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On Clearing And Clearing Activities

Original Language Title: О клиринге и клиринговой деятельности

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RUSSIAN FEDERATION

FEDERAL LAW

About clearing, clearing activities, and central

counterparty

(name in) Federal Act of December 29, 2015 N

403-FZ-Russian legislation collection, 2016, N 1,

23)

Adopted by the State Duma January 28, 2011

Approved by the Federation Council 2 February 2011

(reed. Federal Act of 21 November 2011 N 327-FZ-

Russian legislation collection, 2011, N 48, st.

6728; of the Federal Act of 30 November 2011 N 362-FZ-Assembly

Russian Federation Federation, 2011, N 49, st. 7040;

Federal Law of December 2011 N 383-FZ-Assembly

Russian Federation Federation, 2011, N 49, st. 7061;

Federal Law of 29 December 2012 N 282-FZ

Russian Federation Federation, 2012, N 53, st. 7607;

Federal Law of 23 July d N 251-FZ - Collection

Russian Federation Federation, 2013, N 30, st. 4084;

Federal Law of March 2014 N 33-FZ

To

Russian legislation Federation, 2014, N 11, st. 1098;

Federal Law of June 2015 N 210-FZ - Collection

Russian Federation Federation, 2015, N 27, st. 4001;

Federal Law of July 2015 N 231-FZ -Collection

Russian Federation legislation, 2015, N 29, st. 4357;

Federal Law of Dec. 29 2015 N 403-FZ-Assembly

Russian Federation Federation, 2016, 1, st. 23;

Federal Law 30 December 2015 N 427-FZ-Assembly

Russian legislation, 2016, N 1, art. 47)

Chapter 1: General provisions

Article 1: Subject of regulation and scope

of this Federal Law

1. The Federal federal law sets the legal basis

Clearing Activity

implementation, requirements for legal

clearing activity, and Central

Counterparties

Legal Central Counterparty Monitoring and Surveillance

(Ind. The Federal Act of 29 December N 403-FZ

Russian Federation Law Assembly, 2016, N1, Art. 23).

2. The Federal

relationship, arising from clearing according to

national payment system law, relationships that occur

in relationships with central

liabilities arising from wholesale market transactions

electrical power and power according to legislation

Russian Federation Electricity, Also

Cliring

commitments, of matches with budget

Laws of the Russian Federation and non-posting

public and municipal and performance

liabilities for such securities.

Article 2: Key Concepts Used in this

Federal Law

For the purposes of this Federal Law, are used

Key Concepts:

1) Internal Accounting Clearing Organization-Accounting Commitments

participants of the clearance and the person of the central

counterparty, , and accounting for property information

for performance of obligations, property, item

security, in individual and collective

clearing;

1-1) qualified Counterparty -Central

counterparty, The quality of management of which is recognized by the Bank of Russia

satisfactory in accordance with Bank of Russia regulations

(para. 1-1 by Federal Law of 29 December 2015

} N

403-FZ-Russian legislation collection, 2016, N 1,

23);

2) individual clearing - -

Article 23 of the Federal Federal Law

approved clearance Other

commitments, of Federal by law or

contract (convention);

3) Clearing-Definition of obligations

arising from contracts, in numbers as a result of

untting commitments, and preparation (information)

base and

liabilities, and enforcement of such liabilities (in

Federal Law of December 29, 2015. N 403-FZ-Assembly

Laws of the Russian Federation, 2016, No. 1, art. 23;

4) clearing service-clearing service;

5) clearance activity

clearing services with approved clearing

organization rules clearing, registered in

{ { fixed order } }{ { regulator | Bank of Russia } } Federal Act of

23 July 2013 N 251-FZ- Assembly of the Russian

Federation, 2013, N 30, st. 4084; Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, art. 23);

6) Clearing Organization-Legal Person, available

implement clearing activity on licenses

clearing activity;

7) Clearing-

Pool-committed

clearingand (or) otherwise

according to the rules for clearing and/or execution;

8) Clearing Broker Member of the clearance is

party to contracts concluded from applications submitted not

in his interests by another person participating in organized trading;

9) collective clearing

approved clearance of the commitments,

Article 24 of this Federal Law;

