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On The Commodity Exchanges And Stock Trading

Original Language Title: О товарных биржах и биржевой торговле

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Watts power since January 1, 2014 year-Federal Law of 21.11.2011 N 327-FZ A for the Russian Federation On commodity exchanges and exchange trade (In the wording of the laws of the Russian Federation dated 24.06.92 g. N 3119-I; of 30.04.93 g. N 4919-I; federal laws of 19.06.95 g. N 89-FZ; dated 21.03.2002. N 31-FZ; dated 29.06.2004 N 58-FZ; of 26.12.2005 N 189-FZ; of 15.04.2006 N 47-FZ; of 17.07.2009 N 164-FZ; of 25.11.2009 N 281-FZ; dated 27.07.2010. N 224FZ; , 19.07.2011 N 248-FZ; of 23.07.2013 N 249-FZ) This Law is intended to regulate the relations between the creation and operation of commodity exchanges, exchange trading and the provision of legal guarantees for activities on commodity exchanges. SECTION I. GENERAL PROVISIONS Article 1. The legislation on commodity exchanges and exchange Trade Relations relating to the activities of commodity exchanges (their branches and other separate units) and exchange trade are regulated by this Law and other acts OF THE PRESIDENT OF THE RUSSIAN FEDERATION The relations related to the activities of the labour exchanges, stock and currency exchanges, as well as the stock and currency sections (divisions, branches) of commodity, stock and exchange markets, are not regulated by this Law. Article 2. Commodity Exchange 1. Under the commodity exchange for the purpose of this Act, an organization with the rights of a legal entity forming the wholesale market through the organization and regulation of the exchange trade carried out in the form of public tenders held in advance of a certain place and at a certain time according to the rules it has established. 2. The commodity exchange may have branches and other separate units established in accordance with the law. Commodity Exchange is also referred to as "Exchange". Article 3. Commodity Exchange Scope 1. The Exchange is entitled to carry out activities directly related to the organization and regulation of the exchange trade, with the exception of activities under paragraphs 2 and 3 of this article. 2. The Exchange cannot trade, trade, brokering and other activities not directly related to the organization of exchange trade. The restriction does not apply to the legal and natural person who is a member of the exchange. 3. The Exchange shall not be entitled to make deposits, to acquire shares (shares), shares of the organizations if the organizations concerned do not aim to carry out the activities referred to in paragraph 1 of this article. (In the wording of the Federal Law of 15 April 2006, N 47-FZ) Article 4. Exchange Unions, Associations and Other Associations 1. Markets can form alliances, associations and other associations to coordinate their activities, protect the interests of their members and implement joint programmes, including joint bidding. 2. It is prohibited to create exchange unions, associations and other associations if their education is contrary to the requirements of the antimonopoly legislation of the Russian Federation and this Law, and are also null and void. intended or entailing removal or restriction of competition in exchange trading. Article 5. Restrict the use of the words "stock exchange" and "commodity exchange" in the names (Federal Law dated 15.04.2006 N 47-FZ ) Organizationsthat do not meet the requirements of Articles 2 and 3 of this Law, as well as their subsidiaries and other separate units are not entitled to exchange trade, use of the words "stock exchange" or "commodity exchange". (In the federal laws dated 21.03.2002 N 31-FZ; of 15.04.2006 N 47-FZ Article 6. Exchange 1. A commodity for the purpose of this Law is understood not to be excluded from turnover of a certain type of goods and of quality, which has been authorized by the exchange to exchange trade. (In the wording of Federal Law No. N 281-FZ 2. The stock of goods cannot be immovable property and intellectual property. 3. In the cases and procedures established by the Government of the Russian Federation, the commodity exchange shall register the over-the-counter transactions with the exchange commodity, including long-term contracts of supply, maintain a register of the transactions and ensure Providing information from the relevant registry. (Paragraph is amended by the Federal Law of 25.11.2009. N 281-FZ 4. The parties to the over-the-counter trades, including long-term contracts of supply, should present to the commodity exchange information on such transactions in the cases, in the order, in the amount and time set by the Government of the Russian Federation. (The paragraph is amended by the Federal Law of 23.07.2013). N 249-FZ) Article 7. Stock deal 1. The exchange transaction is a registered exchange (agreement) concluded by the participants of the exchange trade in respect of the exchange commodity in the exchange trading. The procedure for registration and processing of exchange transactions shall be established by the exchange. 2. Transactions made at the stock exchange, but which do not meet the requirements of paragraph 1 of this article, are not stock exchange. Exchange guarantees do not apply to such transactions. The Exchange is entitled to apply sanctions to traders who make non-exchange transactions on the exchange. 