On The Commodity Exchanges And Stock Trading

Original Language Title: О товарных биржах и биржевой торговле

Read the untranslated law here: http://pravo.gov.ru/proxy/ips/?doc_itself=&infostr=x&backlink=1&fulltext=1&nd=102014746

Ceases to be in force from January 1, 2014 year-Federal Act of 21 N 327-FZ z and c o n Russian Federation on commodity exchanges and exchange trade (under the editorship of laws of the Russian Federation dated 24 June 92 N-3119 (I);
from 30/04/93 N 4919-I; Federal laws from 19.06.95 N 89-FZ; from 21.03.2002 N 31-FZ;
from 06/29/2004 N 58-FZ; from 23.12.2005 N 189-FZ;
from 15.04.2006 N 47-FZ; from 17.07.2009 N 164-FZ;
from 25.11.2009 N 281-F3; from 27.07.2010 N 224-FZ;
from 19/07/2011 N 248-FZ; from arrival N 249-FZ), this law aims at normalization of relations on the establishment and operation of commodity exchanges, stock trading and providing legal guarantees for the work on commodity exchanges.
Section i. General provisions article 1. Law on commodity exchanges and trading Relations, connected with the activity of commodity exchanges (their branches and other separate subdivisions) and Exchange traffic, are governed by the present law and other legislative acts of the Russian Federation, as well as the founding documents of the exchanges, the rules of Exchange trade and other internal documents of the exchanges, adopted in accordance with the law. The relations associated with the activities of the labour exchanges, stock and currency exchanges, as well as stock and currency sections (divisions) of commodity, commodity and stock exchanges, and generic are not governed by this law.
Article 2. The concept of commodity exchange 1. Under the commodity exchange for the purposes of this Act refers to the Organization as a legal entity, forming the wholesale market through the Organization and regulation of Exchange trade, carried out in the form of vowels public sales in a certain place and time to set its rules.
2. A commodity exchange can have subsidiaries and other separate subdivisions established in accordance with the law.
Commodity exchange hereinafter also referred to as "the Exchange".
Article 3. The sphere of activity of commodity exchange 1. Exchange shall have the right to carry out activities directly associated with the Organization and management of stock trading, except for the activities under paragraphs 2 and 3 of this article.
2. Exchange cannot exercise trade, trade-intermediary and other activities not directly associated with the Organization of trading. This restriction does not apply to legal and natural person who is a member of the Exchange.
3. Exchange deposits may not acquire shares (shares), shares of organizations if these organizations do not aim to carry out activities under paragraph 1 of this article. (As amended by the Federal law of 15.04.2006 N 47-FZ), Article 4. Stock unions, associations and other associations 1. Exchange can create unions, associations and other associations to coordinate their activities, to protect the interests of its members and the implementation of joint programmes, including the Organization of joint bidding.
2. it is prohibited to create Exchange unions, associations and other associations, if their education is contrary to the requirements of antimonopoly legislation of the Russian Federation and the present law, as well as agreements are null and void and actions aimed at exchanges or entailing the removal or restriction of competition in stock trading.
Article 5. The restriction of the use of the word "Exchange" and "commodity exchange" in names of organizations (as amended by the Federal law of 15.04.2006 N 47-FZ) of the organization that do not meet the requirements laid down in articles 2 and 3 of this Act, as well as their subsidiaries and other separate subdivisions do not have the right to organize exchange trading, use in its name the words "Exchange" or "commodity exchange".