10 -control - who has the right or

indirectly (

membership in a controlled organization and (or) based on treaties

trust Property, , and (or) of the simple

partnership, and (or) instructions, and (or) stock agreement, and

(or) of the other agreement whose object is to be implemented

rights, of certified shares (shares) of the organization

50 percent in the

control

or authority to (select)

single executive and (or) more than 50% of the composition

collegied control collegie;

11) non-tting - full or partial termination of obligations

approved to a clearing, setoff, and (or) other method installed

clearing rules;

12) Organized tendering-stock trades

or Other Other Organizers of the Securities Market

commodity exchanges, currency exchanges (hereinafter-the organizer of trading);

13) Commodity Supply operator

, control and inventory delivery of obligations

approved to the granted accreditation

specified functions, if not otherwise set by real

the law (under the law). Federal Law of December 29, 2015. N 403-FZ

-Russian Law Assembly, 2016, N 1,

23);

14) of the

(Documents) Approved

(approved by a clearing organization and containing (Containing)

and requirements

;

15) controlled (controlled by organization)

legal person, directly or indirectly controlled

controlling person;

16) Participant of the clearing-the person to whom the clearing organization

clearing

a contract for clearing services;

17) Central Counterparty - The legal

is one of the parties to contracts, commitments from

to include in clearing has license

non-bank banking

operations and also the license on the clearing

activity and assigned the status of the Central Counterparty to

compliance with this Federal Law (in ed. Federal

the law of December 29, 2015. N 403-FZ-Legislative Assembly

Russian Federation, 2016, N 1, st. 23).

Article 3: Clearing-service contract

1. clearance clearing

commits itself according to the rules of the clearing to provide

participant of clearing services, participants

are committed to paying for these services.

2. Conclusion of services clearing services

is implemented by attaching to the specified contract, conditions

The

which is provided by the clearing rules.

3. The client has the right to refuse the execution of the contract

property commitments specified

the commitments made to the clearing.

4. The clearing organization has the right to refuse from execution

contract for clearing services with to call in

violation of requirements, of the rules for clearing to

members of the clearing. Compensation for damages related to this

failure, by the organization's call to

is in process.

Article 4: Clearing rules

1. Clearing approves the clearing organization and

must be registered with the Bank of Russia. Federal Act of

23 July 2013 N 251-FZ-Legislative Assembly of the Russian Federation

Federation, 2013, N 30, st. 4084).

2. Clearing rules must contain:

1) Requirements in the number

suspensions and

clearing services. Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, art. 23);

2) an indication of that

does not participate

Central of Counterparty and with Central

counterparty. Federal Act of December 29, 2015 N

403-FZ-Russian legislation collection, 2016, N 1,

23);

3) the order and conditions for the commitment to clearing;

4) order of clearing, including order and conditions

include obligations in the clearing pool (exceptions of commitments

from the clearing pool);

5 rights and responsibilities of the organization's clearing organization

5-1) Cases and Order of the and Assignment

one member of the clearance on obligations to the clearing,

other clearing participant (Federal Act No. 5-1

)

29 June 2015 n 210-fZ-Assembly of Russian legislation

Federation, 2015, N 27, art. 4001);

5-2) Order of the person

central counterparty, contracts on name without

his consent (paragraph 5-2 introduced by Federal Law of June 29, 2015

g. 210-FZ-Assembly of Laws of the Russian Federation, 2015,

N 27, art. 4001);

6) the order of execution of the obligations of the clearing;

6-1) with an Introduction

procedures

net liability-monetary obligation incurred by

with such termination ( - commitment)

stipulating that:

(a) ends all commitment of the

approved to clearing;

b) obligations terminate on the date defined by rules

clearing, or at the date, for the date of the arbitration

court bankrupt and

opening a competitive process, but for the credit of the

date after implementation

banking transactions, depending on which date

before;

in) net obligation is determined by all

obligations and does not include damages in

Loss of profit and penalties (fines, penalties). This

net liability can be determined when all

or

Commitments

obligations from contracts entered into by a participant clearing,

liabilities from contracts entered into the clearing account for

client (clients), , and of the contracts, prisoners

participant of clearing as trustee of control, or

as the net liability, defined separately of

contracts;

(Paragraph 6-1 was introduced by Federal Law of 29 June 2015 N

210-FZ -Russian Law Assembly, 2015,

27, Art. 4001)

