About The Specifics Of The Issuance And Circulation Of State And Municipal Securities

Original Language Title: Об особенностях эмиссии и обращения государственных и муниципальных ценных бумаг

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RUSSIAN FEDERATION FEDERAL LAW OF THE RUSSIAN FEDERATION State and Municipal Securities Adopted by the State Duma on July 15, 1998 { \f29 The } { \f29 } { \f29 } { \f29 } { \f29 } { \f29 Federation } { \f29 } { \f29 } { \f29 } { \f29 } { \f29 } { \f29 17 } { \f29 } { \f29} { \f29} { \f29} { \f29} { \f29} { \f29} { \f29} { \f29} title= " "> 18.07.2005 N 90-FZ; 26.04.2007 N 63-FZ; of 14.06.2012 N 79-FZ) CHAPTER I. GENERAL PROVISIONS C The scope of regulation This Federal Law sets out: the procedure for the occurrence of public and municipal securities issues and the performance of obligations of the Russian Federation, entities of the Russian Federation, municipalities; procedure for issuing public and municipal securities and peculiarities of their circulation; Disclosure of information by issuers of these securities in part, not regulated by the legislation of the Russian Federation. The legal basis for the participation of the Russian Federation, the constituent entity of the Russian Federation and municipal education in the relations arising from the implementation of the emission of public and municipal securities is hereby established. OF THE PRESIDENT OF THE RUSSIAN FEDERATION C, I am 2. State and municipal securities. State and Municipal Securities 1. In accordance with the Federal Law, State securities of the Russian Federation and State securities of the constituent entities of the Russian Federation are recognized. In accordance with the Federal Law on State Securities of the Russian Federation, the securities issued on behalf of the Russian Federation are recognized. In accordance with this Federal Law, the constituent entities of the Russian Federation recognize securities issued on behalf of the constituent entity of the Russian Federation. In accordance with this Federal Law, municipal securities are recognized as securities issued on behalf of municipal education. (Part of the federal law from 14.06.2012 N 79-FZ 2. (Spconsumed by Federal Law of 26.04.2007) N 63-FZ) The performance of the obligations of the Russian Federation, the constituent entities of the Russian Federation and the municipalities referred to in this article is carried out in accordance with the terms and conditions of the issuance of these securities. (In the wording of the Federal Law of 26.04.2007) N 63-FZ) 3. The issuer of state and municipal securities are the executive bodies of state power and local administrations, which issue securities on behalf of the public and municipal securities, and carry obligations to the public The owners of securities in the exercise of the rights enshrined in these securities. The Government of the Russian Federation, the Government of the Russian Federation, or its authorized federal executive authority. The subject of the Russian Federation is the supreme executive body of the State authorities of the constituent entity of the Russian Federation or a financial entity of the constituent entity of the Russian Federation OF THE PRESIDENT OF THE RUSSIAN FEDERATION The Issuer of municipal securities is the local administration with the municipal charter's right to municipal borrowings. Law of 14.06.2012. N 79-FZ) CHAPTER II. The requirements for the Emmission of the State and the MUNICIPAL MUNICIPAL BOUMAG C Types of State and municipal securities State and municipal securities may be issued in the form of bonds or other securities held in accordance with the Federal The law of the "On the securities market", attesting to the right of their holder to receive the specified securities issuIssuer, or depending on the conditions for the issuance of these securities of other property established in accordance with The percentage of the nominal value or other property rights within the time frame stipulated by the terms of the emissions. Article 4: Features of the release of named state and municipal securities in documentary form (In the wording of Federal Law from 14.06.2012 N 79-FZ) In the case of issuance of named state and municipal securities in a documentary form with a mandatory centralized storage, the name of the holder of the securities is not a mandatory requirement of the global certificate. In this case, the global certificate shall specify the name of the depositary, to which the issuer is transferred for storage, with an indication of the name of the depositary of the certificate. The designation in the global certificate of the name of the depositary does not entail the transition to the depositary of the securities of the issue issued by the global certificate. The name of the State and Municipal Securities does not register the owners of named securities. (In the wording of Federal Law of June 14, 2012) N 79-FZ) C t I am 5. Issues of state and municipal securities State and municipal securities are published. (In the wording of Federal Law No. N 79-FZ) You can set up a series, digits, or a security number, as part of the release of government or municipal securities. The issue of state or municipal securities may be decided by dividing the output into tranches. The tranche is a portion of the security of this release that is placed in the amount