Of Mortgage Backed Securities

Original Language Title: Об ипотечных ценных бумагах

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RUSSIAN FEDERATION federal law on mortgage backed securities passed by the State Duma October 14, 2003 the year approved by the Federation Council October 29, 2003 year (as amended by the federal laws from 29.12.2004 N 193-FZ;
from 27.07.2006 N 141-FZ; from 09.03.2010 N 22-FZ;
from 21 N 327-FZ; from 30/11/2011 N 362-FZ;
from 25 N 83-FZ; from 29.12.2012 N 281-F3;
from arrival N 251-FZ; from 21.12.2013 N 379-FZ;
from 29.06.2015 N 210-FZ; from 30.12.2015 N 461-FZ), Chapter 1. GENERAL PROVISIONS Article 1. The scope of regulation of this federal law regulates relations arising in the release of the issue and circulation of mortgage securities, excluding mortgages, as well as in the performance of obligations under the mortgage securities.
Article 2. Basic concepts for the purposes of this federal law uses the following concepts: mortgage-backed securities-in mortgage-backed bonds and mortgage participation certificates;
with mortgage-bond-bond, performance of the obligation which is wholly or in part of the collateral mortgage coverage; (As amended by the Federal law dated 27.07.2006 N 141-FZ) mortgage participation certificate-CT security certifying its holder's share in the right of common ownership on mortgage coverage, the right to require that the person issuing the proper mortgage-asset management, the right to receive the money received pursuant to the obligations, requirements that have mortgage coverage, as well as other rights stipulated by this federal law;
mortgage agent-specialized commercial organization which complies with article 8 of the present Federal law requirements, the exclusive object of which is the acquisition of a right of claim on loans (loans), secured by a mortgage, and (or) mortgages and which, in accordance with this federal law granted the right to issue mortgage-backed bonds;
housing-mortgage-bond in mortgage-bond, consisting only of claim secured by residential properties. (The paragraph is supplemented by federal law from 29.12.2004 N 193-FZ), Article 3. Mortgage cover 1. Mortgage coverage can only be secured by mortgage claims for repossession of principal and (or) for the payment of interest on credit agreements and loan agreements, including certified mortgages, and (or) mortgage participation certificates certifying their owners share in the right of common ownership to another mortgage coverage, cash in the currency of the Russian Federation or foreign currency, as well as government securities and real estate cases provided by paragraph 1 of article 13 hereof. (As amended by the Federal law dated 27.07.2006 N 141-FZ)
2. claims on secured by mortgage obligations can be part of the mortgage coverage only if they meet the following conditions: principal of the secured mortgage obligation for each contract or mortgage payments should not exceed eighty percent of certain independent valuator market value (monetary value) of immovable property which is the subject of the hypothec; (As amended by the Federal law dated 09.03.2010 N 22-FZ) of mortgage contract, providing the relevant requirements shall not imply the possibility of replacing or alienation of mortgaged immovable Pledger property which is the subject of a mortgage, without the consent of the pledgee;
real estate pledged as security for performance of the obligation concerned, must be insured against the risk of loss or damage in favour of a lender on a mortgage obligation secured throughout the duration of the liabilities. When the insured amount should be not less than the size of the (amount) of the secured mortgage claims for repossession of principal; (As amended by the Federal law dated 27.07.2006 N 141-FZ) (Repealed-the Federal law dated 27.07.2006 N 141-FZ), the subject of the loan agreement must be cash only.
3. at the time of placement or issuance of mortgage-backed securities mortgage coverage cannot be secured by a mortgage and providing other liabilities requirements. The composition of mortgage bonds mortgage-backed coverage, except for housing mortgage-bonds, may include claims secured by real estate, construction of which has not been completed.
Claims with a subsequent mortgage may be mortgage coverage only if the principal amount of debt under an obligation secured by a prior mortgage, and the principal amount of debt under an obligation secured by a subsequent mortgage, in aggregate not exceeding seventy per cent of certain independent valuator market value (monetary value) of immovable property which is the subject of mortgage.
The proportion of claims secured by a pledge of real estate, construction of which has not been completed, shall not exceed ten percent of the size of the mortgage cover.
(The part in edition of the Federal law of 29.12.2012. N 281-FZ)

4. the amount of the mortgage coverage is determined by summation of the size requirements, the amount of money and value (monetary value) other assets that make up mortgage coverage. Mortgage size cover should be determined in the manner prescribed by the Central Bank of the Russian Federation (hereinafter-the Bank of Russia). (As amended by federal law from day of arrival N 251-FZ) in determining the amount of a mortgage to cover should be ignored the requirement under an obligation in respect of which: non-execution is more than six months;
lost mortgage, including as a consequence of the entry into force of the court verdict on nullity or termination on other grounds of the right of mortgage on real estate (mortgage);
entered into legal force court decision on recognition of commitment or termination on other grounds;
the debtor of the obligation is recognized as insolvent (bankrupt) in the manner prescribed by the legislation of the Russian Federation on Insolvency (bankruptcy);
absent for more than six months of insurance of immovable property, mortgaged as security for performance of an obligation, from the risk of loss or damage. (The paragraph is supplemented by federal law from 27.07.2006 N 141-FZ)
5. one and the same property, including requirements for the same obligations can be included in only one mortgage cover.
Mortgage participation certificates may not be included in the mortgage coverage, share in the right of common property on which they certify.
6. the requirement of the secured mortgage obligation, part of the mortgage coverage, to be confirmed: an extract from the unified State Register of rights to real estate and transactions therewith;
agreement on hypothec, which made a special registration inscription certifying State registration in accordance with the legislation of the Russian Federation on State registration of rights to real estate and transactions with it, or its notarized copy;
the loan agreement or the contract of loan, based on which the secured mortgage obligation or a notarized copy of a contract; (Repealed-the Federal law dated 29.12.2004 N 193-FZ) document that expresses the content of the transaction, which had been transferred to the right of the creditor and pledgee secured by mortgage obligation, which made a special registration inscription certifying State registration in accordance with the legislation of the Russian Federation on State registration of rights to real estate and transactions therewith, if there had been a transfer (assignment) of such rights or its notarized copy.
If there have been drafting and issuing a mortgage, to confirm a part of the mortgage covering the requirements for a mortgage obligation secured sufficient mortgage. (The paragraph is supplemented by federal law from 29.12.2004 N 193-FZ), Article 4. Exclusion of claims and other property from the mortgage cover 1. An exception from the requirements of the mortgage-backed mortgage cover is permitted in connection with their replacement or sale, as well as in connection with the termination of the obligation. Replacement or selling requirements constituting mortgage coverage is allowed in cases, stipulated by this federal law.
2. the exclusion of the whole mortgage cover property, except money, allowed in connection with its replacement or sale.
3. the exclusion of the whole mortgage cover funds allowed in connection with the performance of obligations under the mortgage securities, mortgage-backed purchase requirements or other property which, in accordance with this federal law may be included in the mortgage coverage, as well as in other cases stipulated by this federal law.
4. exclusion of claims and other property from the mortgage cover is permitted subject to compliance with requirements for mortgage cover established by this federal law.
(Article in the Editorial Office of the Federal law dated 27.07.2006 N 141-FZ), Article 5. Mortgage Register cover 1. Accounting requirements and other assets that make up mortgage coverage is done by running the Register mortgage cover.
2. Information about the requirements and on other property of constituting mortgage coverage, are entered in the register of mortgage cover with an indication, in respect of each of them: sum (size) requirements (including the principal amount and rates of interest) or value (monetary value) of the property;
the name and description of the property sufficient for identification of mortgage coverage, and (or) property on which the mortgage is established to ensure the fulfillment of an obligation, requirement that is Mortgage coverage. If such property is dwelling, in the information about his whereabouts is not specified the number of residential premises (residential houses, apartments); (As amended by the Federal law dated 27.07.2006 N 141-FZ) market value (monetary value) of the property on which the mortgage is established;