7) ways to enforce compliance

clearing, if this is used;

8 of the trade and (or) clearing

accounts- and (or) clearing and order

committing them;

9) List of the Form

internal of commitments, approved clearance, forms

internal property records intended for such

liabilities and collateral assets in

number of the individual and clearing of

(clearing registers, clearing registers and other forms

internal accounting), their purpose, and how they are managed;

10) Conditions of Liability Insurance,

central counterparty function, committed tocommitted to

clearing, if the specified liability is insured;

11) order of the clearing organization to

clearing reports;

12) The address on the Internet

disclosure of clearing organization (

clearing organization) or central counterparty (hereinafter site

Central counterparty. Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, art. 23);

13) description of measures, risk management

{ clicking } . Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, art. 23);

14) the size and order of payment for a clearing organization;

14-1 how organizations interact with in

paras. 4-7, 9 of Part 2 of Article 19 of this Federal Law,

if interop ( 14-1 )

Fed by Law 29 December 2015 N 403-FZ-Assembly

Laws of the Russian Federation, 2016, No. 1, art. 23;

14-2) Counterparty

constraint of the Counterparty

case of or of the performance of obligations

participant

Central of the counterparty in matches with the rules

clearing fearing loss,

non-execution or unsuitable by the

its obligations, , and are used by from the Counterparty to

using tools, contributed in good faith

clearing collective security (hereinafter-allocated

capital of the Central of the counterparty (Federalitem 14-2)

The law of December 29, 2015. N 403-FZ-Legislative Assembly

Russian Federation, 2016, N 1, art. 23;

14-3) The individual and collective conditions

clearing security (Paragraph 14-3 introduced by Federal Law

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23);

14-4) Types of the financial derivatives,

treaties, object of which are [ [ Paper]], and

foreign currency, , and (or) goods in

is being cleared (paragraph 14-4 introduced by Federal Law of 29

December 2015 N 403-FZ- Law Collection Russian

Federations, 2016, N 1, art. 23);

14-5)

{

}

{

}

{

}

{ \field

}

{ \field

Individual

team clearing, approved

Central counterparty (Federal Act No. 14-5)

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23);

14-6) the Clearing of the organization

participants in in emergencies (para. 14-6

Federal Act of 29 December 2015 N 403-FZ -

Meeting

Laws of the Russian Federation, 2016, No. 1, art. 23;

15) Other positions matches Federal

law.

3. Requirements for the content of the parts in of

true article, is determined by Bank of Russia regulations (in

Federal Law of 23 July 2013 N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

3-1. The clearance can be to

default by the clearance of the contract or

contracts is for to terminate

clearing, , and commitment definition

(monetary liabilities) the size (which) is defined in

order, for the

rules (part 3-1

Federal Law of June 2015 N 210-FZ - Collection

Russian legislation, 2015, 4001).

4. The clearance may be to

commission by a clearing organization, by clearing,

person, of the Central of the counterparty, and (or)

organizations, specified in 47-7 parts of

19

true Federal Law, and (or)

between specified in parts can be used

equivalent to handwritten signature, codes, passwords, and other tools

confirming, that stems from from delegate

faces. In this must be defined

uses of the hand-written signature, codes,

passwords and other means, confirming, that the document is

The

delegate to this person.

5. (Part 5 is no more effective under the Federal Law

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23)

6. (Part 6 is no more effective under the Federal Act

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23)

7. Cliring rules may contain other locations, not

conflicting Federal Law and Regulations

The Bank of Russia (to the red). The Federal Act of of July N

251-FZ -Collection of Russian legislation, 2013, N

30, article 4084).

8. The clearing organization has the right in one-way

make changes to the clearing rules.

9. changes

Registration by the Bank of Russia. Federal Act of 23 July

2013 N 251-FZ-Assembly of Russian legislation,

2013, N 30, article 4084).

10. and changes to the rules

power not earlier than five days

this in according to article 19 of this Federal Law.

Fixing and sizing

responsibility of the person of the central

counterparty,

exception of given rules of arbitration agreement

or modification of an arbitration court, does not come into force earlier than

three months after disclosure in accordance with Article 19

true Federal Law.

11. If rules of the clearing have a security method

performance of commitments, approved clearance, opinion

A

separate security agreement is not required.

