of the Pension Fund of the Russian Federation according to statements of insured persons for the choice of investment portfolio (managing company);

4. 2) the state-owned managing company - the legal entity authorized by the Government of the Russian Federation to perform investment of the means of pension accruals delivered to it in trust management of the Pension Fund of the Russian Federation by forming:

the expanded investment portfolio of the state-owned managing company including the means of pension accruals created for benefit of the insured persons which did not use option of investment portfolio (managing company) or non-state pension fund and also the means of pension accruals created for benefit of the insured persons which used option of expanded investment portfolio of the state-owned managing company;

the investment portfolio of government securities of the state-owned managing company including the means of pension accruals created for benefit of the insured persons which used option of investment portfolio of government securities of the state-owned managing company;

4. 3) the state-owned managing company means of payable reserve - the legal entity authorized by the Government of the Russian Federation to perform investment of the means of payable reserve delivered to it in trust management of the Pension Fund of the Russian Federation by forming of investment portfolio of the payable reserve including means of the pension accruals created for benefit of insured persons who by the Pension Fund of the Russian Federation are granted funded pension, and also means of pension accruals of insured persons which the Pension Fund of the Russian Federation appoints due retirement benefit, by forming of investment portfolio of means of pension accruals of insured persons which establishes due retirement benefit;

5) specialized depositary - the joint-stock company, society with limited (additional) liability created in accordance with the legislation of the Russian Federation, having licenses for implementation of depository activity and activities of specialized depositary of investment funds, mutual investment funds and non-state pension funds;

6) investment portfolio - the assets (money and securities) created at the expense of the means transferred by the Pension Fund of the Russian Federation of managing company according to one trust management agreement, and isolated from other assets. One managing company can build one or several investment portfolios;

7) total investment portfolio - set of the money and securities which are in trust management of managing companies;

8) investment incomes - dividends and percent (income) on securities and bank deposits, other income types from transactions on investment of means of the pension accruals including included in payable reserve, net financial result from realization of assets, the financial result reflecting change in value of investment portfolio on the basis of the revaluation performed according to the procedure, determined by the Central bank of the Russian Federation;

9) insured person - person to who mandatory pension insurance extends and for which are paid insurance premiums for financing of funded pension (were paid);

10) ceased to be valid according to the Federal Law of the Russian Federation of 03.12.2012 No. 242-FZ;

11) ceased to be valid according to the Federal Law of the Russian Federation of 03.12.2012 No. 242-FZ.

12) year when the Pension Fund of the Russian Federation became the insurer of insured person:

for the insured persons which did not use option of forming of means of pension accruals in non-state pension fund - year in which data on the first receipt of the amounts of insurance premiums for funded pension, means of additional insurance premiums for funded pension, fees of the employer for benefit of insured person, funds (part of the means) of the maternity (family) capital allocated for forming of funded pension are reflected in special part of individual personal accounts of insured persons;

for the insured persons which performed transition (early transition) to the Pension Fund of the Russian Federation - year in which in the unified register of insured persons on mandatory pension insurance the option of forming of means of pension accruals is reflected in the Pension Fund of the Russian Federation;

for the insured persons which performed transition to the Pension Fund of the Russian Federation according to the judgment about recognition of the agreement on mandatory pension insurance invalid - the year determined according to the paragraph second or third this subitem proceeding from the conditions existing before entry into force of the judgment about recognition of the agreement on mandatory pension insurance invalid;

for the insured persons which performed transition to the Pension Fund of the Russian Federation in connection with cancellation of the license at non-state pension fund or introduction of prohibition by the Bank of Russia on implementation of transactions of non-state pension fund on mandatory pension insurance - year in which the license of non-state pension fund is cancelled or ban is imposed by the Bank of Russia;

