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INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of August 11, 2017 No. 4488-U

About the organization and implementation in the Bank of Russia of activities of curators of not credit financial credit institutions and self-regulatory organizations in the sphere of the financial market

(as amended on 09-08-2021)

This Instruction based on 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. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, Art. 4225, Art. 4273, Art. 4295; 2017, No. 1, Art. 46; No. 14, Art. 1997; No. 18, Art. 2661, Art. 2669; No. 27, "The official Internet portal of legal information" (www.pravo.gov.ru), on July 19, 2017) (further - the Federal Law "About the Central Bank Russian Federation (Bank of Russia)") establishes procedure for the organization and implementation in the Bank of Russia of activities of curators of not credit financial credit institutions (further - NFO) and self-regulatory organizations in the sphere of the financial market (further - SRO).

Chapter 1. General provisions

1.1. The department of the insurance market, Department of investment financial intermediaries, Department of infrastructure of the financial market, Department of the microfinancial market and the territorial offices of the Bank of Russia exercising control and supervision of observance of NFO and SRO within the competence (further in case of joint mentioning - persons under surveillance of the organization) requirements of the legislation of the Russian Federation, including regulations of the Bank of Russia (further - operating units), determine employees of the operating units responsible for implementation of the functions provided by this Instruction by control and supervision concerning the corresponding persons under surveillance of the organizations (further - curators).

1.2. The purpose of the organization and implementation in the Bank of Russia of activities of curators is increase in efficiency of implementation by the Bank of Russia of control and supervision of activities of the corresponding persons under surveillance of the organizations, including adoption of decisions by operating units within implementation by the Bank of Russia of the specified control and supervision, by means of carrying out monitoring of activities of persons under surveillance of the organizations regarding compliance to requirements of the legislation of the Russian Federation, including regulations of the Bank of Russia, and identification of risks in activities of the subsupervising organization, including risks which realization can lead to loss of financial stability of the subsupervising organization, violation of going concern of the subsupervising organization and (or) other adverse effects which can result in lack of possibility of implementation of activities of the subsupervising organization (further - risks of the subsupervising organization).

1.3. Determination of curators concerning insurance companies, the procedure and the terminations of the activities by them is performed according to the Provision of the Bank of Russia of December 22, 2014 No. 447-P "About curators of insurance companies", the registered Ministry of Justice of the Russian Federation on May 12, 2015 No. 37236.

1.3.1. Provisions of this Instruction extend to foreign insurance companies regarding the activities performed in the territory of the Russian Federation through the branches created by them and also regarding monitoring of data on reorganization or liquidation, about introduction of insolvency proceeding and about recognition by the bankrupt of foreign insurance company in the state (in the territory) where the foreign insurance company is registered (further - place of registration), and also about acceptance by regulatory authority of place of registration of the decision on suspension, about restriction or the termination of the right of foreign insurance company to implementation of insurance activity in place of registration.

1.4. Provisions of this Instruction do not extend to the central partners, being non-bank credit institutions, and also to not credit financial credit institutions performing the types of activity specified in Items 14 - 16 parts one of article 76.1 of the Federal law "About the Central Bank Russian Federation (Bank of Russia)".

Chapter 2. Procedure for determination of the curator concerning the subsupervising organization and the termination of the activities by it

2.1. Operating units establish the list of persons under surveillance it the organizations concerning which curators perform the functions provided by this Instruction on control and supervision (further - the list). The curator can perform the functions provided by this Instruction on control and supervision concerning one or several persons under surveillance of the organizations.

2.2. Determination of the curator concerning the subsupervising organization specified in the list is performed based on the decision of the head of the operating unit (person, it replacing) accepted taking into account personal and professional qualities of the employee of the operating unit holding position not below the leading expert in case of compliance of such worker to requirements, the stipulated in Item 2.3 presents of the Instruction.

The decision of the head of operating unit (person, it replacing) about determination of the curator concerning the subsupervising organization is drawn up by the administrative document of operating unit.

Along with determination of the curator concerning the subsupervising organization the operating unit determines persons, the acting as the curator in case of its absence (further - persons replacing the curator).

Provisions of this Instruction extend also to persons replacing the curator.

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