12. clearing rules can include cases in which

(commitment), existing (existing) between

Parties of the treaty, of the prisoner with the Central Counterparty

abort (discontinued) replace with new commitments (new

commitments) between of of the specified of the

Central counterparty. This is the new (emerging)

commitment (obligations) must include the same item

and of the method of execution, that a contract with a non-central

counterpart (Part 12 introduced by Federal by law Nov. 21

2011 N 327-FZ-Assembly of Russian Legislation,

2011, N 48, st. 6728).

13. ' s rules can provide when

treaty (treaties) in trades (Part 13

Federal Law 21 November 2011 N 327-FZ -Collection

Russian legislation, 2011, N 48, article 6728).

Chapter 2: Clearing organization. Central Counterparty.

Clearing participants

(name in red. Federal Law of December 29, 2015. N

403-FZ-Russian legislation collection, 2016, N 1,

23)

Article 5: Requirements for the clearing organization and person

of the Central Counterparty

1. The clearing organization can only

business company, created matches

Russian legislation. Clearing Organization is not

right to delegate the sole executive authority

other (manager, control of the organization) (in .

Federal Law of Dec. 29 2015 N 403-FZ-Assembly

Russian legislation, 2016, N 1, article 23).

2. Requirements, By this Federal Law

clearing organization, spreading central

counterparty (in Federal Law of December 29, 2015. N

403-FZ-Russian legislation collection, 2016, N 1,

23).

3. The clearing organization has the right

manufacturing, trade, and insurance activities

owners of activities

Shareholdings investment funds

investment funds and non-state pension funds

investment

investment

funds, mutual funds and non-state pension funds

funds, of the investment of the funds,

Non-State pension funds

security and pension insurance. Federal Law

of 21 2011 N 327-FZ - Law Collection

Russian Federation, 2011, N 48, st. 6728).

4. -clearance of activities

Bid Organizer does not have the right to do

function of the counterparty, also

activities with brokerability, dealer and depositary

Securities Market

papers.

5. a brokerer

dealer activity in on the stock market, activity

management of valuable clearing organization is not to the right

to function as a central counterparty (to the red. Federal

Act of December 29, 2015 N 403-FZ-Legislative Assembly

Russian Federation, 2016, N 1, st. 23).

6. Clearing organization, clearing

activity with other activities, must create for

one or several structural

units.

7. Central Counterparty Not to Right Calculating

bank accounts on obligations to which it is a party

following the results of a clearing,

depository also has no right to perform calculations on

deco accounts, to which it is

results from clearing unless otherwise specified by Bank regulations

Russia Federal Law of December 29, 2015. N 403-FZ-

Russian Federation Law Assembly, 2016, N1, Art. 23).

8. Clearing organization, clearing

activity with other activities has an obligation to take action on

to prevent and resolve conflicts of interest arising

clearing organization for such a match. If the conflict

Clearing of the organization's clearing

activity with other activities

clearing was not notified in advance, resulted in clearing

participant of the

clearing organization owes its for damages in

order, by the civil law

Federations (to the red. The Federal Act of 29 December N

403-FZ-Russian legislation collection, 2016, N 1,

23).

9. (Part of 9 has become invalid under the Federal Act

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23)

10. Clearing Organization and the person

Central of the counterparty, must be per annum

consolidated financial accountability in

Federal Federal Act of July 27, 2010 N 208-FZ

About consolidated financial statements.

11. Annual report Clearing or

main counterparty function, must contain

annual (financial) reporting, also

consolidated financial statements.

12. Annual (financial) accounts (annual

reports) of the clearing organization or person of the function

Central of the counterparty, also Consolidated financial

reporting is subject to mandatory audit.

13. Using the word "clearing", derived words, and

combinations with it in their company name different legal

faces, except organizations, not

exception to cases specified by federal laws.

13-1. Using 'Central Counterparty',

and combinations of with their branding

Other Legal Persons, Other than Central

counterparties, not allowed

federal laws (part 13-1 introduced by Federal Law of 29

December 2015 N 403-FZ- Law Collection Russian

Federations, 2016, N 1, st. 23).