(As amended by the federal laws from 21.03.2002 N 31-FZ; from 15.04.2006 N 47-FZ), Article 6. 1 commodity. Under the stock of the goods for the purposes of this Act is not exempt from the turnover of goods of a particular kind and quality, in the prescribed manner by the Exchange to the stock trading. (As amended by federal law from 25.11.2009 N 281-FZ)
2. Stock goods cannot be real estate and intellectual property.
3. in the cases and pursuant to the procedure established by the Government of the Russian Federation, commodity exchange performs registration of OTC transactions to exchange goods, including long-term supply contracts, maintains a register of these transactions and provides information from the appropriate registry keys. (Para supplemented by federal law from 25.11.2009 N 281-FZ)
4. the Parties shall exchange with commodity OTC transactions, including long-term supply contracts are required to submit information on such commodity exchange transactions in cases, in order, to the extent and within the time limits established by the Government of the Russian Federation. (Para supplemented by federal law from day of arrival N 249-FZ) Article 7. Stock Exchange transaction 1. The stock transaction is registered by the stock exchange agreement (Agreement), concluded the participants exchange trade in respect of the exchange of goods during trading. Procedure for registration and registration of stock exchange transactions shall be established by the Exchange.
2. Transactions on the Exchange, but which do not conform to the requirements referred to in paragraph 1 of this article are not stock. Warranty exchanges on such transactions do not apply.

Exchange shall have the right to apply sanctions to parties exchange trading who nebirzhevye transactions on the Exchange.
3. Exchange transactions cannot be performed on behalf and for the account of the Exchange.
Article 8. Types of exchange transactions 1. During the trades organized commodity exchange, might be a sale-purchase transaction of the exchange of goods, as well as be treaties that are financial derivatives, asset base which is a commodity.
2. Contracts are derivative financial instruments concluded at the Exchange auctions, apply the provisions of article 51-4 April 22, 1996 federal law N 39-FZ "on securities market", if it does not contradict the substance of relations arising from such contracts.
(Article in the Editorial Office of the Federal law from 25.11.2009 N 281-FZ) Article 9. Commence mediation on commodity exchanges 1. Exchange trade is carried out by: the Commission of stock exchange's transactions of Exchange mediates on behalf of the customer and at his expense, on the client's behalf and for their own account or on its own behalf and at the expense of the clients (brokering);
the Commission of stock exchange transactions Exchange intermediary on its own behalf and for their own account, with a view to subsequent resale (dealer).
2. Stock Trading brokerage is carried out exclusively by stock brokers.
Article 10. Stock brokers 1. Under stock brokers for the purposes of this Act refers to brokerage firms, brokerage houses and independent brokers.
2. Brokerage firm is an organization established in accordance with the legislation of the Russian Federation. (As amended by the Federal law of 15.04.2006 N 47-FZ)
3. A brokerage firm for the purposes of this Act is the branch or other separate organizational unit has a separate balance and current account. (As amended by the Federal law of 15.04.2006 N 47-FZ)
4. Independent broker is an individual person, duly registered as an entrepreneur, carrying out their activity without formation(education) of the legal person.
SECTION II. The ESTABLISHMENT, organization and procedure of the TERMINATION of the ACTIVITIES of the COMMODITY EXCHANGE Article 11. The establishment of a commodity exchange 1. Exchange can be established by legal and (or) physical persons and is subject to state registration in accordance with the established procedure.
2. In establishing the exchanges are not eligible: State bodies and local self-government bodies; (As amended by the Federal law of 15.04.2006 N 47-FZ) banks and credit institutions, in the prescribed manner have obtained license for carrying out banking operations;
insurance and investment companies and funds;
social, religious and charitable associations (organizations) and funds;
individuals who by law could not carry out entrepreneurial activities.
3. The share of each of the founder or a member of the Exchange in its authorized capital may not exceed ten percent.
Article 12. License for organizing exchange trade 1. Exchange trade on exchanges can take place only on the basis of a license issued in accordance with the established procedure by the Federal Executive Body in the field of financial markets. (As amended by the federal laws on 29.06.2004 N 58-FZ; from 15.04.2006 N 47-FZ; from arrival N 249-FZ) (repealed-Federal Act of arrival N 249-FZ) 2. (Repealed-Federal Act of arrival N 249-FZ)
3. (repealed-Federal Act of arrival N 249-FZ) 4. (Repealed-Federal Act of arrival N 249-FZ)
5. (repealed-Federal Act of arrival N 249-FZ) Article 13. Elimination of the commodity exchange, the Elimination of the Exchange can be effected by a decision of the supreme body of management of the Exchange, as well as by a court or arbitral tribunal, in the manner and under the conditions stipulated by legislative acts of the Russian Federation.
