RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of April 5, 2016 No. 20

About establishment of requirements of financial sufficiency and qualification requirements

Based on paragraphs of the tenth and eleventh of part one of article 8 of the Law of the Republic of Belarus of January 5, 2015 No. 231-Z "About the security market", Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

1. Establish the following requirements of financial sufficiency to professional participants of the security market (except for professional participants of the security market, being banks and the non-bank credit and financial organizations):

1.1. the minimum size of equity (net assets) of the professional participant of the security market shall correspond to the amount equivalent:

3 thousand basic sizes, – for the professional participants of the security market performing dealer activities;

5 thousand basic sizes, – for the professional participants of the security market performing broker activities;

30 thousand basic sizes, – for the professional participants of the security market performing activities for trust management of securities;

50 thousand basic sizes, – for specialized depositaries of the allocated assets;

200 thousand basic sizes, – for the professional participants of the security market performing clearing activities;

30 thousand basic sizes, – for the professional participants of the security market performing depository activity (for Central Securities Depository in the Republic of Belarus – 10 thousand basic sizes);

300 thousand basic sizes, – for the organizer of the securities trading, being stock exchange;

200 thousand basic sizes, – for other organizers of the securities trading.

The minimum sizes of equity (net assets) of professional participants of the security market specified in part one of this subitem are determined monthly proceeding from the size of basic size established according to the legislation.

When implementing by the professional participant of the security market at the same time of several work types and services constituting professional and exchange activity on securities, the minimum size of equity (net assets) of the professional participant of the security market shall correspond to the greatest sum determined in part one of this subitem for one of the work types and (or) services specified in the license for implementation of professional and exchange activity on securities;

1.2. obligations to creditors and on payments in the budget shall be carried out at the scheduled time;

1.3. borrowed funds shall not exceed the size of equity (net assets) of the professional participant of the security market;

1.4. value of coefficients of current liquidity and security with own current assets for the end of every quarter cannot be below the values specified in Item 11 of normative values of the solvency ratios differentiated by types of economic activity, approved by the resolution of Council of Ministers of the Republic of Belarus of December 12, 2011 No. 1672.

Calculation of the coefficients specified in part one of this subitem is perfromed according to the Instruction about procedure of payments of solvency ratios and carrying out financial analysis and the solvency of subjects of managing approved by the resolution of the Ministry of Finance of the Republic of Belarus and the Ministry of Economics of the Republic of Belarus of December 27, 2011 No. 140/206.

2. The requirement of financial sufficiency to professional participants of the security market - to banks and the non-bank credit and financial organizations is observance of the standard rates of safe functioning established by the bank law.

2-1. Determine that the minimum size of property of mutual investment fund in case of which achievement the mutual investment fund will be considered as created cannot be less amount, equivalent:

15 thousand basic sizes, – for open mutual investment fund;

20 thousand basic sizes, – for open interval mutual investment fund;

35 thousand basic sizes, – for closed-end investment fund.

The minimum size of net assets of joint-stock investment fund, management company of investment fund, specialized depositary of investment fund shall correspond to the amount equivalent:

200 thousand basic sizes, – for joint-stock investment fund;

50 thousand basic sizes, – for management company of joint-stock investment fund (except for banks and the non-bank credit and financial organizations);

100 thousand basic sizes, – for management company of mutual investment fund (except for banks and the non-bank credit and financial organizations);

50 thousand basic sizes, – for specialized depositary of investment fund (except for banks and the non-bank credit and financial organizations).

The minimum sizes of property (net assets) of investment funds, management companies of investment funds and specialized depositaries of investment funds specified in parts one and the second this Item are determined monthly proceeding from the size of basic size established according to the legislation.

3. Establish the following qualification requirements to heads of professional participants of the security market (except for heads of banks and the non-bank credit and financial organizations) and to their workers making actions within implementation of the works and services constituting professional and exchange activity on securities:

3.1. the head of the professional participant of the security market, workers who are heads of the structural divisions of the professional participant of the security market performing professional and exchange activity on securities shall have the competence certificate of the specialist of the security market (further - the competence certificate) the first category.

For the purposes of this subitem the structural division of the professional participant of the security market performing professional and exchange activity on securities is understood as its structural division (department, management, department or other division) which is headed by the worker subordinated directly to the head of the professional participant of the security market or its deputies which performs one or several work types and the services constituting professional and exchange activity on securities or part of which the structural division which is carrying out these works and services is;

3.2. the head of separate division (branch) of the professional participant of the security market and (or) its deputy controlling activities of separate division (branch) of the professional participant of the security market in the security market performing one or several work types and the services constituting professional and exchange activity on securities (further - separate division (branch) of the professional participant of the security market), shall have the competence certificate of the first category;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info