3. The exchange transactions cannot be carried out on behalf of the exchange. Article 8: Types of exchange transactions 1. The exchange trades, organized by the commodity exchange, may be carried out on the purchase and sale of the exchange commodity, as well as contracts which are derivatives of financial instruments, the basic asset of which is the stock exchange. 2. The provisions of Articles 51 to 4 of the Federal Act of 22 April 1996 on the Securities Market shall apply to contracts that are derivatives of financial instruments. arising from such treaties. (Article in the wording of Federal Law of 25.11.2009) N 281-FZ) Article 9. Exchange brokerages on commodity exchanges 1. The trade is carried out by means of: exchange transactions made by a stockbroker on behalf of the client and at his own account, on behalf of the client and at its own account or on its own behalf and at the customer's account (brokers;) " make stock exchange transactions on its own behalf and at its own expense, with the purpose of subsequent resale on the stock exchange (dealer activity). 2. Exchange brokerages are performed exclusively by the exchange brokers. Article 10. Exchange Mediators 1. Brokers for the purpose of this Act are brokerages, brokerages and independent brokers. 2. A brokerage firm is an organization established in accordance with the legislation of the Russian Federation. (In the wording of the Federal Law of 15 April 2006, N 47-FZ 3. A brokerage office for the purpose of this Act is a branch or other separate unit of the organization with a separate balance and settlement account. (In the wording of Federal Law of 15.04.2006) N 47-FZ 4. An independent broker is a natural person who is registered in accordance with the established procedure as an entrepreneor, operating without the entity of a legal entity. SECTION II. ESTABLISHMENT, ORGANIZATION AND ORDER OF DISCONTINUED Article 11. Establishment of a commodity exchange 1. The exchange may be established by legal entities and (or) individuals and is subject to State registration in the prescribed manner. 2. The following are not allowed to participate in the exchange: state and local governments; (as amended by Federal Law dated 15.04.2006 N 47-FZ ) banks and credit institutions that have obtained banking licenses in accordance with the established procedure; insurance and investment companies and foundations; Charitable associations (organizations) and foundations; individuals who, by law, cannot carry out business activities. 3. The share of each founder or member of the exchange in its authorized capital cannot exceed ten percent. Article 12. The license for the organization of the exchange trade 1. Stock may be traded on exchanges only on the basis of a licence, issued in accordance with the established procedure by the federal executive authority in the area of financial markets. (B The federal laws of 29 June 2004. N 58-FZ; of 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) N249-FZ) 2. (Spconsumed by Federal Law of 23.07.2013) N 249-FZ 3. (Federal Law of 23 July 2013). N249-FZ) 4. (Spconsumed by Federal Law of 23.07.2013) N 249-FZ) 5. (Spconsumed by Federal Law of 23.07.2013) N 249-FZ) Article 13. Liquidation of the commodity exchange Disposition of the exchange may be carried out by decision of the higher authority of the exchange, as well as by a court or arbitral tribunal in the order and under the conditions stipulated by the laws of the Russian Federation. Article 14. Commodity Exchange Members 1. Members of the exchange for the purpose of this Law may be legal entities or natural persons (except those listed in paragraph 2 of this article) which participate in the formation of the authorized capital of the exchange or contribute membership or other special purpose contributions to Property of the exchange and became members of the exchange in the manner provided for by its constituent documents. 2. Members of a commodity exchange may not be: Employees of this or any other commodity exchange; if their managers (deputy heads or heads of their subsidiaries and other separate units) are employees of this exchange; (In the wording of the Federal Law of 15.04.2006). N 47-FZ) state bodies and bodies of local self-government; (In the wording of the Federal Law 15 April 2006 N 47-FZ) banks and credit institutions that have been licensed to carry out banking operations, insurance and investment companies and foundations. In doing so, these institutions may be members of stock and currency sections (departments, offices) of commodity exchanges; public, religious and charitable associations (organizations) and foundations; natural persons who are in force The law cannot do business with; (Paragraph is padded: dated 17.07.2009 N 164-FZ; lost power-Federal Law of 25.11.2009 N 281-FZ) 2-1. Members of the commodity exchange who dominate the market of a certain commodity and sell the stock exchange, and their authorized representatives are not entitled to participate in decision-making at the general meetings of the exchange members and Other authorities of the stock exchange on the approval of exchange trade rules and other documents regulating the exchange trade of the goods in question. (Paragraph is amended by the Federal Law of 25.11.2009. N 281-FZ 3. Membership of the stock exchange gives the right: to participate in the exchange trading under this Law; to participate in decision-making at the general meetings of the exchange members as well as in the work of other organs of stock exchange-in accordance with the provisions established in the constituent instruments and other rules in force on the exchange; to receive dividends, if they are provided for by the constituent instruments of the exchange, and other rights provided for in the constituent entities The documents of the exchange. 