the term of payment of the amount of the claim or, if this amount is payable in instalments, the timing (frequency) of the relevant payments and the size of each of them, to define these terms and size of payments (debt repayment plan);
the degree of fulfilment of obligations, that is Mortgage coverage;
other information established by the Bank of Russia. (As amended by federal law from day of arrival N 251-FZ)
3. Requirements or other property shall be deemed to be included in the composition of mortgage cover from the moment of making the appropriate entry in the register of mortgage cover.
4. Register a mortgage covering should be conducted, inter alia, to the use of electronic databases.
Article 6. The restriction of the use of terms related to issue of mortgage securities no person, except in accordance with this federal law the right to issue mortgage-backed securities has the right to attract cash and other property using the words "in mortgage-backed bonds", "mortgage participation certificates" and "mortgage", and also may not use in its name the words "specialized mortgage organisation" or "mortgage agent", in any combination.
Chapter 2. ISSUE and circulation of mortgage BONDS COVERING Article 7. Issuers of mortgage-backed bonds 1. With mortgage-backed bond issue may only be carried out by mortgage agents and credit organizations.
2. Bank in Russia sets for credit organizations operating in mortgage-bond, disclosure requirements on its activities in addition to the requirements established by other federal laws. (As amended by the Federal law of 21.12.2013 N 379-FZ)
3. a credit institution shall not have the right to issue mortgage-backed bonds, if it does not meet the requirements or mandatory standards, established by the Bank of Russia in compliance with the Federal law of July 10, 2002 N 86-FZ "on the Central Bank of the Russian Federation (Bank of Russia)", other federal laws, or provisions of this article. (Part is supplemented by federal law from 21.12.2013 N 379-FZ) Article 8. Requirements for mortgage agents 1. The subject of the mortgage agent can only be purchase requirements on loans (loans), secured by a mortgage, and (or) mortgages, as well as the implementation of mortgage bonds emission coating. (As amended by the Federal law of 21.12.2013 N 379-FZ) Requirements on loans (loans), secured by a mortgage, and (or) bonds can be purchased mortgage agent pursuant to the contract of sale, Exchange, assignment (assignment), a transaction on the alienation of the property, including those related to the payment of authorized capital (equity) mortgage agent this property, and also as a result of universal succession.
Mortgage agent may have civil rights and assume civil obligations necessary for the implementation of these activities, including to dispose the acquired cash requirements and other assets to attract loans (loans) subject to the restrictions set forth in the Charter of a mortgage agent to insure the risk of liability for failure to fulfil obligations on bonds mortgage agent and (or) risk of losses due to default on secured mortgages and acquired mortgage agent requirements, perform other transactions aimed at enhancing, maintaining the solvency of the mortgage agent or mitigate risks of financial loss, bear responsibility before third parties related to the implementation and fulfillment of obligations on bonds with a mortgage covering, as well as the activities of a mortgage agent. (As amended by the Federal law of 21.12.2013 N 379-FZ), these activities can only be carried out by mortgage agent in the form of a joint stock company or limited liability company. The Charter of a mortgage agent must be defined by the object and purpose of its activities in accordance with this federal law. Amendment of the Charter of the mortgage agent changes and (or) additions changes and (or) complement the subject or purpose of its activities is not allowed. (As amended by the Federal law of 21.12.2013 N 379-FZ) full name of the mortgage agent in Russian should contain the words "specialized mortgage organisation" or "mortgage agent".
The Charter of a mortgage agent must be specified the maximum number of bond issues in mortgage-backed issue for which it is created. Modify the maximum number of bond issues in mortgage-backed issue for which a mortgage agent shall not be permitted. (The paragraph is supplemented by federal law from 29.12.2004 N 193-FZ) (As amended by the Federal law of 29.12.2012. N 281-FZ)
2. Mortgage agent may not have the staff.
The authority of the individual executive body of the mortgage agent must be transferred to a commercial organization.
Accounting mortgage agent must be transferred to a specialized organization.

A commercial organization, which transferred authority of the individual executive body of the mortgage agent, may not keep accounting records of the mortgage agent.
A specialized organization, which transferred to the accounting of the mortgage agent, may not exercise the authority of the individual executive body of the mortgage agent.
3. Mortgage agents have no right to enter into contracts with individuals vozmezdnye and implement business activities not provided for in this federal law. Violation of this requirement is the basis for the treatment of the Bank of Russia in a court with a demand for the Elimination of the mortgage agent. (As amended by federal law from day of arrival N 251-FZ) transactions with non-compliance with this requirement on behalf of mortgage agent commercial organization, which transferred authority of the individual executive body of the mortgage agent, create, modify, and terminate civil rights and obligations to a commercial organization and shall not entail for mortgage agent duties or for a commercial organization or third parties.
4. The voluntary liquidation of the mortgage agent is permitted only after payment of all hosted or in circulation in mortgage-backed bonds of the mortgage agent. (Part is supplemented by federal law of 29.12.2012. N 281-FZ)
5. In respect of mortgage agents apply the rules provided by the second paragraph of item 4, paragraphs 7 and 8 of article 15-1, paragraphs 3, 5, 6, 7 and 10 of article 15-2 April 22, 1996 federal law N 39-FZ "on securities market". With respect to mortgage agents do not apply rule as provided for in paragraph 4 of article 90 and article 99, paragraph 4 of the Civil Code of the Russian Federation, paragraphs 4-12 article 35, chapter IX (concerning the acquisition and redemption of a joint-stock company floated shares), chapters X, XI and XI-1 December 26, 1995 federal law N 208-FZ "about joint-stock societies", paragraphs 3-5 of article 20 and articles 23 and 24 paragraphs 3 and 4, article 30, articles 45 and 46 of the Federal law dated February 8, 1998, N 14-ФЗ "About societies with limited liability". (Part is supplemented by federal law from 21.12.2013 N 379-FZ) (As amended by the Federal law of 30.12.2015 N 461-FZ) Article 9. Form the identity of the constituent rights in mortgage-bond 1. In mortgage-backed bonds may be issued in one of the forms stipulated by the Federal law of April 22, 1996 N 39-FZ "on securities market" (hereinafter referred to as the Federal law "on securities market").
2. When the documentary form of mortgage-backed bonds required props certificate in mortgage-backed bonds is to specify on the order and on conditions of payment to the owners of mortgage-backed bonds, as well as on the procedure and the conditions for repayment of these bonds.
Article 10. Interest on the bonds from mortgage-1. In mortgage-backed bonds should enshrine the right of their owners to receive per cent, the amount of which is determined by the decision on issue of bonds with a mortgage covering. (As amended by the Federal law dated 29.12.2004 N 193-FZ)
2. The payment of interest on bonds with mortgage-should be carried out not less than once a year, except in the case specified in subsection 3 of the present article. (As amended by the Federal law of 29.12.2012. N 281-FZ)
3. In the case of bonds with a single mortgage covering two or more editions, in respect of which installed a different sequence of performance of the obligation, term of interest payment on the bonds to mortgage-backed, fulfilment of the obligations that are not primarily may exceed one year. (Part is supplemented by federal law of 29.12.2012. N 281-FZ), Article 11. Enforcement of obligations on bonds from mortgage-1. Fulfilment of the obligations on the bonds is secured by collateral in mortgage-a mortgage covering since the emergence of the rights to such bonds by their first owner.
With mortgage-bond provides its owner all rights arising from the collateral mortgage cover. With the transfer of rights to in mortgage-bond to the new owner (buyer) assumes all the rights arising from collateral mortgage cover. Transfer of rights arising from collateral mortgage coverage, without transfer of in mortgage-backed bond is invalid.
Every owner in mortgage-backed bonds one edition has equal rights with other owners of mortgage-backed bonds of the same issue of law in respect of claims and other assets that make up mortgage coverage, and in the case of exemptions through foreclosure of the pledged property for State or municipal needs, his requisition or nationalization-also in respect of the insurance compensation, reimbursements owed to the pledgor or property provided by the pledgor in return.

2. Mortgage coverage can be built in assurance of fulfillment of obligations on bonds two or more releases. The requirements of this federal law for mortgage coverage, ensuring performance of obligations on bonds of the same issue applies to mortgage coverage, providing the performance of all obligations under the bonds two or more editions, taking into account the peculiarities of the installed part 2 article 13 hereof. (As amended by the Federal law of 29.12.2012. N 281-FZ) in the case of bonds with a single mortgage covering two or more editions of their issuer may prioritize execution of obligations on bonds from mortgage-various editions. In this case, the performance of obligations mature performance in mortgage-backed bonds each queue is allowed only after the proper performance of the obligations of the mature performance in mortgage-backed bonds the previous priority. (As amended by the Federal law of 21.12.2013 N 379-FZ) Established the sequence of execution of obligations on bonds from mortgage-various editions also applies in cases of obtaining funds from the sale of mortgage bonds and coatings with the early redemption of the bonds, unless otherwise provided for in the decision about the release of bonds mortgage-backed. (The paragraph is supplemented by federal law from 27.07.2006 N 141-FZ) (The part in edition of the Federal law dated 29.12.2004 N 193-FZ) Article 12. With mortgage-backed bond issue 1. With mortgage-backed bonds emission is carried out in accordance with the Federal law "on securities market", this federal law and adopted in accordance with the normative acts of the Bank of Russia. (As amended by federal law from day of arrival N 251-FZ)
2. conditions in mortgage-backed bonds may contain a restriction on the total number of releases such bonds pursuant to obligations under the mortgage-which are available. Violation by the issuer of mortgage-backed bonds specified restrictions is grounds for denial of State registration of this mortgage bond coating.