Article 14. Members of the Mercantile Exchange 1. Members of the exchange for the purposes of this Act can be legal or natural persons (except those listed in paragraph 2 of this article) who are involved in the formation of the Charter capital of the Exchange or that provide membership or other earmarked contributions in property exchange and become members of the Exchange in the manner provided for in its founding documents.
2. the members of the Mercantile Exchange may not be: members of this or any other commodity exchange;
the organization if their heads (alternates of their leaders or heads of branches and other separate subdivisions) are employees of the Exchange; (As amended by the Federal law of 15.04.2006 N 47-FZ), State bodies and local self-government bodies; (As amended by the Federal law of 15.04.2006 N 47-FZ) banks and credit institutions, in the prescribed manner have obtained license for carrying out banking operations, insurance and investment companies and funds. At that, these institutions may be members of stock and currency sections (divisions) of commodity exchanges;
social, religious and charitable associations (organizations) and funds;
individuals who by virtue of the law may not engage in entrepreneurial activities;
(The paragraph is supplemented by federal law from 17.07.2009 N 164-FZ; expired-the Federal law from 25.11.2009 N 281-FZ)

2-1. the members of the Mercantile Exchange, which occupy a dominant position on the market of a certain commodity and selling commodity on the stock exchange, as well as their authorized representatives are not eligible to participate in decision-making at the General meetings of members of the Exchange and other authorities exchange on approval of the rules of Exchange trade and other documents governing stock trading data. (Para supplemented by federal law from 25.11.2009 N 281-FZ)
3. membership at the Exchange gives right to: participate in stock trading in accordance with this law;
to participate in decision-making at the General meetings of members of the Exchange, as well as in other bodies of administration of the Exchange, in accordance with the provisions laid down in the constituent instruments and other regulations applicable to the Exchange;
to receive dividends, if they are provided by the founding documents of the Exchange, and other rights provided by the founding documents of the Exchange.
4. membership on the exchange occurs in the manner and under the conditions laid down by the founding documents of the Exchange, and is confirmed by corresponding certificate issued by the stock exchange.
5. Order the termination of the membership, as well as the total or partial assignment of rights an Exchange member is determined by the Exchange with regard to the requirements provided for in clauses 6 and 7 of this article.
6. Assignment of the right to participate in Exchange trading without the transfer or sale of certificates (titles) ownership of share capital and rights to participate in the management of the Exchange is not allowed, except in the cases prescribed by this Act.
7. The members of the exchange for the purposes of this Act have the right to rent (assign to a particular treaty term) their right to participate in a stock trade only one legal or natural person. The agreement must be registered on the stock exchange. Sublease (assignment) participatory rights in stock trading is not allowed.
8. Failure of the Exchange to approve membership, as well as its decision to exclude a member of the Exchange or the suspension on grounds not covered by the Charter of the Exchange may be appealed in court.
9. The members of the Exchange, are the founders of the Exchange, may have special rights and responsibilities on the Exchange outside the sphere of Exchange trade, provided that those rights and obligations are set out in the Charter of the Exchange and do not violate the equality rights of founders and other members of the exchange trading. These rights are granted to the founders of no more than three years from the moment of State registration.
Article 15. Categories commodity exchange on the Exchange can be the following categories of members: full members, with the right to participate in trades in all sections (departments, offices) and a certain number of exchanges the founding documents of the votes at the general meeting of members and at general meetings of the members of the sections (divisions) of the Exchange;
incomplete-members with the right to participate in trades in the appropriate section (Department Department) and on some founding documents of the Exchange amount of votes at the general meeting of Exchange members and the general membership meeting of the section (Division, branch).
