INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 29, 2016 No. 4144-U

About requirements to risk management system, connected with implementation of repository activities, and to rules of risk management of repository

This Instruction based on Item 5 of article 15.7 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. 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, Art. 4348, Art. 4357; 2016, No. 1, Art. 50, Art. 81; No. 27, of the Art. 4225) (further - the Federal Law "About the Security Market") establishes requirements to risk management system, connected with implementation of repository activities (further - risks of repository), and to rules of risk management of repository.

Chapter 1. General provisions

1.1. The repository shall organize risk management system in accordance with the legislation of the Russian Federation, including this Instruction, regulatory legal acts of the Russian Federation and regulations of the Bank of Russia establishing requirements to risk management system, connected with implementation of types of activity with which repository activities, in the part which is not contradicting requirements of this Instruction taking into account the features established by the paragraph the second this Item are combined.

The repository which is the organization combining the activities with activities of credit institution shall be guided by the Instruction of the Bank of Russia of April 15, 2015 No. 3624-U "About requirements to risk management system and the capital of credit institution and banking group", the registered Ministry of Justice of the Russian Federation on May 26, 2015 No. 37388, on December 28, 2015 No. 40325 ("the Bulletin of the Bank of Russia" of June 15, 2015 No. 51, of December 31, 2015 No. 122), the Provision of the Bank of Russia of December 16, 2003 No. 242-P "About the organization of internal control in credit institutions and banking groups", the registered Ministry of Justice of the Russian Federation on January 27, 2004 No. 5489, on December 22, 2004 No. 6222, on March 20, 2009 No. 13547, on June 30, 2014 No. 32913 ("the Bulletin of the Bank of Russia" of February 4, 2004 No. 7, of December 31, 2004 No. 74, of April 1, 2009 No. 21, of July 9, 2014 No. 63), the paragraph the second Item 1. 2, paragraphs second and third Item 1. 4, paragraph third Item 1. 5, Chapter 2, paragraph the second subitem 3.2. 1, subitems 3.2. 2,3.2.4, 3.2.6, 3.2.8 of Item 3.2 of this Instruction, and also according to requirements of Chapter 5 of this Instruction shall develop rules of risk management of repository which contents is determined taking into account the regulations stated above, and also requirements of this Instruction stated above.

1.2. Within the organization of risk management system the repository shall provide implementation of the actions provided by this Instruction including identification, monitoring and the risks assessment provided by Chapters 2 - 4 presents of the Instruction (further - significant risks), when rendering with repository of the services determined by Item 1 of article 15.5 of the Federal law "About the Security Market" (further - repository services), and also other risks which realization can lead to loss of financial stability of repository and (or) violation of going concern on rendering repository services, and (or) other adverse effects which can result in impossibility of rendering repository services, and also management of the specified risks.

Risk management system of repository shall provide management both with risks of repository, and the risks arising when implementing types of activity with which repository activities are combined.

In case of attraction by repository of the third parties for accomplishment of the separate transactions necessary for implementation of repository activities, risk management system of repository shall provide risk management, connected with involvement of the third parties.

1.3. The repository within risk management system shall designate the official or create the separate structural division responsible for risk management of repository, except for risk of emergence of losses of repository as a result of non-compliance with the legislation of the Russian Federation by it, internal documents of repository, application concerning repository of sanctions and (or) other corrective actions from supervisory authorities (further - regulatory risk), identification, monitoring and which assessment, and also control of which shall be exercised of the official (structural division) responsible for implementation of internal control of repository.

The official (head of the structural unit) responsible (responsible) for risk management, connected with implementation of activities with which repository activities are combined, can be appointed (is appointed) responsible for risk management of repository with assignment of functions of the organization of risk management of repository to it and management of them.

1.4. The official (the head of separate structural division) responsible (responsible) for the organization of risk management system of repository, cannot perform functions which are not connected with the management or the organization of risk management of repository and (or) risks arising when implementing types of activity with which repository activities are combined.

The official (head of the structural unit) responsible (responsible) for risk management of repository (further - the official), shall be accountable to the board of directors (supervisory board) of repository.

The official shall regularly, but at least once in six months, to represent to the board of directors (supervisory board) of repository reports within the organization of risk management system, including about management of significant risks, except for regulatory risk (further - reports on risk management of repository).

1.5. The repository within the organization of risk management system of repository shall provide:

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