3. the decision on issuing bonds to mortgage-repayment period must be defined (partial) bonds and rate (calculation of the cost) payable (paid) for each bond when its repayment (partial discharge). (Part is supplemented by federal law from 27.07.2006 N 141-FZ) 3-1. Decision on issuance of housing bonds to mortgage-may consist of a first part containing general terms defined the rights of holders of bonds and other general criteria for one or more editions of such bonds (hereinafter-program housing with mortgage-backed bonds), and the second part containing specific terms and conditions of a separate issue of these bonds. (Part is supplemented by federal law from 30.12.2015 N 461-FZ) 3-2. Program housing bonds to mortgage-in addition to the information referred to in article 17 of the Federal law "on securities market", should also contain: specifying at ensuring collateral mortgage bonds;
instructed to limit or no limit total number of housing bonds with a single mortgage covering that can be placed within the framework of a programme of housing mortgage-backed bonds;
information on the order of execution of obligations on housing bonds with one mortgage-if program housing bonds to mortgage-provides the ability to issue such bonds;
information about the person, providing additional security for housing in mortgage-backed bonds (housing with mortgage-backed bonds to a specific queue) that can be placed within the framework of a programme of housing with mortgage-backed bonds, as well as information about this additional security in case of granting it.
(Part is supplemented by federal law from 30.12.2015 N 461-FZ) 3-3. Bank in Russia sets additional requirements for the program of housing bonds to mortgage-backed. (Part is supplemented by federal law from 30.12.2015 N 461-FZ)

4. the rules referred to in articles 27-3, 27-3-1, 27-5-6 of the Federal law "on securities market", shall not apply to mortgage securities. (As amended by the Federal law of 21.12.2013 N 379-FZ) (Article in the Editorial Office of the Federal law dated 29.12.2004 N 193-FZ) Article 13. Mortgage bond coating requirements 1. Mortgage bond coverage can be property provided for in this federal law, as well as government securities and real estate. (Repealed-federal law of 29.12.2012. N 281-FZ)

Real estate mortgage bond coating may be only as a result of its acquisition (abandonment reserve) by the issuer in accordance with the civil legislation of the Russian Federation when referring to him in case of nonperformance or improper performance of the obligation secured by the mortgage obligations, if such acquisition is not contrary to the requirements established by federal laws, and for not more than two years from the date of such acquisition.
2. Mortgage bond coverage, as well as the modalities for commitments that have requirements for mortgage coverage, must ensure the proper fulfillment of obligations on this mortgage-bonds.
To ensure the proper execution of obligations on bonds with mortgage-mortgage bond such coatings throughout their treatment should not be less than their total outstanding nominal value. The decision about the release of bonds with the mortgage-may be provided for the enforcement of obligations on such bonds in a larger size. In this case, the size of mortgage bonds coverage throughout their treatment should not be less than the size set by the decision on issuing bonds to mortgage-backed.
In the case of bonds with a single mortgage covering two or more editions, in respect of which have different priority performance, adequacy of mortgage cover for execution of obligations on the bonds is determined separately for each queue. The size of the mortgage cover is considered sufficient to ensure proper performance of the obligations on the bonds applicable queue, if the size of the mortgage cover is equal to the sum of the outstanding nominal value of the bonds that the queue and the outstanding nominal value of the bonds prior to queues or exceeds or equals the size of mortgage coverage set by the decision to issue bonds, in mortgage-or greater in the case of a decision on issue of bonds from mortgage- providing for the enforcement of obligations on such bonds in a larger size.
(The part in edition of the Federal law dated 27.07.2006 N 141-FZ)
3. At the time of submission of the documents for State registration of issue of mortgage-backed bonds size (amount of) mortgage-backed demands for the return of the principal components of the mortgage covering such bonds shall not be less than their total face value.
Size of mortgage bond coverage, an issuer of which is a credit institution, for the duration of their treatment could exceed commitments on these bonds not more than 20 per cent.
(The part in edition of the Federal law dated 27.07.2006 N 141-FZ)
4. the funds received for the execution of the mortgage-backed obligations, requirements that have mortgage bond coverage should be included in the composition of mortgage bond coverage to the extent necessary to comply with the requirements to the size of the mortgage cover established by this federal law and regulatory acts of the Bank of Russia, if larger size not provided the decision to issue such bonds. (Part is supplemented by federal law from 27.07.2006 N 141-FZ) (As amended by federal law from day of arrival N 251-FZ)
5. The decision about the release of bonds with the mortgage-may be possible to implement certain expenditures of the issuer (compensation specialist, Registrar, depositary maintenance of register of owners of mortgage-backed bonds, the costs associated with the Office of mortgage-backed and other expenses) at the expense of property of mortgage coverage of such bonds. In this case, the decision to issue bonds to mortgage-should contain an exhaustive list of such costs and specifying the limit of funds allocated for such costs from the assets of the mortgage bond coverage. Payment of these costs is only permitted subject to the issuer of the bonds from mortgage-a mortgage covering size requirements of the bonds established by this federal law. (Part is supplemented by federal law from 27.07.2006 N 141-FZ)
6. In the case of bonds with a single mortgage covering two or more editions, in respect of which have different priority fulfillment of obligations, requirements for mortgage cover installed part 2 of this article may not apply to mortgage-backed bonds, performance of the obligations that are in the least, if it is stipulated in the decision on the issuance of such bonds. (Part is supplemented by federal law of 29.12.2012. N 281-FZ) Article 14. Replacement requirements and (or) other assets that make up mortgage bonds coverage (as amended by the Federal law dated 27.07.2006 N 141-FZ dated December 30, 2008) 1. Replacement requirements, components of mortgage bond coating can be carried out:

in case of with respect to such claims at least one of the grounds provided for in part 4 of article 3 of this federal law;
in case of inconsistency between such requirements as a condition of inclusion of mortgage cover provided for the fourth paragraph of part 2 of article 3 of this federal law, any payment delays under the undertaking, the demand for which is mortgage bond coverage, more than three months or more than three times within twelve months, even if every such delay is negligible;
in other cases stipulated by the decision on issue of bonds with a mortgage covering.
(The part in edition of the Federal law dated 30.12.2015 g. N 461-FZ)
2. replacement requirements, components of mortgage bond coverage is allowed only after the State registration report or presentation to the Bank of Russia bonds notification with mortgage-and, in the case of bonds with a single mortgage covering two or more editions, in respect of which have different priority fulfillment of obligations, only after the State registration report or presentation to the Bank of Russia notice of mortgage bonds covering the first queue. (As amended by the Federal law of 30.12.2015 N 461-FZ)
3. replacement requirements and (or) other assets that make up mortgage bonds coverage can be accessed through their sale or other onerous alienation to third parties with obligatory inclusion in the mortgage bond coverage of property obtained as a result of this exclusion. (Part is supplemented by federal law from 27.07.2006 N 141-FZ) Article 15. Foreclosure on mortgage bonds coverage 1. In case of nonperformance or improper performance of obligations on bonds from mortgage-foreclosure on requirements and other property components of mortgage bond coverage, subject to a court decision.
Enforcement of requirements and other property components of mortgage bond coverage, including their implementation, as provided for by the Federal law dated July 16, 1998 N 102-ФЗ "about mortgages (mortgage)" for the levying of execution on the pledged property and its implementation, taking into account the characteristics laid down in this article.
In the case of bonds with a single mortgage covering two or more editions of foreclosure on mortgage cover is carried out according to the statement made by the representative of the holders of the bonds issue, the performance of the obligation which has been carried out primarily in relation to the bonds, secured editions of such mortgage-backed. The decision of the general meeting of bond holders editions with the same mortgage-not required. (The paragraph is supplemented by federal law from 21.12.2013 N 379-FZ)
2. (repealed-federal law 21.12.2013 N 379-FZ) 3. In the case of bonds with a single mortgage covering two or more editions, in respect of which have different priority fulfillment of obligations, requirements of owners of mortgage-backed bonds each queue on the foreclosure of the mortgage bonds subject to such address in the order of priority established by the decision to issue the bonds. (Part is supplemented by federal law from 27.07.2006 N 141-FZ) Article 16. Repayment mortgage-backed bonds at the request of their owners 1. Owners of mortgage-backed bonds has the right to demand from the issuer early redemption of such bonds if violated requirements of the mortgage bond coverage imposed by article 13 of the present Federal law, violated established procedure for replacement of mortgage coverage violated conditions laid down to ensure proper performance of the obligations under the bonds, mortgage-and (or) the issuer of such bonds carries on business or commit not allowed him to deal as well as in other cases stipulated by the decision on issue of bonds with a mortgage covering. The right to demand early redemption of the bonds from mortgage-terminated after the expiry of the periods referred to in part 3 of this article. (As amended by the federal laws from 27.07.2006 N 141-FZ; 29.12.2012 N 281-FZ)
2. The issuer of mortgage-backed bonds has the duty to inform the owners of such bonds on the occurrence of their right to demand early repayment of their mortgage-backed bonds, their price and the exercise of such maturity, on the cessation of the law by disclosing or submitting relevant information to the owners of such bonds in the manner and within the time limit envisaged by the normative acts of the Bank of Russia. (As amended by the federal laws of 29.12.2012. N 281-FZ; from day of arrival N 251-FZ)