Article 16. General meeting of the members of the Mercantile Exchange 1. General meeting of Exchange members is the highest management body of the Exchange.
2. the general meeting of Exchange members ensures the realization of all the rights and obligations of the Exchange and its members.
Article 17. The Statute of commodity exchange Charter exchange shall be determined: management structure and exchange control authorities, their functions and powers, decision-making;
the size of the authorized capital;
the list and the procedure of forming permanent funds;
the maximum number of members of the Exchange;
the procedure for admission to membership in the Exchange, suspension and termination of membership;
rights and obligations of the members and other participants of Exchange trade;
the procedure for resolution of disputes between parties to the Exchange trade on the exchange deals, activity of the Exchange, its affiliates, and other separate subdivisions.
Article 18. Rules of Exchange trade exchange trading rules must be defined: procedure for holding exchange trades;
types of exchange transactions;
name of commodity sections;
list of basic structural units of the Exchange;
How to inform participants of stock trading on upcoming Exchange tenders;
the order of registration and accounting of stock exchange transactions;
order price quotes of commodities;
How to inform participants of stock trading on the exchange deals at previous trades, including on pricing of stock exchange transactions and the quotation of stock exchange prices;
How to inform members and other participants in the Exchange trade on commodity markets and commodity market conditions;
the procedure for netting of Exchange members and other participants in the Exchange trade when concluding exchange deals;
(New paragraph twelfth supplemented by federal law from 19.06.95 N 89-FZ; void-Federal Act of 19/07/2011 N 248-FZ) measures to control the process of pricing in the Exchange in order to avoid a sharp increase or decrease levels of day prices, inflated or underpriced, conspiracy or spread false rumours to influence prices;
measures to ensure order and discipline at the Exchange auctions, as well as the procedure and conditions for applying these measures;

measures to ensure that members of the Exchange, the other parties to the stock trading decisions of public bodies on matters relating to the activities of the exchanges, the constituent documents of the Exchange, exchange trading rules, decisions of the general meeting of Exchange members and other bodies of administration of the Exchange; (As amended by the Federal law of 15.04.2006 N 47-FZ) list of violations for which Exchange collected fines from participants of stock trading, as well as fines and order their charging;
dimensions of fees, taxes, tariffs and other charges and the manner of their charging Exchange.
SECTION III. ORGANIZING EXCHANGE TRADE and Article 19. Participants exchange trade 1. Participants of stock trading for the purposes of this Act are members of the Exchange, permanent and occasional customers.
2. Customers participating in the exchange trading stock trading subject to the limitations provided for in article 21 of this law.
3. Foreign legal entities and physical persons who are not members of the exchanges, can participate in Exchange trade exclusively through stock brokers.
Article 20. Participation of members of the Mercantile Exchange trading 1. Members of the Exchange are brokerage firms or independent brokers carry out stock trading directly on its own behalf and for their own account, or on the client's behalf and at his expense, or on its behalf at the client's expense, or on behalf of a client at his own expense.
2. the members of the exchanges, which are not brokerage firms or independent brokers engaged in stock trading: directly on its own behalf-only trade in real goods exclusively for own account, without the right to commence mediation;
through organized by their brokerage houses;
on a contractual basis with brokerage firms, brokerage firms and independent brokers operating at this Exchange.
Article 21. Customers exchange trading 1. Under the Exchange trade visitors for the purposes of this law refers to legal and physical persons who are not members of the Exchange and having, in accordance with the founding documents of the exchange the right to conduct exchange transactions. Customers exchange trading can be permanent and ad hoc.
2. permanent customers are brokerage firms, brokerage firms or independent brokers may exercise stock mediation in the manner and under the conditions established by this Act for members of the Exchange taking into account the peculiarities stipulated by paragraphs 3 and 4 of this article.
3. Regular visitors do not participate in the formation of the Charter capital and the management of the Exchange.
Permanent customers benefit from Exchange and are expected to pay a fee for the right to participate in stock trading in the amount defined by the control body concerned.
