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FEDERAL LAW OF THE RUSSIAN FEDERATION

of February 7, 2011 No. 7-FZ

About clearing, clearing activities and the central partner

(as amended on 03-08-2018)

Accepted by the State Duma of the Russian Federation on January 28, 2011

Approved by Council of the Russian Federation on February 2, 2011

Chapter 1. General provisions

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

1. This Federal Law establishes the legal basis of implementation of clearing activities and control of its implementation, requirements to the legal entities performing clearing activities and to the central partners, and also the legal basis of supervision and observation of the central partners.

2. This Federal Law does not extend to the relations arising when implementing clearing according to the law on national payment system on the relations arising in connection with implementation of centralized payment under the obligations arising from the bargains concluded in the wholesale market of electrical energy and capacity in accordance with the legislation of the Russian Federation about power industry and also on clearing of the obligations arising according to the budget legislation of the Russian Federation and which are not connected with placement state both municipal securities and obligation fulfillment on such securities.

Article 2. The basic concepts used in this Federal Law

For the purpose of this Federal Law the following basic concepts are used:

1) internal accounting of the clearing organization - accounting of obligations of participants of the clearing and person performing functions of the central partner, and also accounting of information on the property intended for obligation fulfillment, the property which is providing subject including individual and collective clearing providing;

1. 1) the skilled central partner - the central partner whose quality of management is recognized by the Bank of Russia satisfactory according to the regulation of the Bank of Russia;

1. 2) the allocated capital of the central partner - own means of the central partner which according to rules of clearing are intended for covering of the possible losses caused by non-execution or improper execution by the participant of clearing of the obligations before use of funds deposited by fair participants of clearing in collective clearing providing;

2) individual clearing providing - the stipulated in Article 23 presents of the Federal Law method of ensuring execution of the obligations allowed to clearing, and also other obligations provided by this Federal Law or the agreement (agreement);

3) clearing - determination of the subjects to obligation fulfillment which arose from agreements including as a result of implementation of netting of obligations, and preparation of the documents (information) which are the basis of the termination and (or) execution of such obligations and also ensuring execution of such obligations;

4) clearing service - service in clearing implementation;

5) clearing activities - activities for rendering clearing services according to the rules of clearing approved by the clearing organization registered in accordance with the established procedure by the Bank of Russia;

6) the clearing organization - the legal entity having the right to perform clearing activities based on the license for implementation of clearing activities;

7) clearing pool - set of the obligations allowed to clearing and which are subject completely to the termination by offsetting and (or) otherwise according to rules of clearing and (or) execution;

8) the clearing broker - the participant of clearing which is the party under the agreements signed based on the applications submitted not in its interests by other person - the participant of the organized biddings;

9) collective clearing providing - method of ensuring execution of the obligations allowed to clearing, the stipulated in Article 24 presents of the Federal Law;

10) 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;

11) netting - complete or partial discharge, allowed to clearing, the offsetting and (or) different way established by rules of clearing;

12) ceased to be valid according to the Federal Law of the Russian Federation of 18.07.2017 No. 176-FZ

13) the operator of commodity deliveries - the organization which is performing in accordance with the terms of rendering services of the operator of commodity deliveries carrying out, control and accounting of commodity deliveries according to the obligations allowed to clearing, obtained accreditation for implementation of the specified functions if other is not established by this Federal Law;

13. 1) conditions of rendering services of the operator of commodity deliveries - the internal document (internal documents) of the operator of commodity deliveries containing (containing) procedure carrying out, control and accounting of commodity deliveries according to the obligations allowed to clearing;

14) rules of clearing - the document (documents) approved (approved) by the clearing organization and containing (containing) terms of the contract about rendering clearing services and requirements to participants of clearing;

15) under control person (controlled organization) the legal entity who is under direct or indirect control of the controlling person;

16) the participant of clearing - person to whom the clearing organization renders clearing services based on the agreement on rendering clearing services signed with it;

17) the central partner - the legal entity who is one of the parties of the signed agreements from which obligations are subject to inclusion in clearing pool has the license of non-bank credit institution for banking operations, and also the license for implementation of clearing activities and which is given the status of the central partner according to this Federal Law.

Article 3. Agreement on rendering clearing services

1. Under the agreement on rendering clearing services the clearing organization shall according to rules of clearing render to the participant of clearing clearing services, and participants of clearing shall pay the specified services if other is not stipulated by the legislation the Russian Federation.

2. The conclusion of the agreement on rendering clearing services is performed by accession to the specified agreement which conditions are provided by rules of clearing.

3. The participant of clearing has the right to refuse agreement performance about rendering clearing services only in case of absence at it property obligations under the specified agreement, and also the obligations which are not fulfilled by it allowed to clearing.

4. The clearing organization has the right to refuse agreement performance about rendering clearing services with the participant of clearing in case of violation of requirements imposed by rules of clearing to participants of clearing by it. At the same time indemnification, connected with such refusal, the clearing organization to the participant of clearing is not performed.