3. The period during which the owner with mortgage-backed bonds may be required on early redemption of bonds shall be established by a decision on their release, but may not be less than 30 days from the date of disclosure or submission of the information by the issuer on the occurrence of the owners of mortgage-backed bonds the right to demand their early repayment. The right to demand early redemption of the bonds, mortgage-was raised in connection with the violation of the established requirements to the size of the mortgage bond coverage and (or) breach of the terms and conditions to ensure proper performance of the obligations on bonds from mortgage-that you set in article 13 hereof, shall cease as from the date of disclosure or submission of the information by the issuer on Elimination of revealed violations. (Part is supplemented by federal law from 27.07.2006 N 141-FZ) (As amended by the Federal law of 29.12.2012. N 281-FZ)
4. In the case of bonds with a single mortgage covering two or more editions, in respect of which have different priority fulfillment of obligations, the requirements of owners of early repayment of bonds owned by them each queue compensable in the procedure set by the decision on the issue of the bonds, unless otherwise provided for in this decision. (Part is supplemented by federal law of 29.12.2012. N 281-FZ) Article 16-1. Realization of mortgage bond coverage in the event of insolvency (bankruptcy) of the Organization-in mortgage-bond issuer 1. In case of acceptance by arbitration court decisions declaring the Organization-in mortgage-bond issuer insolvent (bankrupt) and on the opening of bankruptcy proceedings, of the assets of the Organization, of the estate, is excluded property, constituting the mortgage coverage, guarantee of performance of the obligation secured in mortgage-backed bonds.
Creditors-the owners of mortgage-backed bonds are not included in the register of creditors ' claims the Organization issuing these bonds. When the register of creditors ' claims the owners of mortgage-backed bonds is compiled based on the register of the owners of mortgage-backed bonds, drawn up in the manner provided by paragraph 5 of this article.
Owners of mortgage-backed bonds can claim to satisfy their requirements in the course of bankruptcy proceedings only within the amount lost when implementing a mortgage bond coverage, in the manner provided for in this article.
2. Realization of mortgage bond coverage can be done through the sale of mortgage bonds coverage with the obligation of the buyer to fulfil all the conditions stipulated in the decision on issue of bonds with a mortgage (hereinafter referred to as the replacement issuer), or sale of property constituting the mortgage coverage, with the distribution of the received money between the owners of mortgage-backed bonds (hereinafter-sale mortgage cover).
Replacement in mortgage-bond issuer is effected in the manner laid down by federal law.
Sale of mortgage cover shall be as provided for in article 2-16 of this federal law.
3. How to implement the mortgage bond coverage in order to meet the requirements of the owners of mortgage-backed bonds is determined by the insolvency administrator in accordance with this article.
4. From the date of entry into force of the decisions of the arbitral tribunal on the recognition of the Organization-in mortgage-bond issuer insolvent (bankrupt) and on the opening of bankruptcy proceedings is prohibited from replacing rights requirements constituting mortgage coverage.
5. Trustee after the date of entry into force of the decisions of the arbitral tribunal on the recognition of the Organization-in mortgage-bond issuer insolvent (bankrupt) and on the opening of bankruptcy proceedings is obliged to transmit to the Registrar responsible for maintaining the register of owners of registered mortgage-backed bonds, and in the case of an issue of bonds with mortgage-bearer with obligatory centralized storage the depositary exercising centralized storage of these bonds, the requirement for preparation of register of owners of mortgage-backed bonds. In the specified requirement is determined by the date on which the register is compiled. Such a date cannot be set earlier than 30 days and later than 45 days after the date of entry into force of the decisions of the arbitral tribunal on the recognition of the Organization-in mortgage-bond issuer insolvent (bankrupt) and on the opening of bankruptcy proceedings.
To compile the register of owners of mortgage-backed bonds nominal holder of the bonds represents the identity of the persons on whose behalf he owns bonds, as at the date of the specified registry key.

Registrar, performs maintenance of register of owners of registered mortgage-backed bonds, and in the case of an issue of bonds with mortgage-bearer with obligatory centralized storage depository, carrying out centralized storage of these bonds, not later than 10 days after the date of register of owners of mortgage-backed bonds is obliged to transfer the register to the contest Manager.
In the case of an issue of bonds with mortgage-bearer in documentary form without requiring centralized register of creditors ' claims-the owners of these bonds shall be prepared by the insolvency administrator by the date established in accordance with this part, in accordance with the requirements of the owners of these bonds, submitting certificates of these bonds.
6. Information on the date, on which the roster of creditors-the owners of mortgage-backed bonds, the insolvency administrator is subject to publication in periodicals, which are specified in the decision on the issuance of such bonds, not later than 20 days before the date of the registry.
In case the decision on issuing bonds with no mortgage-specific periodicals, this information shall be published in the publication of the legislation of the Russian Federation on Insolvency (bankruptcy).
7. information to be published in connection with the mortgage bond coverage, published editions of the insolvency administrator, identified in accordance with paragraph 6 of this article.
8. Current liabilities related to the mortgage bond coverage, including remuneration of the bankruptcy trustee shall be extinguished at the expense of constituting mortgage coverage, in the manner prescribed by the Federal law of October 26, 2002 N 127-FZ "on Insolvency (bankruptcy)" for reimbursement relating to the repayment of current liabilities.
(Article supplemented by federal law from 29.12.2004 N 193-FZ) Article 16-2. Mortgage sales coverage in case of insolvency (bankruptcy) of the Organization-in mortgage-bond issuer 1. Bankruptcy trustee is obliged to sell the property constituting the mortgage coverage, and to carry out calculations in accordance with this article not later than nine months after the date of entry into force of the decisions of the arbitral tribunal on the recognition of the Organization-in mortgage-bond issuer insolvent (bankrupt) and on the opening of bankruptcy proceedings.
2. sale of property mortgage coverage is effected in the manner laid down by federal law from October 26, 2002 N 127-FZ "on Insolvency (bankruptcy)".
3. Moneys constituting mortgage coverage and received from selling mortgage coverage, after repayment of current obligations as provided for in article 16-1 of this federal law, shall be sent to meet the demands of owners of mortgage-backed bonds, included in the register of creditors ' claims the owners of mortgage-backed bonds, drawn up in the manner provided for in article 16-1 of this federal law, as in the case with mortgage-bond issue bearer shares in certificated form without requiring a centralized store-owners of these bonds submitting certificates of these bonds.
If bonds was in mortgage-prioritized execution of obligations on bonds with a single mortgage covering two or more editions, the requirements of the owners of such bonds shall be satisfied by way of the established sequence. Requirements of owners of mortgage-backed bonds each priority shall be satisfied after the full satisfaction of the claims of holders of mortgage-backed bonds the previous priority.

If in the case of bankruptcy of the debtor-creditor interests in mortgage-bond holders is determined in accordance with the legislation of the Russian Federation on securities representative of the owners of such bonds, after disposal of mortgage coverage, money for relief representative of bond holders, the insolvency administrator are credited to a special account that representative for subsequent settlement with creditors-the owners of mortgage-backed bonds in accordance with the decision on issue of bonds. (The paragraph is supplemented by federal law from 21.12.2013 N 379-FZ)