of this release at any date during the period of the conversion of the security of this release, which does not coincide with the date of the first placement. The allocation of tranches of one issue is carried out on the basis of documents regulating the placement of this issue in accordance with this Federal Law. The release of public or municipal securities, which is different from one of the existing release dates of the specified securities only, is recognized as part of an existing release, and is recognized as a part of an existing release. is assigned the State registration number of the existing release (additional issue). The decision to place an additional issue on the basis of the documents regulating the placement of public and municipal securities in accordance with article 9 of this Federal Act provide an indication that this is an additional issue. An additional release provides the owners with the same amount of authority as the security of the release whose registration number is assigned to the secondary release. (In the wording of Federal Law of June 14, 2012) N 79-FZ) Decision on emission of state or municipal securities released (additional issue) in accordance with the General Conditions for the Issue and Use of State or Municipal securities and conditions for the issuance and circulation of state or municipal securities of this kind are accepted by the issuer of the said securities. (In the wording of Federal Law of June 14, 2012) N 79-FZ) Issuer when it makes a decision on issuance (additional release) of state or municipal securities The State registration number, formed in accordance with the procedure established by the federal executive authority exercising authority to approve the formation of state registration numbers assigned to the releases State and municipal securities and other debt liabilities. (Part of the addition is the Federal Law of 14 June 2012. N 79-FZ C t I am 6. Currency of obligations resulting from issue of state and municipal securities 1. OF THE PRESIDENT OF THE RUSSIAN FEDERATION The Federation, municipal securities and components of domestic debt should be expressed in the currency of the Russian Federation. (In the wording of Federal Law from 14.06.2012 N 79-FZ) (Unused-Federal Law of 14.06.2012 N 79-FZ) Obligations of the Russian Federation, the constituent entity of the Russian Federation and municipal education resulting from the emission of public securities of the Russian Federation of the constituent entities of the Russian Federation and the municipal securities, which make up the domestic debt and the right to receive monetary income or pay in cash, are to be paid in the currency of the Russian Federation. class="ed"> (In the federal law from 14.06.2012 N 79-FZ) State and municipal securities certifying entitlement to property rights as well as the right to be paid in lieu of nominal value The securities of other property equivalent are part of the domestic debt and should be expressed in the currency of the Russian Federation. 2. OF THE PRESIDENT OF THE RUSSIAN FEDERATION are expressed in foreign currency. (Spconsumed by Federal Law of 14.06.2012) N 79-FZ) Obligations of the Russian Federation and the constituent entity of the Russian Federation resulting from the issuance of relevant government securities that make up the external debt and the right to income Monetary form or payment in cash is to be paid in foreign currency. (Spconsumed by Federal Law of 14.06.2012) N 79-FZ) (Unused-Federal Law of 14.06.2012 N 79-FZ) (Unused-Federal Law 26.04.2007 N 63-FZ) N 90-FZ) N 63-FZ) (Unused-Federal Law 26.04.2007 N 63-FZ) For the purpose of this Federal Law, the issue of public securities of the constituent entities of the Russian Federation, the nominal value of which are denominated in foreign currency and which are located outside the borders The Russian Federation is recognized as issuing an external bond loan to the constituent entity of the Russian Federation. (The paragraph is amended by the Federal Law of 14 June 2012). The Russian Federation's external bond issues are issued taking into account the Russian Federation's external borrowing priorities. 3. In order to carry out the issue of the external bond issue of the subject of the Russian Federation subject to the state registration of the conditions of the issuance and circulation of government securities of the subject of the Russian Federation, the issuer shall submit: class="ed">documented the receipt of at least two leading international rating agencies, in accordance with international standards, not below the level set by the Government of the Russian Federation; subject's external bond issue prospectus The Russian Federation in the Russian Federation is a document containing information on the borrower and on the conditions of the issuance of securities by the subject of the Russian Federation in international financial markets. The responsibility for keeping the content of the external bond issue of the external bond issue of the Russian Federation subject to the content of the equivalent document in the foreign language is the responsibility of the issuer. A letter from the supreme executive body of the State authority of the constituent entity of the Russian Federation, signed by the head of that organ, containing information on the expected dates of the placement of the securities. The