Provide permanent visitor the right to participate in trades for more than three years of age are not allowed.
4. (repealed-the Federal law from 25.11.2009 N 281-FZ) 5. One-time customers are entitled to exchange trading transactions only on real goods on its own behalf and at its own expense.
Article 22. Stock brokers Stock transactions are made during the exchange trades through stockbrokers.
Stock brokers are employees or representatives of organizations-members of the Exchange and stock exchange intermediaries and independent brokers. (As amended by the Federal law of 15.04.2006 N 47-FZ), Article 23. Licensing of Exchange intermediaries, stock brokers trading Conclude contracts that are financial derivatives, asset base which is a commodity exchange, is carried out by intermediaries, stock brokers based on licenses issued by the Federal Executive Body in the field of financial markets. (As amended by the federal laws of 15.04.2006 N 47-FZ; from 25.11.2009 N 281-F3; from arrival N 249-FZ) Regulation on licensing of stock brokers and stockbrokers engaged in stock trading contracts are derivative financial instruments, basic asset of which is a commodity, is approved by the Government of the Russian Federation. (As amended by federal law from 25.11.2009 N 281-FZ)
(Part three of lapsed federal law from 15.04.2006 N 47-FZ) Article 24. Accounting for stock transactions by stock brokers brokerage firms, brokerage houses and independent brokers are obliged to keep records of committed stock trading stock exchange transactions for each customer and store information about these transactions for a period of five years from the date of the transaction.
Brokerage firms, brokerage houses and independent brokers are required to provide this information at the request of the Bank of Russia. (As amended by the federal laws of 15.04.2006 N 47-FZ; from arrival N 249-FZ), Article 25. The relationship between stock brokers and their customers 1. The relationship between stock brokers and their customers are determined on the basis of the relevant treaty.
2. Exchange within their authority may regulate the relationship Exchange's brokers and their clients, to apply sanctions in accordance with the established procedure to Exchange intermediaries that violate the rules of relationships of Exchange facilitators with their clients.

3. Jobbers are entitled to require their clients to make guarantee fees on their current accounts opened in the settlement (clearing), as well as the disposition of rights on behalf of the Exchange facilitator as requested, the.
Article 26. Brokerage Guild and their associations 1. Stock brokers, stockbrokers may create brokerage Guild, in particular exchanges. Brokerage of the Guild can be combined in the Association.
2. Brokerage Guild and their associations are created in the manner and under the conditions established by the law on public associations (organizations).
Article 27. Mercantile Exchange commodity exchange expertise on-demand exchange trade participant is obliged to arrange for the examination of the quality of real goods sold through stock trades.
Article 28. Warranty in stock trading in contracts that are derivative financial instruments (as amended by federal law from 25.11.2009 N 281-FZ dated December 30, 2008) 1. Exchange in order to ensure the fulfilment of treaties concluded by it are derivative financial instruments, is obliged to arrange settlement services through the establishment of settlement institutions (clearing), created in accordance with the established procedure, or conclusion of a contract with a bank or lending institution on the Organization of the calculation (clearing). (As amended by federal law from 25.11.2009 N 281-FZ)
2. Clearing centres may be established as independent from the Exchange organization to Exchange intermediaries.
3. Clearing centers may establish forms, extent and procedure for levying contributions guaranteeing contracts are derivative financial instruments, and compensation for damage resulting from the total or partial non-performance of obligations under the treaties, as well as identify other financial commitments of the parties to those treaties; (As amended by federal law from 25.11.2009 N 281-FZ) exercise in the prescribed manner lending and insurance parties to treaties, derived financial instruments, to the extent necessary to safeguard those treaties, as well as compensation in the event of default. (As amended by federal law from 25.11.2009 N 281-FZ), Article 29. Guarantees of free trading prices 1. Exchange has the right to an independent and free establishment: deductions in favor of the Exchange from commissions received stock broker fee for brokering the Exchange;
fees, rates and other fees payable to the Exchange with its members and other participants of stock trading for the services provided by the Exchange and its units;
fines for violation of the Charter of the Exchange rules of Exchange trade and other rules established by internal documents of KASE.
