INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of May 30, 2016 No. 4027-U

About the list obligatory for development by the self-regulatory organizations in the sphere of the financial market uniting the microfinancial organizations, credit consumer cooperatives, basic standards and requirements to their content, and also the list of transactions (content of the types of activity) in the financial market which are subject to standardization depending on type of activity of the financial organizations

This Instruction based on part 2 of article 5 of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market and about introduction of amendments to articles 2 and 6 of the Federal law "About Modification of Separate Legal Acts of the Russian Federation" (The Russian Federation Code, 2015, No. 29, the Art. 4349) establishes the list obligatory for development by the self-regulatory organizations in the sphere of the financial market (further - self-regulatory organizations) uniting the microfinancial organizations, credit consumer cooperatives, basic standards and the requirement to their content and also the list of transactions (content of the types of activity) in the financial market which are subject to standardization depending on type of activity of the financial organizations.

Chapter 1. The list obligatory for development of basic standards by self-regulatory organizations

1.1. The self-regulatory organizations uniting the microfinancial organizations shall develop basic standards:

on risk management;

making of transactions in the financial market;

protection of the rights and interests of physical persons and legal entities - receivers of the financial services rendered by members of the self-regulatory organizations uniting the microfinancial organizations.

1.2. The self-regulatory organizations uniting credit consumer cooperatives shall develop basic standards:

on risk management;

corporate management;

making of transactions in the financial market;

protection of the rights and interests of physical persons and legal entities - receivers of the financial services rendered by members of the self-regulatory organizations uniting credit consumer cooperatives.

Chapter 2. The list of the transactions in the financial market which are subject to standardization depending on type of activity of the financial organizations

2.1. Basic standards of making of transactions in the financial market are developed according to the following list of transactions (content of types of activity) in the financial market, standardization subjects, concerning the microfinancial organizations:

attraction of money of physical persons;

issue of microloans.

2.2. Basic standards of making of transactions in the financial market are developed according to the following list of transactions (content of types of activity) in the financial market, standardization subjects, concerning credit consumer cooperatives:

attraction of money of physical persons - members of credit cooperative (unitholders) based on the agreement of transfer of personal savings;

issue of mortgage loans (including with their return at the expense of means of the maternity (family) capital);

conclusion of guarantee agreements and pledge.

Chapter 3. Requirements to contents of basic standards

3.1. The basic standard on risk management developed by the self-regulatory organizations uniting the microfinancial organizations, credit consumer cooperatives shall contain following provisions.

3.1.1. The provisions determining the purposes and tasks of risk management system of the financial organization, and also set of methods and the methods allowing the financial organization to predict emergence of risks and to take the measures directed to minimization of their consequences with certain accuracy.

3.1.2. The provisions establishing the principles and approaches to the organization of the risk management system including identification, monitoring it is risk also risk management, including requirements for realization of the following principles:

continuity of risk management process;

efficiency (achievement of the set results with use of the smallest amount of means) risk management process;

compliance of risk management system to type of activity of the financial organization, to nature and amounts of the made transactions;

ensuring timely finishing information concerning risk management system to data of governing bodies of the financial organization.

3.1.3. The list of the main risks which are subject to management, and also reflecting specifics of activities of the financial organization.

3.1.4. The provisions determining system of separation of powers, functionality and internal procedures of the financial organization in the sphere of risk management.

3.2. The basic standard of corporate management developed by the self-regulatory organizations uniting credit consumer cooperatives shall contain following provisions.

3.2.1. The provisions determining the principles of corporate management by credit consumer cooperative, in particular:

the principle of management for the benefit of members of credit consumer cooperative (unitholders);

the principle of respect for equality of conditions for members of credit consumer cooperative (unitholders) when implementing of the rights by them.

3.2.2. The provisions determining mechanisms of realization of the principles specified in subitem 3.2.1 of this Item.

3.2.3. The provisions determining procedure:

confirmations of conformity of person who submitted the application for the introduction in members of credit consumer cooperative (unitholders), to the territorial, professional and (or) social principles of consolidation of members of credit consumer cooperative (unitholders);

checks of compliance of members by credit consumer cooperative of credit consumer cooperative (unitholders) to the territorial, professional and (or) social principles of consolidation of members of credit consumer cooperative (unitholders);

checks by credit consumer cooperative of observance of requirements to number of members of credit consumer cooperative (unitholders) who are not corresponding to the territorial, professional and (or) social principles of consolidation of members of credit consumer cooperative (unitholders) and (or) lost compliance to the territorial, professional and (or) social principles of consolidation of members of credit consumer cooperative (unitholders).

3.2.4. The provisions establishing rules and procedures of decision making by governing bodies of credit consumer cooperative.

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