prospectus of the external bond issue of the subject of the Russian Federation is not subject to state registration by the federal executive branch, which performs state registration of the conditions of issuance and circulation State securities of the constituent entities of the Russian Federation and municipal securities. (Part added-Federal law of 14.06.2012 N 79-FZ) CHAPTER III. THE RUSSIAN FEDERATION, THE RUSSIAN FEDERATION, THE RUSSIAN FEDERATION, THE RUSSIAN FEDERATION AND THE MUNICIPAL EDUCATION CENTRAL AND MITIGAL EDUCATION CENTRE BUMAGAM C Restrictions on the creation of obligations on state and municipal securities The mission of state and municipal securities is permitted only if the federal law is approved by the law of the subject The Russian Federation or a local government decision on the corresponding level of the corresponding level for the current fiscal year: the size of the corresponding public debt, as well as municipal debt; maximum amount of borrowed funds OF THE PRESIDENT OF THE RUSSIAN FEDERATION Education. At the same time, the maximum amount of borrowed funds sent by the constituent entity of the Russian Federation and municipal education during the current financial year for the said purposes should not exceed: for the subject of the Russian Federation: 30 per cent of the Russian Federation's budget for the current fiscal year, excluding financial assistance from the federal budget and borrowed funds raised in the current financial year; for municipal education. % of local budget revenue for the current fiscal year " Financial assistance from the federal budget and the federal budget of the constituent entity of the Russian Federation, as well as without taking into account the borrowed funds raised in the current financial year. { A } } { { \cs6\f1\cf6\lang1024 } Limit { \cs6\f1\cf6\lang1024 } { \field { \cs6\f1\cf6\lang1024 } { \field } { \field { \field } { \field } { \field | } { \b } { \b } { \b } { \b } { \b } { \b } The costs of repayment) of the corresponding public debt and municipal debt in the current fiscal year. At the same time, the limit for servicing the State debt of the constituent entity of the Russian Federation or municipal education in the current financial year should not exceed 15 per cent of the budget of the relevant level. C but I am 8. General conditions for the issuance and circulation of state or municipal securities The Government of the Russian Federation, the supreme executive body of the constituent entity of the Russian Federation, The local administration approves the General Conditions for the issuance and circulation of state or municipal securities (hereinafter-the General Conditions) in the form of normative legal acts, respectively, of the Russian Federation, OF THE PRESIDENT OF THE RUSSIAN FEDERATION . (In the wording of Federal Law No. N 79-FZ) The general conditions should include a reference to: securities; form of issue of securities; duration of the security type (short term, long term, medium-term); currency of obligations; peculiarities of performance of obligations that provide for the right to receive other than cash, property equivalent; limitations (if any) of the competitiveness of securities forms of securities, as well as restricting the number of persons whose value may belong to the right of ownership or other proprietary rights. In General Conditions, only one form of a security issue can be specified. (Part of the addition is the Federal Law of 14 June 2012. N 79-FZ) Article 9. The terms of the emissions and reference of state or municipal securities 1. The Issuer of State or Municipal Securities in accordance with the General Conditions adopts the document in the form of a normative legal act of the Russian Federation, a normative legal act of the subject of the Russian Federation or a legal act. the local administration, containing conditions for the issuance and circulation of state or municipal securities (hereinafter referred to as the conditions for issuance and circulation), including specification of: 1) securities; 2) minimum and maximum The time frame for the application of this type of state or municipal securities. The issuance of securities may have different circulation periods; (3) the nominal value of one security in one issue of state or municipal securities; 4) the procedure for placing public or municipal securities; 5) procedures for the exercise of rights certified by State or municipal securities; 6) the size of the income or the order of its calculation; 7) other significant emissions conditions; and applications that are relevant to the occurrence, execution or termination Obligations for public or municipal securities, including securities with the right to buy back the issuer before maturity. 