Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

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Ministry of Justice

Russian Federation

On October 8, 2015 No. 39234

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of August 25, 2015 No. 3758-U

About cost determination of net assets of investment funds, including about procedure of payments of annual average net assets value of mutual investment fund and net assets of the joint-stock investment fund, settlement cost of investment shares of mutual investment funds, property value transferred to payment of investment shares

(as amended of the Instruction of the Central bank of the Russian Federation of 12.12.2016 No. 4233-U)

This Instruction based on the Federal Law of November 29, 2001 No. 156-FZ "About investment funds" (The Russian Federation Code, 2001, No. 49, Art. 4562; 2004, No. 27, Art. 2711; 2006, No. 17, Art. 1780; 2007, No. 50, Art. 6247; 2008, No. 30, Art. 3616; 2009, No. 48, Art. 5731; 2010, No. 17, Art. 1988; No. 31, Art. 4193; 2011, No. 48, Art. 6728; No. 49, Art. 7040, Art. 7061; 2012, No. 31, Art. 4334; 2013, No. 26, Art. 3207; No. 27, Art. 3477; No. 30, Art. 4084; No. 51, Art. 6695, Art. 6699; 2014, No. 11, Art. 1098; 2015, No. 27, the Art. 4001) (further - the Federal Law "About Investment Funds"), 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 procedure and terms of cost determination of net assets of investment funds (further - net assets value), including procedure of payments of annual average net assets value of mutual investment fund and net assets of joint-stock investment fund, net assets value of joint-stock investment funds counting on one share, determinations of settlement cost of investment shares of mutual investment funds, procedure for cost determination of the property transferred to payment of investment shares.

Chapter 1. Procedure and terms of cost determination of net assets of investment funds

1.1. Cost determination of net assets of investment funds is performed according to the Federal Law "About Investment Funds", regulations adopted according to it, this Instruction and the local act of joint-stock investment fund or managing company of mutual investment fund (further - Rules of cost determination of net assets).

Rules of cost determination of net assets shall conform to requirements of the legislation of the Russian Federation, including this Instruction and other regulations of the Bank of Russia.

The managing company of mutual investment fund and joint-stock investment fund shall determine net assets value according to the Rules of cost determination of net assets approved by specialized depositary.

1.2. Net assets value is determined as difference between the cost of all assets of mutual investment fund or assets of joint-stock investment fund (further - assets) and the size of all obligations which are subject to execution at the expense of the specified assets (further - obligations), at the time of cost determination of net assets.

1.3. The asset cost and size of obligations are determined at fair value according to the International accounting standard (IFRS) 13 "Assessment of fair value" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of July 18, 2012 No. 106n "About enforcement and cancellation of documents of International accounting standards in the territory of the Russian Federation", registered by the Ministry of Justice of the Russian Federation on August 3, 2012 No. 25095 (The Russian newspaper of August 15, 2012), with the amendments enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of December 17, 2014 No. 151n "About introduction of documents of International accounting standards in action in the territory of the Russian Federation" the registered Ministry of Justice of the Russian Federation on January 15, 2015 No. 35544 ("The official Internet portal of legal information" (www.pravo.gov.ru), on January 15, 2015), taking into account requirements of this Instruction.

1.4. The asset cost including determined based on the report of the appraiser (further - the report of the appraiser) constituted according to requirements of the Federal Law of July 29, 1998 No. 135-FZ "About estimative activities in the Russian Federation" (The Russian Federation Code, 1998, No. 31, Art. 3813; 2002, No. 4, Art. 251; No. 12, Art. 1093; No. 46, Art. 4537; 2003, No. 2, Art. 167; No. 9, Art. 805; 2004, No. 35, Art. 3607; 2006, No. 31, Art. 3456; 2007, No. 7, Art. 834; No. 29, Art. 3482; No. 31, Art. 4016; 2008, No. 27, Art. 3126; 2009, No. 19, Art. 2281; No. 29, Art. 3582; No. 52, Art. 6419, Art. 6450; 2010, No. 30, Art. 3998; 2011, No. 1, Art. 43; No. 27, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7024, Art. 7061; 2013, №23, of Art. 2871; No. 27, Art. 3477; No. 30, Art. 4082; 2014, No. 11, Art. 1098; No. 23, Art. 2928; No. 26, Art. 3377; No. 30, Art. 4226; 2015, No. 1, Art. 52; No. 10, Art. 1418; No. 24, Art. 3372; No. 29, of the Art. 4342) (further - the Federal Law "About Estimative Activities in the Russian Federation"), is determined net of any taxes which are paid in accordance with the legislation of the Russian Federation or foreign state in case of acquisition and realization of the specified assets.

1.5. Assets (obligations) are accepted to calculation of net assets value in case of their recognition according to the International accounting standards enacted in the territory of the Russian Federation.

1.6. In case of cost determination of asset based on the report of the appraiser date of value assessment shall be not earlier than six months before date as of which net assets value is determined.

The asset cost is determined based on the report of the appraiser, available at the time of cost determination of net assets, with date of assessment of the closest to date of cost determination of asset.

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