In the case of two or more bond issues with a satisfaction of mortgage-holders of the bonds of each issue shall be effected by the insolvency administrator credited to the special account of the representative of the owners of the bonds of each issue of funds that make up the mortgage and property obtained from the sale of mortgage coverage, in accordance with the order established by the terms of issue of such bonds for later calculation of representative of bond holders with the owners of mortgage-backed bonds within each release in accordance with the law unless otherwise provided by agreement between them. (The paragraph is supplemented by federal law from 21.12.2013 N 379-FZ)
4. the assets remaining after satisfaction of the claims of holders of mortgage-backed bonds and repay current liabilities associated with selling mortgage cover the insolvency administrator is included in the bankruptcy estate of the Organization-in mortgage-bond issuer.
(Article supplemented by federal law from 29.12.2004 N 193-FZ), Chapter 3. Issue and CIRCULATION of MORTGAGE PARTICIPATION CERTIFICATES Article 17. Persons having the right to grant mortgage participation certificates 1. Issuance of mortgage certificates of participation may be carried out only by commercial organizations having licenses for realization of activity on management of investment funds, mutual funds and private pension funds, as well as credit institutions. (As amended by the Federal law dated 29.12.2004 N 193-FZ)
2. issuance of mortgage certificates of participation is the basis for the common partial property owners of mortgage certificates of participation at the mortgage coverage, under which they are issued, and the establishment of such mortgage-backed asset management. Total share ownership on mortgage coverage occurs simultaneously with the establishment of these mortgage-backed asset management.
3. mortgage-backed trust management established by the conclusion of the contract of mortgage-asset management.
Article 18. Mortgage-fiduciary management agreement 1. Terms of the contract of mortgage-asset management (hereinafter referred to as the rules for mortgage-asset management) are determined by the person conducting issuance of mortgage participation certificates (hereinafter referred to as mortgage-Manager), standard forms and can be taken through mortgage certificates of participation-the founder of the mortgage-asset management, under which mortgage participation certificates are issued only by acceding to the Treaty specified in General.
The accession of asset management is carried out by the acquisition of mortgage-mortgage certificates of participation issued by mortgage-Manager.
2. claims and other assets that make up mortgage coverage, are the common property of the owners of mortgage certificates of participation and belong to them in the right of common ownership. Division of property constituting the mortgage coverage, and separation from it in kind is not allowed.
Condition of contract mortgage-asset management is the refusal of the natural or legal person from exercising the preemptive right to purchase a share in the right of common ownership of property constituting the mortgage coverage. The right is terminated.
Owners of mortgage certificates of participation bear the risk of non-performance or improper performance requirements that have mortgage coverage.
3. the Manager carries out mortgage-mortgage-trust management by receiving (intake) payments on commitments, requirements that have mortgage coverage, transfers (payment) mortgage participation certificate holders of funds through these payments, ensure proper performance of the obligations, requirements that have mortgage coverage, including foreclosure on property of the debtor, including mortgaged as security for the liabilities with non-performance or improper performance of such obligations as well as by committing other related actions do not contradict this federal law and the rules of mortgage-asset management.
Mortgage-manager has the right to sue and to act by the defendant in the Court of claims in connection with the implementation of the activities of the mortgage-backed trust management.
4. in addition to the stipulated by the Civil Code of the Russian Federation and the present Federal law essential conditions of the contract of the asset management asset management rule mortgage-mortgage-should contain an indication of the lack of an owner mortgage certificates of participation rights require from managing termination of mortgage-mortgage-asset management prior to its expiration date, except in cases provided for in this federal law.
Article 19. Contract duration mortgage-asset management

Contract duration mortgage-asset management, established rules, mortgage-asset management should not be less than a year, and more than forty years.
Article 20. Mortgage participation certificate 1. Each mortgage participation certificate certifies the same amount of rights, including equal share in the right of common ownership on mortgage cover.
2. Mortgage certificate of participation is not an issue commercial paper.
The rights certified by mortgage participation certificate, captured in non-documentary form.
The number of mortgage certificates attesting to the participation share in the right of common ownership of the mortgage coverage indicated in the rules of the mortgage-asset management.
3. Mortgage certificate of participation has no face value.
4. production derived from mortgage certificates of participation securities is not permitted.
5. Mortgage participation certificates are traded publicly, including the organized auction. (As amended by the Federal law of 21 N 327-FZ) rights for mortgage participation certificates shall be carried out on the accounts in the register of owners of mortgage certificates of participation and, if this is provided for in the rules of mortgage-asset management, the accounts Depo depositaries, which for these purposes in the register of owners of mortgage certificates of participation open personal accounts of nominal holders. When the depository except depositories, performing rights for mortgage participation certificates, which are organized at the appeal bid, may not open accounts other depositaries Depot, as the nominal holders of the securities of their clients (depositors). (As amended by the Federal law of 21 N 327-FZ), which carries out maintenance of register of owners of mortgage certificates of participation, at the request of the owner of mortgage certificates of participation, or the person authorized by him is obliged to confirm the nominal holder of the right of these persons for mortgage participation certificates by issuing within five days of an extract from the register of owners of mortgage certificates of participation.
Article 21. Mortgage requirements covering mortgage certificates of participation 1. The composition of mortgage cover mortgage certificates of participation may be limited to requirements for secured mortgage obligations, mortgage participation certificates certifying the share in the right of common ownership to another mortgage coverage, real estate property and monies received in connection with the performance of the obligations, requirements that have mortgage coverage, foreclosure on their specified requirements, sales, fulfillment of obligations for mortgage participation certificates that make up mortgage coverage realization of real estate mortgage coverage, otherwise the implementation of such mortgage-backed asset management.
Real estate can be a mortgage covering mortgage certificates of participation only as a result of its acquisition (leaving behind a) in connection with the appeal on him in case of nonperformance or improper performance of mortgage-backed obligations, requirements that have mortgage coverage.
(The part in edition of the Federal law of 29.12.2012. N 281-FZ)
2. sale of claims constituting mortgage cover mortgage certificates of participation allowed in the cases referred to in paragraph 1 of article 14 hereof, if the sale of the requirements provided for by the rules of this mortgage-asset management. (As amended by the Federal law dated 27.07.2006 N 141-FZ), Article 22. Separation of property mortgage coverage 1. Requirements and other assets that make up mortgage coverage, separated from the property manager, property owners ' mortgage-mortgage certificates of participation, property of other mortgage coverage, are specified in trust manager, as well as from other property in trust or otherwise the specified Manager. The estate that forms the mortgage coverage, account manager for mortgage-a separate balance sheet and maintained separate records.
2. For payments in transactions related to trust management, mortgage-opens a separate bank account (bank accounts), and to take account of the rights to the securities constituting mortgage coverage, separate accounts are opened. Such accounts, except in cases established by the legislation of the Russian Federation, are opened in the name of mortgage-indicating that he acts as trustee, and individual designations identifying mortgage participation certificates. The names of the owners of mortgage participation certificates not listed.

At the State registration of real estate collateral providing requirements constituting mortgage coverage, in the unified State Register of rights to real estate and transactions therewith indicate individual designation that identifies mortgage participation certificates, for which the owners of mortgage-backed trust management, incorporating appropriate demands, and made the following entry: "Givers of this real estate property and information about them by the Federal law of July 21, 1997 N 122-ФЗ" about the State registration of rights to real estate and transactions with it " shall be established on the basis of the data of personal accounts of the owners of mortgage certificates of participation in the register of owners of mortgage certificates of participation and Depo accounts of owners of mortgage certificates of participation.
3. Debts to owners of mortgage certificates of participation, including in their bankruptcy, foreclosure on the property constituting the mortgage coverage is not allowed. For the debts of the owners of mortgage certificates of participation exaction on their mortgage participation certificates. In the case of insolvency (bankruptcy) of the owners of mortgage certificates of participation are included in the insolvency estate owned mortgage participation certificates.
If mortgage participation certificates constitute a mortgage other mortgage certificates of participation and belong to their owners on the right of share ownership, debts such owners exaction and accordingly included in the insolvency estate mortgage participation certificates certifying the share in the right of common ownership of such mortgage coverage.
4. In the case of recognition of a mortgage-Manager insolvent (bankrupt) assets constituting the mortgage coverage is not included in the insolvency estate.
In the case of recognition of a mortgage-manager of insolvent (bankrupt) or cancellation of the License Manager of the mortgage-backed assets constituting the mortgage coverage, transferable asset management public management company, determined in accordance with the legislation of the Russian Federation to invest pension savings. The specified trust management establishes the permanent mortgage-management in order to safeguard the rights of the owners of mortgage certificates of participation. The conclusion of a new contract of mortgage-asset management is not required.
The estate that forms the mortgage coverage, to be transmitted to the State management company in accordance with the procedure determined by the Government of the Russian Federation. With this money, constituting the mortgage coverage, be transferred to the State management company within a period not exceeding three days from acceptance mortgage-manager of insolvent (bankrupt).
Article 23. Restrictions on activity of a managing mortgage-mortgage-Manager may not dispose of assets constituting mortgage coverage, without the consent of a specialized depositary;
purchase of properties mortgage coverage, any other property;
gratuitously alienate the property constituting the mortgage coverage;
get on the terms of the loan contracts and credit agreements the funds to be returned at the expense of property of mortgage coverage;
to provide loans at the expense of property of mortgage coverage;
use the property constituting the mortgage coverage, to ensure the fulfilment of its own obligations or liabilities of third parties;
acquire property constituting the mortgage coverage, except remuneration in accordance with the rules of mortgage-asset management;
dispose of its own assets in the assets constituting the mortgage coverage, located in its trust deed.
Article 24. The responsibility of managing mortgage-mortgage-Manager shall be responsible to the owners of mortgage certificates of participation, responsibility in the amount of actual damages in the case of damages resulting from the violation of this federal law, other federal laws, rules, mortgage-asset management, including incorrect determination of the amount of money subject to transfer (payment) mortgage participation certificate holder and the amount of money payable in connection with the repayment of the mortgage certificate of participation.
Article 25. Mortgage-asset management rules 1. In the rules of mortgage-asset management must contain the following information: a unique designation that identifies mortgage participation certificates with this mortgage;
full name mortgage-Manager;
full name of a specialized depositary;