4. The membership of the exchange arises in the order and under the conditions established by the founding documents of the exchange and is confirmed by the relevant certificate issued by the exchange. 5. The order of termination of membership and complete or partial assignment of the rights of the member of the exchange shall be determined by the exchange, taking into account the requirements set out in paragraphs 6 and 7 of this article. 6. An assignment of the right to participate in exchange trade without the transfer or sale of certificates (titles) of ownership of the share of capital and rights to participate in the management of the exchange is not permitted, except as provided for in this Law. 7. Members of the exchange for the purpose of this Law have the right to lease (give in to a certain contract period) their right to participate in exchange trade only to one legal or natural person. The contract is to be registered at the stock exchange. The right to participate in exchange trading is not permitted. 8. The refusal of the exchange to approve membership, as well as its decision to exclude a member of the exchange or to suspend membership on the grounds not provided for by the charter of the exchange, may be appealed to the court. 9. Members of the exchange, who are the founders of the exchange, may have special rights and duties at the exchange outside the scope of exchange trade, provided that these rights and obligations are defined in the charter of the exchange and do not violate the equality of rights of founders and other members of the exchange in the Stock trading. These rights are granted to the founders by not more than three years from the date of the state registration of the exchange. Article 15. Commodity Exchange Members The following categories of stock exchanges may be listed: full members-with the right to participate in exchange trading in all sections (divisions, branches) of the exchange and to a certain constituent The number of votes at the general meeting of the exchange members and at the general meetings of the sections (divisions, branches) of the exchange; incomplete members-with the right to participate in the exchange trades in the relevant section (department, office) and on The number of votes in the general meeting of the exchange members and the number of votes specified by the founding documents of the exchange A general meeting of the members of the section (department, branch) of the exchange. Article 16. General meeting of commodity exchange members 1. The general meeting of the members of the exchange is the highest authority of the exchange. 2. The general meeting of the exchange members shall ensure the realization of all rights and duties of the exchange and its members. Article 17. { \cs6\f1\cf6\lang1024 } Commodity Exchange Charter { \cs6\f1\cf6\lang1024 } { \b } { \cs6\f1\cf6\lang1024 } { \b } { \cs6\f1\cf6\lang1024 } { \b } { \cs6\f1\cf6\lang1024 } { \b } } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \b } Formation of fixed assets; maximum number of exchange members; membership of stock exchange, suspension and termination of membership; rights and obligations of exchange members and other participants in exchange { \cs6\f1\cf6\lang1024 } Exchange { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 Trade in exchange transactions, activities of the exchange, its branches and other separate units. Article 18. Stock Exchange Rules The stock trading rules must be defined: Stock Exchange Order; Commodity Types; Commodity Section Name; Basic List Structural subdivisions of the stock exchange; how to inform traders about the forthcoming exchange trading; order of registration and accounting of stock exchange transactions; ordering of commodity price quotes; traders ' information order stock-exchange transactions, including stock price trading and exchange price quotes; trading market and stock market traders ' information trading and market conditions Goods; , the order of mutual settlements of exchange members and other participants in exchange transactions in the conclusion of exchange transactions; (New twelfth amended Federal Act of 19.06.95). N 89-FZ; lost power-Federal Act of 19 July 2011 N 248-FZ) measures to control the process of stock market pricing in order to avoid a sharp day increase or decrease in price levels, artificially inflated or undervating prices, collusion or distribute false rumors for purpose effect on prices; measures to ensure discipline and discipline in exchange trading, as well as the order and conditions for the application of these measures; measures to ensure compliance by exchange members, other participants in the exchange trading of decisions State authorities on matters relating to the The activities of the stock exchanges, the constituent instruments of the exchange, the rules of exchange trading, the decisions of the general meeting of the members of the exchange and other bodies of the management of the exchange; (In the wording of the Federal Law dated 15.04.2006 N 47-FZ ) list of violations for which the exchange shall be fined from traders and the amount of fines and how they are to be charged; charges, fees, charges and other charges, and order of their payment Exchanges. SECTION III. ORGANIZATION OF THE WORK OF THE CONFERENCE OF THE PARTIES Stock traders 1. Members of the exchange trade for the purposes of this Law are members of the exchange, permanent and one-off visitors. 