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Ministry of Justice

Russian Federation

On November 16, 2015 No. 39719

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 13, 2015 No. 3796-U

About requirements to procedure for forming of compensation fund of self-regulatory organization Forex dealers, and also about procedure and conditions of compensation payments

This Instruction based on Item 8.2 of Article 42, item 4 and Item 7 of article 50.2 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" (The Russian Federation Code, 1996, No. 17, Art. 1918; 2001, No. 33, Art. 3424; 2002, No. 52, Art. 5141; 2004, No. 27, Art. 2711; No. 31, Art. 3225; 2005, No. 11, Art. 900; No. 25, Art. 2426; 2006, No. 1, Art. 5; No. 2, Art. 172; No. 17, Art. 1780; No. 31, Art. 3437; No. 43, Art. 4412; 2007, No. 1, Art. 45; No. 18, Art. 2117; No. 22, Art. 2563; No. 41, Art. 4845; No. 50, Art. 6247; 2008, No. 52, Art. 6221; 2009, No. 1, Art. 28; No. 18, Art. 2154; No. 23, Art. 2770; No. 29, Art. 3642; No. 48, Art. 5731; No. 52, Art. 6428; 2010, No. 17, Art. 1988; No. 31, Art. 4193; No. 41, Art. 5193; 2011, No. 7, Art. 905; No. 23, Art. 3262; No. 27, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7040; No. 50, Art. 7357; 2012, No. 25, Art. 3269; No. 31, Art. 4334; No. 53, Art. 7607; 2013, No. 26, Art. 3207; No. 30, Art. 4043, Art. 4082, Art. 4084; No. 51, Art. 6699; No. 52, Art. 6985; 2014, No. 30, Art. 4219; 2015, No. 1, Art. 13; No. 14, Art. 2022, No. 27, Art. 4001; No. 29, the Art. 4348, the Art. 4349) (further - the Federal Law No. 39-FZ) and the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37, No. 27, Art. 3958, Art. 4001; No. 29, of the Art. 4348) establishes requirements to procedure for forming of compensation fund of self-regulatory organization Forex dealers (further - compensation fund), and also procedure and conditions of compensation payments from means of compensation fund (further - compensation payments).

Chapter 1. General provisions

1.1. The compensation fund is created by self-regulatory organization Forex dealers for the purpose of indemnification to the physical persons who are not individual entrepreneurs (further - Clients) who are caused to them as a result of insolvency (bankruptcy) of members of self-regulatory organization Forex dealers whose consumers of financial services the Clients or the broker or the managing director acting for customer account were.

1.2. Sources of forming of compensation fund are determined according to Item 2 of article 50.2 of the Federal Law No. 39-FZ.

1.3. The order shall be performed by means of compensation fund only for the purpose of, provided by this Instruction.

Chapter 2. Requirements to procedure for forming of compensation fund

2.1. The self-regulatory organization Forex dealers shall create compensation fund in the amount of at least the size which is calculated by multiplication of number of members of self-regulatory organization Forex dealers on the size of fee of each member of self-regulatory organization Forex dealers in the compensation fund determined by the Federal Law No. 39-FZ.

2.2. In case of shortage of means of compensation fund for implementation to Clients of compensation payments, and also in case of decrease in the size of compensation fund during implementation of compensation payments below the minimum size determined according to Item 2.1 of this Instruction, self-regulatory organization Forex dealers replenishment of means of compensation fund at the expense of additional contributions of her members is made.

2.3. For replenishment of compensation fund the self-regulatory organization Forex dealers after closing of the register of compensation payments performs recalculation of means of compensation fund and Forex dealers for implementation of all payments to Clients and replenishment of means of compensation fund up to the size specified in Item 2.1 of this Instruction determines the amount necessary for additional introduction by each member of self-regulatory organization.

The cash amount granted by each member of self-regulatory organization Forex dealers within replenishment of compensation fund is established in proportion to the size determined on the last reporting date being on the nominal account (accounts) corresponding Forex dealer of money of the physical persons who are not individual entrepreneurs.

Based on the above-stated calculation the self-regulatory organization Forex dealers within 10 working days from the moment of closing of the register of compensation payments sends to the members the requirement about additional entering of money into compensation fund.

Procedure for the direction of the requirement about additional entering of money into the compensation fund allowing to determine the fact of receipt of such requirement, procedure for money transfer Forex dealers in compensation fund within execution of the requirement about additional entering of money into compensation fund and also consequences for the corresponding members of self-regulatory organization Forex dealers in case of non-execution of this requirement, including stipulated in Item the 5th article 50.1 of the Federal Law No. 39-FZ, are determined by standards of self-regulatory organization Forex dealers if they are not determined by its charter.

At the same time term for money transfer shall not exceed Forex dealers in compensation fund within execution of the requirement about additional entering of money into compensation fund 120 working days from the moment of the direction of the relevant requirement.

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