full name registrar conducting maintenance of register of owners of mortgage certificates of participation;
rights and obligations of the mortgage-Manager;
fiduciary management agreement expires;
the number of mortgage certificates of participation and the way in which they are issued;
procedure and deadlines for the payment of money in connection with repayment of mortgage certificates of participation;
payment on each mortgage participation certificate of funds at the expense of payments received for the obligations, requirements that have mortgage coverage, as well as the dates of such payments, which must not exceed three months from the date of receipt of the respective payments;
procedure for determining the amount of cash payable in connection with the repayment of the mortgage certificate of participation;
the order and terms of entering into the register of the owners of mortgage certificates of participation records on the acquisition, transfer and redemption of mortgage certificates of participation;
the rights of holders of mortgage certificates of participation;
the procedure for convening and holding of general meeting of the owners of mortgage certificates of participation;
remuneration Manager, mortgage-a specialized depositary, Registrar, carrying out maintenance of register of owners of mortgage certificates of participation;
the types and maximum size of the costs associated with mortgage-backed trust management and payable from the assets of the mortgage coverage;
procedure of disclosure of information related to mortgage-backed trust management, including the name of the periodical printed publising in which relevant information is published;
other information in accordance with the requirements of this federal law.
2. Managing mortgage-has the right to make changes and amendments to the rules of mortgage-asset management, which shall enter into force only after their approval by the general meeting of the owners of mortgage certificates of participation.
In case of cancellation of the license of a specialized depositary exercising register maintenance mortgage coverage, mortgage-manager has the right to amend the rules of mortgage-asset management changes related to the replacement of a specialized depositary. At the same time managing mortgage-is obliged to decide on the convening of a general meeting of owners of mortgage certificates of participation, to address the question of approval of new specialized depositary.
3. mortgage-backed trust management Rules shall conform to the model regulations on the mortgage-asset management, approved by the Bank of Russia. The Bank of Russia has the right to install additional (along with this federal law) and (or) the list of information that must be included in the rules of mortgage-asset management. (As amended by federal law from day of arrival N 251-FZ) Article 26. The general meeting of owners of mortgage certificates of participation 1. The general meeting of owners shall be convened by the Manager of the participation certificate mortgage mortgage-on its own initiative or at the request in writing of the owners of not less than ten per cent of mortgage certificates of participation at the filing date requirement to convene a general meeting.
Requirement in writing to owners of mortgage certificates of participation on the convening of a general meeting shall contain the reasons for the convocation, as well as the agenda of the general meeting. The message on the convening of the general meeting shall be published in the periodic printed publication, specified in the rules of mortgage-asset management.
2. Voting each mortgage certificate of participation provides its holder one vote.
The general meeting of owners of mortgage certificates of participation shall take decisions by a majority vote of the owners of mortgage certificates of participation, unless otherwise stipulated by this federal law.
3. The decision of the three-fourths majority of all present owners of mortgage certificates of participation rights and duties of the Governor of the mortgage-may be transferred to another person, which, in accordance with this federal law has the right to grant mortgage participation certificates, and the rules of mortgage-asset management changes can be made regarding additions the whole mortgage cover new requirements and (or) mortgages and proportionate authorizing additional mortgage certificates of participation.
4. The decision of the general meeting of owners of mortgage certificates of participation shall be formalised by the Protocol, a copy of which must be sent to the Bank of Russia no later than three days from the date of the general meeting. (As amended by federal law from day of arrival N 251-FZ)
5. Additional requirements for order preparation, convening and holding general meeting owners of mortgage certificates of participation are established by the normative acts of the Bank of Russia. (As amended by federal law from day of arrival N 251-FZ)
6. Costs of convening and holding general meeting owners of mortgage certificates of participation will be reimbursed through a mortgage covering.
Article 27. Registration rules for asset management

mortgage-and changes and additions in them 1. Managing mortgage-mortgage certificates may participate only if registration of the Bank of Russia of the rules of mortgage-asset management, share in the right of common property on which they represent. (As amended by federal law from day of arrival N 251-FZ) changes and additions made to the mortgage-asset management rules shall enter into force subject to registration by the Bank of Russia. (As amended by federal law from day of arrival N 251-FZ)
2. registration rules of mortgage-asset management, as well as changes and additions in them, is carried out on the application of the person entitled in accordance with this federal law to issue mortgage participation certificates. (Repealed-the Federal law dated 27.07.2006 N 141-FZ)
3. The decision on registration of the rules of mortgage-or asset management changes and additions in them or refuse their registration must be made no later than thirty days after the day of acceptance of documents submitted for registration. The decision on refusal of registration of a mortgage-asset management rules or amendments to them, must be substantiated.
Within the specified period, the Bank of Russia has the right to verify the information contained in the rules of mortgage-asset management and other submissions. (As amended by federal law from day of arrival N 251-FZ) Notification of the decision on registration of the rules of mortgage-or asset management changes and additions in them or refuse their registration shall be sent to the applicant within three days from the date of adoption of the relevant decision.
4. Registration of the rules of mortgage-asset management, as well as changes and additions in them, can be refused in case of inconsistency between the documents submitted: this federal law, the model regulations on the mortgage-asset management;
availability in the rules of mortgage-asset management, alterations and amendments to them and other documents submitted for registration, the information that is untrue or misleading;
the absence of the applicant, a specialized depositary exercising doing mortgage registry, Registrar, coverage has the intention to carry out maintenance of register of owners of mortgage certificates of participation of the relevant licenses.
The refusal in registration of the mortgage-backed trust management rules or amendments in them, as well as evasion of the decision on registration can be appealed in court.
5. requirements to the structure and content of documents submitted for registration rules of mortgage-asset management, as well as changes and additions in them, shall be established by the Bank of Russia. (As amended by federal law from day of arrival N 251-FZ) Bank of Russia maintains a register of the registered rules, mortgage-asset management and is also responsible for the compliance of registered them mortgage-asset management rules, changes and additions in them, the requirements of this federal law. (As amended by federal law from day of arrival N 251-FZ) Article 28. The entry into force of amendments and additions to the rules of mortgage-asset management 1. A message about registration of changes and additions to the rules of mortgage-asset management, including the full text of these amendments and additions shall be published in the periodic printed publication, specified in the rules of mortgage-asset management.
2. The changes and additions made to the rules of mortgage-asset management and associated with an increase in the remuneration of mortgage-a specialized depositary, Registrar, carrying out maintenance of register of owners of mortgage certificates of participation, with an increase in expenditure and the increase in the maximum size of the costs associated with mortgage-backed trust management, shall enter into force on the expiry of one month from the day of publication of the notification of registration.
3. other changes and additions made to the mortgage-asset management rules shall enter into force from the date of publication of the notification of registration.
Article 29. Issuance of mortgage certificates of participation 1. Issuance of mortgage certificates of participation is carried out the person that owns the right to claim that make up mortgage coverage.
2. (repealed-federal law of 29.12.2012. N 281-FZ) Article 30. Remuneration and expenses related to trust management of mortgage-