2. The visitors of the exchange trading are involved in the exchange trading, taking into account the restrictions provided for in Article 21 of this Law. 3. Foreign legal and natural persons who are not members of exchanges can participate in exchange trading exclusively through exchange intermediaries. Article 20. Participation of commodity exchange members in exchange trade 1. Members of the exchange who are brokerages or independent brokers carry out the exchange trade directly on their own behalf and at their own expense, or on behalf of the client, or on behalf of the client, or on behalf of the client for their own an account. 2. Members of the exchange who are not brokerages or independent brokers participate in the exchange trade: directly on their own name-only in trade in real goods, solely at their own expense, without the right to exchange mediation; through brokerages organized by them; on a contractual basis with brokerages, brokerages and independent brokers carrying out their activities on the exchange. Article 21. Exchange Visitors 1. The exchange trades for the purposes of this Law are understood to be legal entities and individuals who are not members of the exchange and have the right to exchange transactions in accordance with the constituent documents of the exchange. Visitors to the stock market may be permanent and one-off visitors. 2. Permanent visitors who are brokerages, brokerages or independent brokers are entitled to exchange mediation in the order and under the conditions established by this Law for the members of the exchange, taking into account the peculiarities, provided for in paragraphs 3 and 4 of this article. 3. Permanent visitors are not involved in the formation of charter capital and management of the exchange. Regular visitors use the services of the exchange and are obliged to pay a fee for the right to participate in the exchange trading in the amount determined by the relevant branch of the exchange management. A permanent visitor is not allowed to participate in the exchange trading for a period of more than three years. 4. (Spconsumed by Federal Law of 25.11.2009) N 281-FZ 5. The raovs of the exchange trades are entitled to transactions for real goods only, on their own behalf and at their own expense. Article 22. Stock brokers Exchange deals are made in the course of exchange trading through stockbrokers. Stock brokers are employees or representatives of exchange and exchange brokers, as well as independent brokers. (In the wording of Federal Law of 15.04.2006) N 47-FH) Article 23. Licensing stockbrokers, stock exchange brokers Conclusion in the exchange trade of contracts that are derivatives of which the stock is a commodity, It is carried out by stockbrokers, stockbrokers based on licenses issued by the federal executive authority in the area of financial markets. In the wording of federal laws of 15.04.2006 N 47-FZ; of 25.11.2009 N 281-FZ; dated 23.07.2013 N 249-FZ) Provisions for the licensing of brokerages and stockbrokers entering into the exchange of contracts that are derivatives of which the core asset is is a commodity, approved by the Government of the Russian Federation. (In the wording of Federal Law No. N 281-FZ) (Part Three has lost its power-Federal Law of 15.04.2006) N 47-FZ) Article 24. Accounting for exchange transactions by stockbrokers Brokering firms, brokerage firms and independent brokers are required to keep a record of the exchange transactions of each client and to keep records of these transactions within five from the date of the transaction. Brokering firms, brokerage firms and independent brokers are obliged to provide this information at the request of the Bank of Russia. (In the wording of federal laws dated 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) Article 25. Relationship between the stock brokers and their clients 1. The relationship between the exchange brokers and their customers is determined on the basis of the respective agreement. 2. The Exchange may, within the limits of its powers, regulate the relationship of the exchange brokers and their clients, apply the sanctions to the exchange intermediaries violating the rules of exchange of brokers established by it, in accordance with the established procedure. clients. 3. The exchange offices are entitled to request their clients to make a guarantee payment to their settlement accounts opened in the settlement establishments (clearing centres) and to grant them the right to dispose of them on behalf of the exchange intermediary in the compliance with the instructions given to him. Article 26. Brokering guilds and their associations 1. Stock brokers, stockbrokers have the right to create brokerages, particularly in the exchange. Brokering guilds can form associations. 