2. do not install Exchange: levels and price limits on commodity trading;
remuneration, the amount of stock brokers for mediation in exchange deals.
Article 30. Settlement of disputes 1 commodity exchange. Disputes related to the conclusion of the exchange deals, deals with the exchange of the Arbitration Commission, the Court of arbitration.
2. Exchange Arbitration Commission is created as a body exercising conciliation or performs other functions of the arbitral tribunal.
3. the provisions on Exchange Arbitration Commission and on the procedure of consideration of disputes shall be approved by the stock exchange in accordance with the law.
4. (deleted in accordance with the law of the Russian Federation dated 24 June 92 N 3119-I) Article 31. Foreign trade activities commodity exchanges 1. Exchange is entitled to conclude on their own behalf agreements on cooperation with foreign corporations and individuals within the rights granted to it the present law and other legislative acts, including agreements imports of goods intended for the implementation of the activities of the Exchange in accordance with article 2 of this law, without the right to invoice these items on stock trades.
Exchange does not have the right to import goods intended to be placed on stock trades or for purposes not provided for in this article.
2. export and import of goods intended to be placed on stock trades, performed stock brokers or their clients, in the manner prescribed by law and this Act.
Article 32. Employees of the Mercantile Exchange 1. Commodity exchange employees are individuals involved in its activities on the basis of an employment contract in the form of a contract.
Conditions of employment of employees of the Exchange are governed by employment contract in the form of a contract in accordance with this law and other legislative acts.
2. Employees are not allowed to Exchange in exchange transactions and create their own brokerage firms, as well as the use of insider information to further their own interests. (As amended by federal law from 27.07.2010 N 224-FZ), SECT. IV. STATE REGULATION of COMMODITY EXCHANGES Article 33. (Repealed-Federal Act of 15.04.2006 N 47-FZ) Article 34. Functions of the Bank of Russia for the control and supervision of commodity exchanges, stock brokers and stock brokers, the Bank of Russia:

monitors compliance with the legislation of the Russian Federation on exchanges;
complaints parties exchange trading abuses and violations of the laws of the Russian Federation in stock trading.
(Article in the Editorial Office of arrival, Federal Law No. 249-FZ) Article 35. The powers of the Bank of Russia to monitor and supervise the activities of commodity exchanges, stock brokers and stockbrokers (as amended by the federal laws of 15.04.2006 N 47-FZ; from arrival N 249-FZ), the Bank of Russia has the right to: (as amended by federal law from day of arrival N 249-FZ) (repealed-Federal Act of arrival N 249-FZ) to revoke issued by the Exchange licence or suspend its operation, if Exchange violates the law;
Send exchange a binding requirement to abolish or amend the provisions of the constituent documents, exchange trading rules, decisions of the general meeting of Exchange members and other controls by the Exchange, or termination of the activity which contrary to law;
send at the facilitator a binding requirement to cease the activity, which is contrary to law;
apply to Exchange or Exchange facilitator appropriate sanctions in case of violation of the legislation, non-performance or late performance of the requirements of the Bank of Russia; (As amended by the federal laws of 15.04.2006 N 47-FZ; from arrival N 249-FZ) appoint a public Commissioner on the stock exchange;
to organize, in consultation with the authorities of the Russian Federation financial control audits the activities of stock exchanges and intermediaries;
demand from the exchanges, clearing agencies (clearing centres) and Exchange intermediaries represent records;
sent to the Court or arbitral tribunal materials for application of statutory sanctions to the exchanges and their members that have violated the law, and in the case of the indicia of a crime to transmit material to appropriate law-enforcement agencies.