1. remuneration to the Manager, mortgage-a specialized depositary, Registrar, conducting maintenance of register of owners of mortgage certificates of participation, will be paid from the assets of the mortgage cover, and the amount of remuneration shall not exceed five per cent of the amount performed obligations, requirements that have mortgage coverage.
2. Costs associated with mortgage-backed trust management, including foreclosure on real property pledged as security for performance of obligations, requirements that have mortgage coverage, as well as with transactions carried out with specified property in cases stipulated by this federal law and the rules of mortgage-asset management, are carried out at the expense of property of mortgage coverage.
Article 31. Register of holders of mortgage certificates of participation 1. Register of holders of mortgage certificates of participation-mortgage records system participation certificates issued in accordance with the relevant rules of mortgage-asset management, the total number of issued and cancelled mortgage certificates of participation, about the owners of mortgage certificates of participation and the number of their mortgage certificates of participation on the nominal holders of other registered persons and the number of registered mortgage certificates to them, as well as records on the acquisition , on the transfer, encumbrance or mortgage certificates of participation.
2. maintenance of register of owners of mortgage certificates of participation may be carried out only by legal entity licensed for realization of professional activity at the securities market maintenance of register of owners of registered securities (hereinafter Registrar).
3. Treaty on the registry of owners of mortgage participation certificates shall be entered into only with one Registrar.
4. (repealed-federal law 29.06.2015 N 210-FZ) 5. Registrar, performs maintenance of register of owners of mortgage certificates of participation and managing mortgage-bear subsidiary liability before the owners of mortgage certificates of participation for non-fulfilment or improper fulfilment of responsibilities for the conduct of the specified register provided for in this federal law, the rules of mortgage-and asset management agreement with mortgage-Manager.
Registrar, performs maintenance of register of owners of mortgage certificates of participation, shall be liable to the mortgage-Manager for nonperformance or improper performance of duties for the conduct of the specified register provided for in this federal law, the rules of mortgage-asset management, contract with mortgage-Manager.
Chapter 4. CONTROL OVER the DISPOSITION of property forming MORTGAGE COVERING Article 32. Specialized depository mortgage cover 1. Registration and storage of property mortgage coverage, as well as control over the disposition of property is carried out by specialized depositary, unless otherwise provided for in this federal law.
2. Specialized depositary must be commercial organization with license to operate specialized depositories of investment funds, mutual funds and private pension funds and the license on depository activity on the securities market.
Article 33. Registration and storage of property mortgage coverage 1. The estate that forms the mortgage coverage takes into account the specialized depositary by reference of them mortgage registry coverage.
Specialized depository is obliged to keep the documents confirmed secured mortgage claims and rights on the other property uchityvajushheesja in the mortgage register cover.
2. securities in documentary form, constituting the mortgage coverage, should be kept in a specialized depositary, except Government securities if the normative legal acts of the Russian Federation for them establishes another procedure for storage.
3. Registration and storage property of one mortgage cover may only be carried out by a specialized depositary.
Registration and storage of property mortgage coverage, may not be exercised, which is a specialized depositary vis-à-vis the issuer of bonds issued with, or the mortgage-mortgage-affiliated person.
Specialized depository shall not have the right to use and dispose of property, constituting mortgage coverage, as well as deal with mortgage securities, mortgage register which he leads.

4. Specialized depository has the right to attract to his duties for storage and (or) accounting ownership to securities that make up mortgage coverage, another depository, if it is stipulated in the decision about the release of bonds or mortgage-mortgage-asset management rules. In this case, the specialized depository is responsible for actions defined them as depositary for its own.
Mortgage-manager responsible for specific actions IM depositary if attracting the depositary was done on his orders in writing.
Article 34. Control over the disposition of property forming mortgage coverage 1. Specialized depository is obliged to monitor the issuer of mortgage-backed bonds requirements of this federal law, the Federal law "on securities market", other normative legal acts of the Russian Federation and the conditions of issue, established by the registered decision on issue of such bonds.
Specialized depository is obliged to monitor the mortgage-manager of this federal law, other normative legal acts of the Russian Federation and rules of mortgage-asset management.
Specialized depository cannot give the issuer of mortgage-backed bonds, Manager of mortgage-consent to the disposition of the property constituting mortgage coverage, as well as orders of these persons on the transfer of securities constituting mortgage coverage, if such disposal and (or) contrary to this federal law, other legal acts of the Russian Federation or to the registered address of the issue of such bonds or mortgage-backed trust management rules.
2. In the case of non-observance of this article carries specialized Depository duties jointly and severally liable together with the issuer of bonds or mortgage-mortgage-Manager before owners respectively in mortgage-backed bonds and mortgage certificates of participation.
Article 35. Duties of a specialized depositary 1. Specialized depositary must act solely in the interests of the owners of mortgage-backed securities, mortgage register which he leads.
2. Specialized depository is obliged to accept and store documents, which confirmed secured mortgage requirements, securities in documentary form and documents confirming the right to property, constituting the mortgage coverage, except for government securities if the normative legal acts of the Russian Federation for them establishes another procedure for storage;
give to the issuer of the bonds or the Manager in mortgage-mortgage-consent to the disposition of the property constituting mortgage coverage, as well as orders of these persons on the transfer of securities constituting mortgage coverage, in cases where such disposal and (or) the transfer does not conflict with the requirements of this federal law;
submit to the Bank of Russia reporting in accordance with the established procedure; (As amended by federal law from day of arrival N 251-FZ) to represent the issuer in mortgage-backed bonds or mortgage-Manager information and documents necessary for the exercise of the rights of mortgage securities and disclosure of mortgage securities; (Repealed-the Federal law dated 27.07.2006 N 141-FZ) to register as a nominal holder of securities constituting mortgage coverage, unless a different procedure for recording rights to securities is not provided in accordance with the legislation of the Russian Federation;
inform owners of mortgage-backed bonds in the manner provided for in article 16 hereof, that they have the right to demand early redemption of such bonds not later than ten days from the date of receipt of documentation of an event or an action which led to the emergence of the owners of mortgage-backed bonds that right and, in the absence of evidence to support the implementation of appropriate information to the owners of mortgage-backed bonds by the issuer of such bonds;
comply with other requirements of this federal law and regulatory acts of the Bank of Russia. (As amended by federal law from day of arrival N 251-FZ)
3. Specialized depository is obliged to notify the Bank of Russia on identified during monitoring violations in accordance with this federal law not later than three days from the identification of these violations. (As amended by federal law from day of arrival N 251-FZ) Article 36. Liability insurance in mortgage-bond issuer, mortgage-Manager, specialized depositary, Registrar before the owners of mortgage-backed securities

Issuer of mortgage-backed bonds, mortgage-Manager, specialized depository, Registrar shall have the right, at its own expense, to insure its liability to the owners of mortgage-backed securities (risk of liability to the owners of mortgage-backed securities). In case of conclusion of a contract of insurance liability to the owners of mortgage-backed securities insurance information should be incorporated respectively into the decision about the release of bonds and mortgage-mortgage-asset management rules.
Chapter 5. DISCLOSURE of MORTGAGE BACKED SECURITIES Article 37. Disclosure and provision of information about 1 in mortgage-backed bonds. Mortgage-bond issuers must disclose and provide information in mortgage-backed bonds in accordance with the Federal law "on securities market", taking into account the requirements of this federal law.
2. in the case of an assessment in mortgage-bond rating agency, recognized in the manner prescribed by the legislation of the Russian Federation, the issuer owes in mortgage-backed bonds to disclose and provide details of such assessment.
Article 38. Requirements to the content disseminated or published information on mortgage backed securities 1. In a distributed or published information regarding mortgage certificates of participation and the implementation of their mortgage-backed trust management should include: full or abbreviated name, individual mortgage-Manager designation that identifies mortgage participation certificates certifying their owners share in the right of common ownership on mortgage coverage, number and date of registration of the rules of mortgage-asset management, as well as the number and date of issue of the relevant licenses mortgage-Manager;
information on the ground (with the address and/or phone number), where to purchase mortgage certificates of participation you can familiarize yourself with the rules of asset management, mortgage-mortgage registry coverage, as well as other documents prescribed by this federal law and regulatory acts of the Bank of Russia; (As amended by federal law from day of arrival N 251-FZ) information on the assessment of mortgage certificates of participation rating agency, recognized in the manner prescribed by the legislation of the Russian Federation, in the case of such an evaluation;
the provision that the cost of mortgage certificates of participation can be increased and decreased, the State does not guarantee the profitability of investment in mortgage participation certificates, as well as information about that before you purchase a mortgage certificate of participation, you should carefully review the rules of mortgage-asset management.
2. The issuer of mortgage-backed bonds and mortgage-Manager are responsible for the content and form of distributed or published information about the release of mortgage-backed securities and on their mortgage, including for the dissemination or publication of inaccurate, incomplete or misleading information, as well as for its late distribution or publication.
3. any available for distribution or publication of information about the issue of mortgage-backed securities and on their mortgage cover must not contain false, incomplete and (or) misleading information. (As amended by the Federal law dated 27.07.2006 N 141-FZ)
4. Commercial Organization to obtain the appropriate license, providing it in accordance with this federal law the right to issue mortgage participation certificates may not provide for the distribution or publication of information on their activities as mortgage-Manager.
5. Managing mortgage-concurrently with the distribution or publication of information to the Bank of Russia is required to submit a copy of the documents containing the specified information. (As amended by federal law from day of arrival N 251-FZ)
6. Failure to comply with the mortgage-Manager, specialized depositary or Registrar requirements of this federal law and adopted in accordance with the normative legal acts of the Russian Federation, as well as failure to rectify each of them violations within deadlines is grounds for suspension or cancellation of the relevant licence from them or revocation of a license for carrying out banking operations from mortgage-Manager, if it is a credit institution, in accordance with the Federal law "on banks and banking activities" (as amended by federal law from February 3, 1996 year N 17-FZ). (As amended by the Federal law dated 29.12.2004 N 193-FZ)
7. the Bank of Russia has the right to seek court redress in case of violation of the rights of holders of mortgage-backed securities as a result of non-compliance with the requirements provided for in this chapter. (As amended by federal law from day of arrival N 251-FZ) Article 39. Information on mortgage backed securities, made on request of interested persons