2. The conditions for the issuance and circulation of government securities of the constituent entities of the Russian Federation or municipal securities should also contain information: 1) on the Borrower's budget for the year of government securities of the subject of the Russian Federation Federation or municipal securities (total budget revenue, grant revenue, inter-budget transfers received from other budgets of the Russian Federation budget system, total budget expenditures with allocation Public and municipal debt service, deficit (surplus) budget, the upper limit of the public domestic debt or municipal debt and (or) public external debt as of 1 January of the next fiscal year, including the upper limit of public debt or municipal guarantees, limit of state or municipal debt); (2) on the total debt of the borrower at the date of approval of the issuance and circulation of government securities of the constituent entity of the Russian Federation; or municipal securities; 3) from annual reports Budget performance of the borrower over the last three completed fiscal years (budget revenue by group and sub-group showing total budget income, budget expenditure by budget section of the budget, showing total expenditure budget, deficit (surplus) of the budget). In case the conditions for the issuance and circulation of government securities of the constituent entities of the Russian Federation or municipal securities are accepted by the issuer before the law of the constituent entity of the Russian Federation or the legal act of the representative body of the annual financial performance report for the last completed fiscal year, the terms of issuance and treatment may contain the data of the budgetary accounting carried out by the financial authorities of the constituent entities of the Russian Federation and of municipal entities, financial performance for the last completed financial period Year. 3. The conditions for the issuance and circulation of government securities of the Russian Federation, as well as changes in the conditions of issuance and circulation of these securities, shall be subject to State registration in the manner prescribed for State registration. regulatory legal acts of the federal executive authorities. 4. The conditions for the issuance and circulation of government securities of the constituent entities of the Russian Federation or municipal securities, as well as changes to the conditions of issuance and circulation of these securities are subject to state registration by the federal authority The executive authorities, which carry out state registration of the conditions of issuance and circulation of government securities of the constituent entities of the Russian Federation and municipal securities. 5. The rules of state registration of the conditions for the issuance and circulation of government securities of subjects of the Russian Federation and municipal securities, as well as changes made to the conditions of issuance and circulation of these securities, shall be established. The Government of the Russian Federation. 6. The conditions of issuance and circulation of government securities may provide for the right to purchase government securities from the issuer before their maturity, with the possibility of their subsequent circulation in the case where it is provided by the Under the conditions, in compliance with the requirements (including the price of the buyback) prescribed by the budgetary laws of the Russian Federation. (Article in the wording of Federal Law from 14.06.2012 N 79-F) C t I am 10. Grounds for denial of the state registration of the conditions for the issuance of and conversion state securities of the constituent entities of the Russian Federation; and municipal securities (In the wording of Federal Law of 14.06.2012) N 79-FZ Grounds for denial of the state registration of the conditions for the issuance of and the circulation of state securities of the constituent entities of the Russian Federation and municipal securities, and changes made to the conditions of issuance and circulation of these securities may serve: (In the wording of the Federal Law 14 June 2012 N 79-FZ) violation by the issuer of the requirements of the Russian Federation's budget legislation and of the legislation of the Russian Federation on securities; The conditions for the issuance of and the circulation of securities of subjects of the Russian Federation and municipal securities by the constituent entities of the Russian Federation, as well as other regulatory legal acts of the Russian Federation; (In the wording of Federal Law from 14.06.2012 N 79-FZ) violation by the issuer of the norms and limit values established by the representative and executive bodies of the State authorities of the constituent entities of the Russian Federation and the local authorities in accordance with By this Federal Law and with the budgetary laws of the Russian Federation. (In the wording of Federal Law from 14.06.2012 N 79-FZ) In case of refusal of state registration of conditions for the issuance and circulation of government securities of the constituent entities of the Russian Federation or municipal securities, as well as changes to conditions The issuance and circulation of these securities, the federal executive body conducting state registration of the conditions for the issuance and circulation of government securities of the subjects of the Russian Federation and municipal securities, inform the issuer of the reasons for Denial. The issuer has the right to appeal against the refusal to the court. (In the wording of Federal Law No. N 79-FZ) Article 11. A decision to issue a release (additional issue) of state or municipal securities 1. In accordance with the General Conditions and Conditions of Issue and Treatment, the issuer makes a decision on the issue of issuing (additional issue) of state or municipal securities (hereinafter referred to as the decision on issue (s). The release decision (additional