14. The clearing organization is required to implement storage

information and documents, related with the clearing, , and

backing copying in in

requirements, by the Bank of the Russian Federation (in

The Federal Act of 23 July 2013 N 251-FZ-Assembly

Russian legislation, 2013, N 30, sect. 4084).

15. Person , Central Counterparty, Not

has the right to use other persons to perform their functions, rights, and

to perform their duties.

16. Clearing organization and the person who performs the functions

Central of counterparty, must provide capability

provided in Bank of Russia Documents,

Get the Bank of the Documents

order and time frames by the Bank of (in Ed.

Federal Law of 13 July 2015 N 231-FZ -Collection

Russian Federation Federation, 2015, N 29, st. 4357;

Federal Act of December 29, 2015 N 403-FZ -

Meeting

Russian legislation, 2016, N 1, article 23).

16-1. requirements for format, order and

Central Counterparty Information to the Bank of Russia and The composition of

information is set by by the Bank of Russia (part of

)

16-1 was introduced by Federal Law of December 29, 2015. N 403-FZ

Russian Federation Law Assembly, 2016, N1, Art. 23).

17. The organization has the right without

dispose of its own property, including transactions

with valuable papers and contracts, that are derived

financial instruments.

18. The clearing organization has the right to insure the risk of its

responsibility before members for , or

improper performance of its obligations.

19. The of the of the Central of the counterparty

right to insure the risk of its liability to participants

clearing for default or improper performance of

approved to be cleared.

20. The of the of the Central of the counterparty

right to be a party without a license

with federal by law

participate in these trades.

21. The clearing organization or person of the

Central counterparty, is required to approve an internal document by

corporate control that must match

requirements, set by the act by the Bank of of the Russian Federation.

Specified document is approved by the Board of Directors (observable

council) clearing organization or person of the performing function

Central of counterparty (Part 21 is introduced by Federal Act

June 29, 2015 N 210-FZ- Assembly of the Russian Law

Federation, 2015, N 27, st. 4001).

22. Central Counterparty to the right without participant's order

clearing to dispose of money and value

papers from the company's clearance

participant of clearing commitments, approved to the clearing (Part 22

was introduced by Federal Law from 29 Dec. 2015 N 403-FZ

Russian Federation Law Assembly, 2016, N1, Art. 23).

23. Central party is entitled to perform

commodity operator without Bank of Russia accreditation (Part 23

)

was introduced by Federal Law from 29 Dec. 2015 N 403-FZ

Russian Federation Law Assembly, 2016, N1, Art. 23).

24. Central Counterparty less once in two years

must perform auditing in order, installed

normative by the act of the [ [ Bank of Russia]] (part of the 24 introduced Federal

The law of December 29, 2015. N 403-FZ-Legislative Assembly

Russian Federation, 2016, N 1, st. 23).

25. To store information about property, obligations

Central of the Counterparty Counterparty

must reflect all transactions and transactions in databases on electronic

carriers, that allow to store in

information for at least ten years from the inclusion date in

database and access to information

as of every operating day. Order of Creation, Maintenance

and the storage of databases that contain this information is installed

Bank Russia (Part 25 introduced by Federal Act of December 29

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, st. 23).

26. Maintaining Information in in

data

is also implemented by creating their backups (part of 26

Federal Dec. 29 2015 N 403-FZ-

Russian Federation Law Assembly, 2016, N1, Art. 23).

27. Russia has the right to send to the Central Counterparty

request for and passing to in Bank 

backups of databases that have been backed up to this

Article 27 (Part 27) was introduced by the Federal Law of December 29, 2015.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, st. 23).

Article 6: Requirements for controls and employees

Clearing Organization

1. Person of the Single Executive Function

organ, members of the board (supervisory board) members

collegiation of the organization's organization's clearing

branch manager, chief accountant, other official,

Who is responsible for accounting, for

or organizational unit

responsible for risk management

internal audit, controller

internal control), structural

organization unit, created for clearing, must have

higher education and other requirements

The

true Federal by law. If Clearing

organization is credit requirements

only structural

branch, of the clearing (in red. Federal Law

dated June 29, 2015 n 210-fZ-Assembly of Russian legislation

Federation, 2015, N 27, st. 4001).