Article 4. Rules of clearing

1. Rules of clearing affirm the clearing organization and are subject to registration in the Bank of Russia.

2. Rules of clearing shall contain:

1) requirements to participants of clearing, including procedure for suspension and termination of the admission of participants of clearing to clearing servicing;

2) specifying on the fact that clearing is performed without participation of the central partner and (or) with participation of the central partner;

2. 1) if rules of clearing provide rendering services by the operator of commodity deliveries, - the name of each operator of commodity deliveries and specifying on the fact that the operator of commodity deliveries does not perform storage of the property used for execution and (or) the ensuring obligation fulfillment allowed to clearing or performs such storage with the conclusion of the relevant agreement of storage, and also specifying on the fact that the operator of commodity deliveries when implementing the activities opens or does not open the trading commodity account and (or) the clearing commodity account;

3) procedure and conditions of the admission of obligations to clearing;

4) procedure for carrying out clearing, including procedure and conditions of inclusion of obligations in clearing pool (exception of obligations of clearing pool);

5) the rights and obligations of the clearing organization, participants of the clearing and person performing functions of the central partner;

5. 1) cases and procedure for the translation of debt and concession of requirements of one participant of clearing for the obligations allowed to clearing, other participant of clearing if the central partner makes transfer of debt and concession of requirements;

5. 2) procedure for the conclusion person performing functions of the central partner, agreements on behalf of the participant of clearing without its consent;

5. 3) procedure and methods of confirmation by the clearing organization of the conclusion and the termination of the bank deposit agreements (deposit) signed with the central partner if according to rules of clearing concerning agreements of this type clearing is performed;

6) procedure for obligation fulfillment following the results of clearing;

6. 1) procedure for discharge in connection with introduction of insolvency proceedings of the participant of clearing and determination of the size net - obligations - the liability arising in connection with such termination (further - net - the obligation), providing that:

a) all obligations of the participant of clearing allowed to clearing stop;

b) obligations stop for the date determined by rules of clearing or for the date following acceptance date Arbitration Court of the decision on recognition of the participant of clearing by the bankrupt and about opening of bankruptcy proceedings, and for credit institution for the date following date of response at it of the license for banking operations depending on what of the specified dates came earlier;

c) net - the obligation is determined by all stopping obligations and does not include indemnification in the form of lost profit and collection of penalties (penalties, penalty fee). At the same time the size net - obligations can be determined in case of the termination of all obligations of the participant of clearing or separately in case of discharge from the agreements signed at the expense of the participant of clearing, obligations from the agreements signed by the participant of clearing for customer account (clients) and obligations from the agreements signed by the participant of clearing as the trustee or as the amount net - the obligations determined separately by the specified agreements;

7) methods of ensuring obligation fulfillment, allowed to clearing, in case of use of such providing;

8) in case of use of trading and (or) clearing accounts - types of trading and (or) clearing accounts and procedure for making of transactions on them;

9) the list of the forms of internal accounting of the obligations allowed to clearing, forms of internal accounting of the property intended for execution of such obligations, and the property which is providing subject including individual and collective clearing providing (clearing registers, Sections of clearing registers and other forms of internal accounting), their purpose, and also procedure for their maintaining used by the clearing organization;

10) essential terms of the contract of liability insurance of person performing functions of the central partner according to the obligations allowed to clearing if the specified responsibility is insured;

11) procedure for representation by the clearing organization to participants of clearing of reports following the results of clearing;

12) the website address on which disclosure of information by the clearing organization (further - the website of the clearing organization) or the central partner is performed (further - the website of the central partner);

13) the description of the measures directed to risk management when implementing clearing;

14) ceased to be valid according to the Federal Law of the Russian Federation of 18.07.2017 No. 176-FZ

14. 1) order of interaction with the organizations specified in items 4 - 7, 9 parts 2 of article 19 of this Federal Law if such interaction is performed;

14. 2) the measures of the central partner directed to restriction of the extent of responsibility of the central partner in case of non-execution or improper execution of obligations by the participant of clearing, with indication of the size of the allocated capital of the central partner;

14. 3) conditions of forming of individual and collective clearing providing;

14. 4) types of derivative financial instruments, and also agreements which object are securities, and (or) foreign currency, and (or) goods concerning which clearing is performed;

14. 5) procedure of payments and execution of requirements to participants of clearing on maintenance of sufficient level of the individual and collective clearing providing intended for execution and (or) the ensuring obligation fulfillment allowed to clearing with the central partner;

14. 6) determination of emergency situations and order of interaction of the clearing organization with participants of clearing in emergency situations;

15) other provisions according to this Federal Law.

3. Requirements to content of the provisions specified in part 2 of this Article are determined by regulations of the Bank of Russia.

3.1. Rules of clearing can provide that non-execution by the participant of clearing of the obligation from the agreement or agreements is the basis for discharge, allowed to clearing, and determinations of monetary commitment (monetary commitments) which amount (which) it is determined according to the procedure, provided by rules of clearing.

4. Rules of clearing can provide that in case of transactions by the clearing organization, participants of clearing, person performing functions of the central partner and (or) the organizations specified in items 4 - 7 parts 2 of article 19 of this Federal Law, and (or) in case of exchange of documents between persons specified in this part can be used analogs of the sign manual, codes, passwords and other means, confirmatory that the document proceeds from person authorized on it. In this case by rules of clearing the procedure for use of analogs of the sign manual, codes, passwords and other means, confirmatory shall be determined that the document proceeds from person authorized on it.

5. Voided according to the Federal Law of the Russian Federation of 29.12.2015 No. 403-FZ

6. Voided according to the Federal Law of the Russian Federation of 29.12.2015 No. 403-FZ

7. Rules of clearing may contain other provisions which are not contradicting this Federal Law and regulations of the Bank of Russia.

8. The clearing organization has the right to make changes to rules of clearing unilaterally.

9. Rules of clearing and the changes made to them are subject to registration by the Bank of Russia.

10. Rules of clearing and the changes made to them become effective not earlier than in five days after disclosure of information on it according to article 19 of this Federal Law.

Establishment and change of regulations on restriction of the extent of responsibility of person performing functions of the central partner and also changes of rules of clearing connected with exception of the specified rules of provisions of the arbitration agreement or change of reference tribunal become effective not earlier than in three months after disclosure of information according to article 19 of this Federal Law.

11. If rules of clearing provide methods of ensuring obligation fulfillment, allowed to clearing, the conclusion of the free standing agreement about providing is not required.

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