release) should include the following prerequisites: 1) the issuer name; 2) the start date of the security; 3) the date or period of the placement; (4) form of issue (additional issue) of securities; 5) value for securities; 6) par value of one security; 7) quantity of issue paper (additional release); 8) maturity date; 9) Registrar, maintaining a register of owners of public securities of the constituent entities of the Russian Federation or the registry of owners of municipal securities, or pointing to depositaries who take account of the rights of the owners of government securities of the Russian Federation, state securities of the constituent entities of the Russian Federation, municipal securities of this issue; 10) information on compliance with the limits of budget deficits, municipal debt and public service or The municipal debt established by the Budget Code of the Russian Federation; 11) other conditions of significance for the placement, circulation of public or municipal securities, and for the performance of securities obligations, including securities with the right to buy back the issuer before maturity. 2. The release decision (additional release) must be signed by the issuer. 3. The conditions contained in the decision on the issue (s) must be published in the mass media and (or) disclosed by the issuer of other specified legislation of the Russian Federation in a manner not later than two working days to the date of the beginning of the placement of state or municipal securities. 4. The decision to issue a (additional issue) of state securities of the constituent entity of the Russian Federation or municipal securities is not subject to State registration by the federal executive branch of the State. The registration of conditions for the issuance and circulation of government securities of the constituent entities of the Russian Federation and municipal securities. 5. Changes in the release (additional release) of state or municipal securities are not permitted. (Article in the wording of Federal Law from 14.06.2012 N 79-FZ) Article 11-1. Report on the results of public or municipal securities 1. Issuer of state or municipal securities after the completion of the financial year, but not later than February 1 of the current financial year, adopts the document in the form of a normative legal act of the Russian Federation, regulatory legal system. of the Russian Federation or the legal act of the local administration, containing a report on the outcome of the issuance of state or municipal securities and including a reference to: 1) state registration numbers of issues State or municipal securities whose placement Implemented in the financial year under review; 2) the placement of the security; 3) the date of the security of the specified releases; 4) the maturity date for the specified releases; 5) the actual The price of placing securities (as a percentage of the nominal value); 6) the number of securities placed; 7) the security of each of the specified releases. 2. The rules of the submission by the constituent entities of the Russian Federation and municipal entities of the reports on the results of the emission of government securities of the constituent entities of the Russian Federation and municipal securities are established by the Government of the Russian Federation. 3. The report on the results of the emission of government securities of the subject of the Russian Federation or municipal securities is not subject to state registration by the federal executive authority conducting state registration of conditions issuance and circulation of government securities of the constituent entities of the Russian Federation and municipal securities. href=" ?docbody= &prevDoc= 102054679&backlink=1 & &nd=102157374 "target="contents" title= " "> from 14.06.2012 N 79-FZ) Article 12. Disclosure of information about state and municipal securities 1. The disclosure of State and municipal securities, defined in accordance with the Federal Law on the Securities Market, is implemented by: (1) Publication of the Russian Federation's regulatory legal act; OF THE PRESIDENT OF THE RUSSIAN FEDERATION OF THE PRESIDENT OF THE RUSSIAN FEDERATION The legal act of the local administration-the conditions for the issuance and circulation, in accordance with this Federal Law; 3) of the publication and (or) disclosure by the issuer of other specified legislation of the Russian Federation The manner of information contained in the decision on issuance (additional issue), not later than two working days before the date of commencement; 4) of the publication and (or) disclosure by the issuer of other statutory provisions of the Russian Federation Federation by way of information related to the release decision (additional) release), including information on the size of the regular coupon on state or municipal securities with variable coupon income, in accordance with the terms of issuance and circulation and the decision on issue (additional issue); 5) Issuer of a report on the issuance of public or municipal securities issued under this Federal Act. 2. The publication of the normative legal acts of the Russian Federation, the normative legal acts of the constituent entities of the Russian Federation or the legal acts of the local administration, as well as the changes made to them, shall be published in the following terms: OF