Article 36. Sanctions for violation of this law 1. The Bank of Russia has the right to apply to the Exchange authorization in the form of suspension of a license issued by the Exchange, for a period of up to three months in cases of violation of the provisions of article 3, paragraphs 2, 3; Article 4, paragraph 2; paragraph 3 of article 7; paragraph 3 of article 11; paragraphs 2 (paragraphs third, fourth and fifth) and 7 of article 14; paragraph 2 (the first paragraph) of article 20; paragraph 1 of article 28; paragraph 2 of article 29; paragraph 1 of article 31 of this law. (As amended by the federal laws of 15.04.2006 N 47-FZ; from arrival N 249-FZ) 2. If Exchange continues to tolerate violation of the provisions of this Act referred to in paragraph 1 of this article, the Bank of Russia have a right to cancel issued Exchange license for organizing exchange trade. (As amended by the federal laws of 15.04.2006 N 47-FZ; from day of arrival N 249-FZ)
3. (repealed-Federal Act of 15.04.2006 N 47-FZ) 4. Received by the Bank of Russia, its officers, its officials and employees from Exchange and (or) a stockbroker, the Exchange mediator and other parties to exchange trade data is treated as confidential and cannot be disclosed without the consent of the latter. (As amended by the federal laws of 15.04.2006 N 47-FZ; from day of arrival N 249-FZ) of the Bank of Russia, its officers and employees are prohibited from disclosing information on commodity exchanges and (or) stock brokers, stock brokers and other participants in the Exchange trade, containing trade secrets. (As amended by the federal laws of 15.04.2006 N 47-FZ; from day of arrival N 249-FZ)
5. (repealed-Federal Act of 15.04.2006 N 47-FZ) 6. (Repealed-Federal Act of 15.04.2006 N 47-FZ) Article 37. State Commissioner 1 commodity exchange. State Commissioner on the exchange carries out direct control over compliance with the Exchange and stock exchange intermediaries legislation.
2. the State Commissioner on the Exchange shall have the right to: attend the Exchange tenders;
participate in general meetings of members of the Exchange and the General meetings of the members of the sections (divisions) of the Exchange with the right of deliberative vote;
get acquainted with information about activity of the Exchange, including all minutes of meetings and of the meetings of the bodies of administration of Exchange and their decisions, including those of a confidential nature;
make suggestions and make a presentation to the management of the Exchange;
make proposals to the Bank of Russia; (As amended by the federal laws of 15.04.2006 N 47-FZ; from day of arrival N 249-FZ) to monitor the implementation of decisions of the Bank of Russia; (As amended by the federal laws of 15.04.2006 N 47-FZ; from arrival N 249-FZ) 3. Rights and duties of the State Commissioner is determined by this law and the regulations on the State Commissioner, approved by the Bank of Russia. (As amended by the law of the Russian Federation dated 30/04/93 N 4919-I; Federal laws from 15.04.2006 N 47-FZ; from arrival N 249-FZ) 4. The State Commissioner is not entitled to make independent decisions, binding.
Article 38. Warranty self commodity exchanges 1. Interference by State bodies, with the exception of cases of violation of this law and other legislative acts, and the local self-government bodies in the activities of the exchanges are not allowed. (As amended by the Federal law of 15.04.2006 N 47-FZ)

2. The decision of the Bank of Russia, federal bodies of executive power, bodies of executive power of the constituent entities of the Russian Federation and bodies of local self-government, resulting in failure and (or) damage the parties exchange deals, deemed illegal by the courts. (As amended by the federal laws of 15.04.2006 N 47-FZ; from day of arrival N 249-FZ) of the Bank of Russia, federal bodies of executive power, bodies of executive power of the constituent entities of the Russian Federation, bodies of local self-government and their officials whose acts have entailed the nonperformance of stock exchange transactions and (or) damage the parties bargain, take full responsibility and reimburse the damage in full, including loss of profits. Damage from the respective budgets. (As amended by the federal laws of 15.04.2006 N 47-FZ; from arrival N 249-FZ), the President of the Russian Federation, b. YELTSIN Moscow, House of Soviets of Russia February 20, 1992 N 2383-I