2. Brokering guilds and their associations are established in the manner and under the conditions established by law for voluntary associations (organizations). Article 27. Commodity expertiza at the commodity exchange Exchange is required to arrange the quality of the real goods sold through the exchange trading. Article 28. Warranties in Exchange Tray Treaties which are Derived Financial Tools (In the wording of Federal Law dated 25.11.2009. N 281-FZ) 1. The Exchange, in order to enforce the performance of contracts that are derivatives of financial instruments, is required to provide design services through the establishment of accounting institutions (clearing centres), created in accordance with the established procedure or the conclusion of a contract with a bank or credit institution on the organization of settlement (clearing) services. (In the wording of Federal Law No. N 281-FZ 2. The clearing centres may be established as independent exchange offices. 3. The clearing centres have the right: to set the types, sizes and procedures for the collection of contributions to guarantee the performance of the contracts that are derivatives of financial instruments and to obtain compensation for the damage resulting from the operation the total or partial default of the obligations of the Treaties, as well as the other financial obligations of the parties to the Treaties; (In the wording of Federal Law dated 25.11.2009. N 281-FZ) Implement in the prescribed manner the lending and insurance of the parties to the contracts derivative of financial instruments , within the limits necessary to guarantee the of these contracts, as well as damages for non-compliance. (In the wording of Federal Law No. N 281-FZ) Article 29. Guarantee of free prices in exchange trade 1. The Exchange has the right to establish: deductions in favor of the exchange from commissions received by the exchange intermediaries in the remuneration of exchange transactions; fees, tariffs and others Exchanges of payments made to the exchange from its members and other participants in the exchange for services rendered by the exchange and its units; fines imposed for violation of the charter of the exchange, rules of exchange trade and other rules established by the exchange internal documents of the exchange. 2. It is forbidden for the Exchange to set: levels and limits of commodity prices in exchange trading; the amount of remuneration charged by the exchange brokers for brokering in exchange transactions. Article 30. Settlement of disputes on commodity exchange 1. Disputes relating to the conclusion of exchange transactions shall be considered in the exchange arbitration panel, in court, and in the arbitral tribunal. 2. The Arbitration Commission is created as a body that conciliates the parties or performs other functions of the arbitral tribunal. 3. The provisions on the exchange arbitration commission and the procedure for dispute settlement are approved by the exchange in accordance with the law. 4. (Excluded is the Russian Federation Law of 24.06.92). N 3119-I) Article 31. Non-economic activities of commodity exchanges 1. The Exchange is entitled to conclude, on its behalf, agreements on cooperation with foreign legal entities and individuals within the limits of the rights granted to it by this Act and other legislation, including agreements on imports goods intended for the implementation of the activities of the exchange in accordance with article 2 of this Law, without the right to make these goods on exchange. The Exchange does not have the right to import goods intended for exchange or for use for purposes other than those provided for in this article. 2. Exports and imports of goods intended for exchange trading are carried out by the exchange brokers or their clients in accordance with the procedure established by law and by this Law. Article 32. Commodity Exchange Officers 1. Members of the commodity exchange are individuals who participate in its activities on the basis of an employment contract in the form of a contract. The terms and conditions of the employees of the exchange are governed by the contract of employment in the form of a contract under this Act and other legislation. 2. Employees of the exchange are prohibited from taking part in exchange transactions and creating their own brokerations, as well as using insider information in their own interests. (In the wording of Federal Law No. N224-FZ) Section IV. State Reform of the Work of the General Government of the State of the (Spconsumed by Federal Law of 15.04.2006) N 47-FZ) Article 34. Bank of Russia Control and Supervision Functions Activities of Commodity Exchanges, Exchange Mediators and stockbrokers Bank of Russia: controls compliance with the law OF THE PRESIDENT OF THE RUSSIAN FEDERATION Law dated 23.07.2013. N 249-FZ) Article 35. Bank of Russia Control Powers and Supervision of Commodity Exchanges, Stock brokers and stockbrokers (In the wording of federal laws dated 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) The Bank of Russia has the right: (In the wording of the Federal Law of 23 July 2013). N 249-FZ) N 249-FZ) Revoquer or suspend the licence exchange issued by the exchange, if the exchange violates the law; send the mandatory order for