13) date when the Pension Fund of the Russian Federation became the insurer of insured person:

for the insured persons which did not use option of forming of means of pension accruals in non-state pension fund - the 1st in which in special part of individual personal accounts of insured persons data on the first receipt of the amounts of insurance premiums for funded pension, means of additional insurance premiums for funded pension, fees of the employer for benefit of insured person, funds (part of the means) of the maternity (family) capital allocated for forming of funded pension are reflected;

for the insured persons which performed transition (early transition) to the Pension Fund of the Russian Federation - date of reflection of option of forming of means of pension accruals in the Pension Fund of the Russian Federation in the unified register of insured persons on mandatory pension insurance;

for the insured persons which performed transition to the Pension Fund of the Russian Federation according to the judgment about recognition of the agreement on mandatory pension insurance invalid - the date established by the paragraph second or third this subitem proceeding from the conditions existing before judgment entry into force;

for the insured persons which performed transition to the Pension Fund of the Russian Federation in connection with cancellation of the license at non-state pension fund or introduction of prohibition by the Bank of Russia on implementation of transactions of non-state pension fund on mandatory pension insurance according to this Federal Law - date of cancellation of the license of non-state pension fund or Date of Introduction of prohibition by the Bank of Russia.

Article 4. Subjects and participants of the relations on forming and investment of means of pension accruals

Subjects of the relations on forming and investment of means of pension accruals are the Pension Fund of the Russian Federation, specialized depositary, managing companies, insured persons, insurers.

Participants of the relations on forming and investment of means of pension accruals are brokers, the credit institutions, non-state pension funds performing activities for mandatory pension insurance, and also other organizations involved in process of forming and investment of means of pension accruals.

Article 5. Property at the expense of pension accruals    

Means of pension accruals are property of the Russian Federation, are not subject to withdrawal in budgets of all levels, cannot be subject of pledge or other providing owner liabilities of the specified means and subjects of the relations of forming and investment of means of pension accruals, and also other participants of process of investment of means of pension accruals.

Chapter 2. Regulation, control and supervision in the sphere of forming and investment of means of pension accruals

Article 6. Regulating authorities, control and supervision in the sphere of forming and investment of means of pension accruals

State regulation, control and supervision in the sphere of forming and investment of means of pension accruals are performed according to this Federal Law authorized federal executive body on regulation, control and supervision in the sphere of forming and investment of means of pension accruals, and also other federal executive bodies within their competence.

Regulation, control and supervision in the sphere of investment of means of pension accruals are performed according to this Federal Law the Central bank of the Russian Federation.

Article 7. Functions of authorized federal executive body on regulation, control and supervision in the sphere of forming and investment of means of pension accruals and the Central bank of the Russian Federation

1. The federal executive body authorized by the Government of the Russian Federation on regulation, control and supervision in the sphere of forming and investment of means of pension accruals (further - authorized federal executive body) exercises within the competence regulation, control and supervision in the sphere of forming and investment of means of pension accruals based on the provision approved by the Government of the Russian Federation. Authorized federal executive body:

1) adopts regulatory legal acts within the competence determined by this Federal Law and provision approved by the Government of the Russian Federation;

2) exercises control of observance by the Pension Fund of the Russian Federation of the legislation of the Russian Federation on forming and about investment of means of pension accruals, except for functions on control of the Pension Fund of the Russian Federation which are referred by this Federal Law to functions of the Central bank of the Russian Federation;

Sends 3) to the Pension Fund of the Russian Federation, specialized depositary, managing companies, brokers, credit institutions and non-state pension funds performing activities for mandatory pension insurance, requests about provision of information connected with implementation by them of activities for forming and investment of means of pension accruals and also other information taking into account requirements of the Federal Laws;

4) considers reports of the Pension Fund of the Russian Federation on receipt of insurance premiums for financing of funded pension, and also additional insurance premiums for funded pension, the fees of the employer paid to advantage of insured person, and fees on joint financing of forming of the pension accruals which arrived according to the Federal Law "About Additional Insurance Premiums for Funded Pension and the State Support of Forming of Pension Accruals" and the direction on investment of means of pension accruals about the means considered in special part of individual personal accounts of insured persons, payments at the expense of means of pension accruals and also about results of investment of means of the pension accruals delivered in trust management to managing companies;

5) is determined by structure of information opened in case of realization of the rights of insured persons during the forming and investment of means of pension accruals, the stipulated in Clause 31 present of the Federal Law.

2. Central Bank of the Russian Federation performs the following functions:

1) adopts regulations within the competence determined by this Federal Law;

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