1. The issuer of mortgage-backed bonds is obliged to ensure that all interested persons at their request the opportunity to familiarize themselves with the information contained in the Register mortgage coverage, as well as copies of the registry or excerpts from it. (As amended by the Federal law dated 27.07.2006 N 141-FZ)
2. Managing the mortgage covering the field of tenders for acquisition, redemption of mortgage certificates of participation is obliged to present all interested persons at their request the following original documents or certified copies: Charter Manager, mortgage-mortgage-asset management rules, as well as the full text of the registered changes and additions in them;
rules of register of owners of mortgage certificates of participation; (Repealed-the Federal law dated 27.07.2006 N 141-FZ) help about the size of a mortgage covering, calculated in the manner prescribed by the Bank of Russia; (As amended by federal law from day of arrival N 251-FZ) balance of property mortgage coverage, balance sheet and profit and loss account of mortgage-Manager, balance sheet and profit and loss of a specialized depositary, Auditor, compiled on the last reporting date;
report on the performance of the obligations, requirements that have mortgage coverage, documents containing information about the remuneration for managing mortgage-and expenditures to be reimbursed from the assets of the mortgage coverage, as of the last reporting date;
documents containing any information disseminated or published managing mortgage-in accordance with the requirements of this federal law, normative acts of the Bank of Russia, Manager of the Charter or the rules of mortgage-mortgage-asset management. (As amended by federal law from day of arrival N 251-FZ) mortgage-Manager shall ensure that all interested parties at their request the opportunity to familiarize themselves with the information contained in the Register mortgage coverage, as well as copies of the registry or excerpts from it. (The paragraph is supplemented by federal law from 27.07.2006 N 141-FZ)
3. The fee charged by the issuer of mortgage-backed bonds or mortgage-Manager for providing copies of the documents provided for in this article may not exceed the costs of their production. (Part is supplemented by federal law from 27.07.2006 N 141-FZ) Article 40. Information to be published 1. Mortgage-backed bonds by the issuer publishes information on the issue of such bonds in accordance with the Federal law "on securities market", other federal laws and regulatory legal acts of the Russian Federation on equity securities.
2. the Manager must publish mortgage-asset management mortgage-rules prior to the period of mortgage certificates of participation.
3. mortgage-Manager must publish reports on registration of changes and additions to the rules of mortgage-asset management.
4. Publication in accordance with the requirements of the normative acts of the Bank of Russia: (as amended by federal law from day of arrival N 251-FZ) balance of property mortgage coverage, balance sheet and profit and loss account of mortgage-Manager;
report on the performance of the obligations, requirements that have mortgage coverage, information about remuneration for managing mortgage-and expenditures to be reimbursed from the assets of the mortgage coverage;
other documents in accordance with this federal law;
information on deciding on the transfer of rights and obligations under the trust deed mortgage-another person who in accordance with this federal law has the right to grant mortgage participation certificates.
5. Information related to the activities of mortgage-Manager, should be disclosed in accordance with this federal law and regulatory acts of the Bank of Russia. (As amended by federal law from day of arrival N 251-FZ), Article 41. Reporting to the Bank of Russia 1. The volume, timing, form and procedure for reporting issuers of bonds from mortgage-mortgage-managers and specialized depositories are determined by the Bank of Russia.
2. reporting specified in part 1 of this article shall be presented to the Bank of Russia.
(Article in the Editorial Office of arrival, Federal Law No. 251-FZ), Chapter 6. POWERS of the BANK of RUSSIA on the MARKET for MORTGAGE-BACKED SECURITIES (as amended by federal law from day of arrival N 251-FZ) Article 42. Regulation and supervision of mortgage securities market Regulating the issuance of mortgage-backed securities, the activities of mortgage agents and managers, as well as mortgage-supervision is carried out by the Bank of Russia in compliance with legislation of the Russian Federation. (As amended by federal law from day of arrival N 251-FZ) Article 43. Law of the Bank of Russia (as amended by federal law from day of arrival N 251-FZ)

1. the Bank shall have the right to: Russian (text as amended by the Federal law of arrival N 251-FZ) to establish the own funds requirements of mortgage agents and its calculation;
regulate mortgage agents, managers and specialized depositories mortgage-mortgage cover in accordance with this federal law; (As amended by the Federal law dated 27.07.2006 N 141-FZ) establish requirements aimed at preventing conflicts of interest and mortgage-governing specialized depositories;
(Repealed-the Federal law dated 30/11/2011 N 362-FZ) establish qualifications for governing mortgage-employees, specialized depositories as well as professional experience requirements persons carrying out the functions of the individual executive body of the mortgage-backed governing and specialized depositories;
establish requirements to order repayment of mortgage certificates of participation, including the determination of the amount payable at maturity mortgage certificates of participation;
oversee mortgage agents, managers, mortgage-specialized depositories; (As amended by federal law from day of arrival N 251-FZ)
(Repealed-the Federal law dated 30/11/2011 N 362-FZ) to monitor compliance with this federal law, consider complaints from citizens and legal persons associated with violations of this federal law;
to check the activities of a mortgage agent, mortgage-governing, specialized depositories; (Repealed-federal law 29.06.2015 N 210-FZ) to mortgage agents, mortgage-Manager, specialized depositories instructions about elimination of infringements of this federal law, normative acts of the Bank of Russia and to establish time frames for eliminating such violations; (As amended by federal law from day of arrival N 251-FZ) to apply to the Court with a demand for liquidation of legal persons carrying out prescribed by this federal law without appropriate licences or activities not permitted in accordance with this federal law or by a procedure established by a statute;
apply to the Court for the benefit of the owners of mortgage-backed securities in the event of violations of their rights under this federal law;
establish procedures for determining the size of the mortgage;
impose additional requirements to the composition of information and mortgage registry regulation;
install additional design requirements and minimum size of mortgage;
exercise other powers stipulated by this federal law; (Repealed-Federal Act of arrival N 251-FZ)
2. Employees of the Bank of Russia, authorized by the Central Bank of Russia by a procedure established by a statute, shall have the right to freely access upon presentation of i.d. in premises in mortgage-bond issuers, managers, mortgage-specialized depositories, registrars to their duties and on the basis of a request in writing with the necessary documents and information indicated in the submitted request, subject to non-disclosure of their State, official and commercial secret.
Issuers of mortgage-backed bonds, mortgage-backed managers, specialized depositories, registrars are required to submit to the Bank of Russia documents, other information and provide written and/or oral explanations necessary for implementation of the activities of the Bank of Russia.
(The part in edition of the Federal law dated arrival N 251-FZ) Article 44. The liability of the Bank of Russia for compliance with trade secrets (as amended by federal law from day of arrival N 251-FZ dated December 30, 2008) 1. Trade secret information collected by the Bank of Russia in connection with the exercise of activities in accordance with this federal law, shall not be disclosed. (As amended by federal law from day of arrival N 251-FZ)
2. Employees of the Bank of Russia in the case of disclosure of their information, which is commercial secret, bear responsibility in the manner prescribed by the legislation of the Russian Federation. Losses caused to the organization such disclosure shall be compensated in accordance with civil law. (As amended by federal law from day of arrival N 251-FZ) Article 45. Requirement of the Bank of Russia on eliminating violations of the Bank of Russia in the event of infringement of this federal law, legislation of the Russian Federation on securities and (or) normative acts of the Bank of Russia bonds issuer mortgage-mortgage-Manager, specialized depositary directs the offender in accordance with the procedure established by federal law, a binding requirement on Elimination of the violation. (As amended by federal law from day of arrival N 251-FZ) Article 46. Measures used by the Bank of Russia

1. in case of violation by the issuer of mortgage-backed bonds, mortgage-backed managers, specialized depositary of this federal law and other federal laws and other regulatory legal acts of the Russian Federation on securities laws, normative acts of the Bank of Russia, non-performance of the requirements of the Bank of Russia, the non-provision of information, the provision of incomplete or inaccurate information, as well as false and misleading information to the Bank of Russia has the right to demand from these persons removing the revealed violations as well as to take measures that are established by legislation of the Russian Federation on administrative offences.
2. In the case of non-compliance within the prescribed period of Bank of Russia instruction on Elimination of violations, as well as if these violations have created a real threat to the legitimate interests of the owners of mortgage certificates of participation, the Bank of Russia has the right to suspend the issuance of mortgage certificates of participation for a period not exceeding six months.
(Article in the Editorial Office of arrival, Federal Law No. 251-FZ), Chapter 7. FINAL PROVISIONS Article 47. Method of entry into force of this federal law this federal law shall enter into force on the day of its official publication.
The President of the Russian Federation v. Putin Kremlin, Moscow November 11, 2003 N 152-FZ

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