THE PRESIDENT OF THE RUSSIAN FEDERATION 3. In addition to the disclosure of the information referred to in this article, the executive authorities of the constituent entities of the Russian Federation and the local authorities are obliged to publish quarterly reports on the performance of the budgets of the constituent entities of the Russian Federation; Local budgets. The issuers of government securities of the constituent entities of the Russian Federation and municipal securities are obliged to publish monthly data on the length of the borrower's debt. 4. The Russian Federation's public securities disclosure standards contained in the decision on the issue of the Russian Federation's state securities and in the report on the results of the issuance of these securities, shall be established by the Government of the Russian Federation. 5. OF THE PRESIDENT OF THE RUSSIAN FEDERATION of municipal securities and in the report on the issue of these securities are established by the federal executive authority, exercising authority to approve the disclosure standards for public securities of the subjects of the Russian Federation and municipal securities held in Decision on the issue of the (additional issue) of state securities of the constituent entities of the Russian Federation or of municipal securities and in the report on the issue of these securities. Law of 14.06.2012. N 79-FZ) CHAPTER IV. THE OBLIGATION OF THE OBLIGATIONS OF THE OBLIGATIONS OF THE OBLIGATIONS UNDER THE STATE AND MUNICIPAL CENTRE BUMAGAM C (Spconsumed by Federal Law of 26.04.2007) N 63-FZ) C t I am 14. Insurance of responsibility of issuer for fulfillment of obligations on state securities of Russian regions and municipal securities 1. In the cases stipulated by the General Terms and Conditions for the issuance and circulation of government securities of the constituent entities of the Russian Federation and municipal securities, the issuer is entitled to make insurance liability for the fulfillment of obligations on the said securities in accordance with the civil legislation of the Russian Federation. (In the wording of Federal Law from 14.06.2012 N 79-FZ) The terms of the liability insurance contract must be contained in the release decision (additional release). (In the wording of Federal Law No. N 79-FZ 2. (Spconsumed by the Federal Law of 14.06.2012). N 79-FZ) Article 15. { \cs6\f1\cf6\lang1024 } Considerations for{ \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } municipal securities 1. Obligations arising from the issuance of public and municipal securities may be guaranteed by the Russian Federation, the constituent entity of the Russian Federation or municipal education. 2. The procedure for the provision and execution of State and municipal guarantees shall be governed by the budgetary laws of the Russian Federation, taking into account the characteristics set out in this Federal Act. 3. The decision on the release (additional issue) of securities should indicate the conditions of the State or municipal guarantee provided by the Russian Federation, the constituent entity of the Russian Federation and the municipal authorities, respectively. by the entity (guarantor) in ensuring the fulfilment of the issuer's obligations (principal) arising from the implementation of the last loan by issuing securities, to the owners of these securities (beneficiaries). 4. The rights of the claim against the guarantor for a State or municipal guarantee shall be deemed to be transferred to the new owner of the securities (beneficiary) secured by the State or municipal guarantee from the date of their transfer to the securities. paper. 5. The guarantor of the State or municipal guarantee carries a subsidiary liability under the guaranteed obligation. 6. The guarantor of the State or municipal guarantee has the right to refuse the owner of the securities (the beneficiary) in satisfaction of his claim if the latter is not entitled under the law of the Russian Federation to do so. Implementation of securities rights. (Article as amended by Federal Law of 14 June 2012) N 79-F) C t I am 16. Entry into force of this Federal Law 1. This law shall enter into force on the date of its official publication. 2. Article 7 of this Federal Law shall be in force until the day of the entry into force of the Code of Budget of the Russian Federation, which establishes the limit value of the debt, the limit on the amount of funds allocated to finance the budget deficit at the appropriate level for the current fiscal year, and the marginal costs of servicing public or municipal debt. 3. Invite the President of the Russian Federation and instruct the Government of the Russian Federation to bring its normative legal acts into conformity with this Federal Law. 4. OF THE PRESIDENT OF THE RUSSIAN FEDERATION containing the terms and conditions for the issuance of securities of the constituent entities of the Russian Federation and of municipal securities, standards for the disclosure of information on state and municipal securities contained in the decision on issuance and the report on the emissions State and municipal securities, and approve the form and order Subjects of the Russian Federation and municipal entities reporting on the results of emissions of state and municipal securities. President of the Russian Federation B. Yeltsin Moscow, Kremlin 29 July 1998 N 136-FZ