performance to be repealed or amended founding documents, rules of exchange trading, decisions of the general meeting of exchange members and other exchange controls, or termination of activities that contradict the law; to channel the mandatory exchange to the exchange broker; Implementation of the Regulation on the Cessation of Activities The law; apply sanctions to the exchange or the exchange mediator in case of violation of laws, non-performance or failure to comply with the requirements of the Bank of Russia; (B federal laws of 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) assign a public commissioner to the exchange; to arrange audits of exchanges and exchange intermediaries with the financial control authorities of the Russian Federation; Require exchanges, billing centers and stock brokers to provide records; to send to a court or tribunal of arbitration materials for the application of statutory sanctions to the stock exchanges and their Members who violate the law and, in case of evidence The crime of transferring materials to the appropriate law enforcement agencies. Article 36. Sanctions for violation of this Law 1. The Bank of Russia is entitled to apply to the exchange the sanction in the form of suspension of the license issued by the exchange for up to three months in cases of violation of the provisions stipulated by Article 3, paragraph 2; Article 4, paragraph 2; paragraph 3. Articles 7; 11, paragraph 3; paragraphs 2 (third, fourth and fifth paragraphs) and 7 of article 14; article 20, paragraph 2; article 28, paragraph 1; article 29, paragraph 2; article 31, paragraph 1, of this Law. laws dated 15.04.2006 N 47-FZ; of 23.07.2013 N249-FZ) 2. In case the exchange continues to violate the provisions of this Law, as listed in paragraph 1 of this article, the Bank of Russia is entitled to revoke the issued exchange's license to organize the exchange trade. In the wording of federal laws of 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) 3.(Spconsumed by Federal Law of 15.04.2006) N 47-FZ 4. The data obtained by the Bank of Russia, its officers, its officials and employees from the exchange and (or) the exchange broker, the exchange broker and other participants in the exchange trade data are treated as confidential and not subject to disclosure without the consent of the latter. In the wording of federal laws of 15.04.2006 N 47-FZ; of 23.07.2013 N249-FZ) Bank of Russia, its officials and employees are prohibited from divulating information about commodity exchanges and (or) stockbrokers, stockbrokers and other traders, containing their trade secrets. In the wording of federal laws of 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) 5. (Spconsumed by Federal Law of 15.04.2006) N 47-FZ 6. (Spconsumed by Federal Law of 15.04.2006) N 47-FZ) Article 37. The State Commissioner on Commodity Exchange 1. The State Commissioner at the Exchange is in direct control of compliance with the exchange and the exchange brokers of the law. 2. The State Commissioner at the Exchange is entitled: to attend the exchange trades; to participate in the general meetings of the exchange members and in general meetings of sections (divisions, branches) of the exchange with the right of deliberative vote; View information about the activities of the stock exchange, including all minutes of meetings and meetings of the management of the exchange and their decisions, including of a confidential nature; to make proposals and make representations to the management of the exchange; to make proposals in the Bank of Russia; (In the federal laws edition of of 15.04.2006) N 47-FZ; of 23.07.2013 N 249-FZ monitor the execution of Bank of Russiadecisions; (Federal laws dated 15.04.2006 N 47-FZ; of 23.07.2013 N249-FZ) 3. The rights and duties of the Commissioner of State are defined by this Law and the regulation of the state commissioner approved by the Bank of Russia. (In the wording of the Russian Federation Act of 15.04.2006 N 47-FZ; of 23.07.2013 N249-FZ) 4. The Commissioner of State has no right to make decisions that are binding. Article 38. The guarantee of self-government of commodity exchanges 1. Interference by state bodies, except in cases of violation of this Law and other acts of law, and local self-government bodies, shall not be allowed to operate. (In the wording of the Federal Law of 15 April 2006, N 47-FZ 2. The decisions of the Bank of Russia, federal executive authorities, the executive authorities of the constituent entities of the Russian Federation and local authorities, which have the effect of non-fulfillment and (or) The damage to the parties to the exchange transactions is illegal in the courts. In the wording of federal laws of 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) Bank of Russia, federal executive authorities, executive authorities of the constituent entities of the Russian Federation, local self-government bodiesand their officials resulted in the failure to perform the exchange transactions and (or) damage to the parties to the transaction, are fully liable and compensate the damage in full, including loss of profits. Damage is recovered from the relevant budgets. In the wording of federal laws of 15.04.2006 N 47-FZ; of 23.07.2013 N 249-FZ) President of the Russian Federation B. ELTSIN Moscow, House of Soviet Russia 20 February 1992 N 2383-I