2. Person Implementing Single Executive

organ, members of directors (supervisory board) and members

collegiation of the organization's organization's clearing

head of her branch, person or Manager

individual organizational unit organizational unit

risk management control system

Internal Audit, Controllers ( Internal

control), head of the organizational unit created for

clearing, must match with Bank

Russian Requirements professional experience and qualification

requirements, including qualification requirements

in the scope of the activity. If Clearing

organization is organization, requirements

real of Part only to the structural head

branch, of the clearing (in red. Federal Law

of 21 2011 N 327-FZ - Law Collection

Russian Federation, 2011, N 48, st. 6728; Federal Act of

23 July 2013 N 251-FZ-Legislative Assembly of the Russian Federation

Federation, 2013, N 30, st. 4084; Federal Act of 29 June

2015 N 210-FZ-Assembly of Russian Legislation,

2015, N 27, st. 4001).

3. The [ [ clearing]] organization must have

(supervisory board) that should be responsible for:

1) approval of clearing rules;

2) Approval of documents, defining the organization's order and

internal audit organization rule

risk management,

Internal

auditing organization, Internal

Clearing of the organization, internal of the

corporate control in of the organization (in .

Federal Law of June 2015 N 210-FZ - Collection

Laws of the Russian Federation, 2015, N 27, art. 4001);

3) Approval of a risk committee and its clause

committee;

4) Approval of a document that defines measures

clearing organization in emergencies and directed to

ensuring continuity of clearing activities;

4-1) election of the sole executive organ of clearing

organization (paras 4-1 by Federal Law dated 29 June 2015

g. 210-FZ-Assembly of Laws of the Russian Federation, 2015,

N 27, art. 4001);

4-2) election members of the executive body

clearing organization (item 4-2 introduced by Federal Law of 29

June 2015 N 210-FZ - Collection

Federation, 2015, N 27, art. 4001);

5)

Other issues of this Federal

Act of the Board of

(tip )

clearing organization.

4. The [ [ peer-to-peer]] organization must have collegiate

The

executive body.

5.

members (tip board members

executive body clearing of

may be:

1) persons who have the function alone

executive body, included in composition of

executive body

internal audit or performed service manager

internal control (controller) of financial organizations in

committing these organizations for for which they had

invalidated licenses for implementation

activity, or violations that have been suspended

the specified licenses and the specified licenses were revoked

(revoked) due to no of these violations, if from the day

such a cancellation has been less than three years or if

specified faces in in court court

facts of committing to

at bankruptcy, premeditated and (or) bogus

bankruptcy. for goals

this Federal Law is understood as a professional participant

securities market, clearing organization, control company

investment fund, equity investment

non-state fund, specialized

Investment Fund Depository, of the mutual investment fund and

non-state pension fund, equity investment

foundation, credit organization, insurance organization,

non-State pension fund, Currency exchange, Commodity Exchange

(Ind. Federal Law of June 29, 2015. N 210-FZ-Assembly

Laws of the Russian Federation, 2015, N 27, art. 4001);

2) persons who have not expired during

they are considered to be punished by as

disqualification;

3) of the person for crimes in in

economic activity or crimes against

authority;

4) persons whose qualifications have been revoked

if less than three years have passed since the cancellation.

6. Internal control (Controller)

clearing organization and head of internal audit

clearing may be a person who

Single of the Clearing

organization, , and organizational unit

which is clearing. Federal Act of 29 June 2015

g. 210-FZ-Assembly of Laws of the Russian Federation, 2015,

N27, st. 4001).

7. to decide whether to suspend or advance

termination of the authority's

clearing organization must accept the specifiedat the same time

decision to accept Single

executive or of the new Single

organ. With this Single

can only be executed by a person who is in the state

employees of a clearing organization or part of tip

(tip board or The

executive body. A Temporary

single executive body of clearing organization, should

meet the requirements of parts 1 and 2 of this article.

Requirements, of this part, do not apply to

credit organizations that carry out clearing activities.

8. Election (destination) of the function

Single Executive (Single

executive body), a member of the board of directors (observatory

council), a member of the collegiating executive body,

internal audit services, internal control manager

(Controller), Risk Management (faces,

risk management for the clearing organization,

Elimination of Credit Organization, Head Function

organizational unit of the clearing organization, created for

clearing activity (

clearing activities with different activities), allowed

from the preliminary of the Bank's (in Ed. Federal

Law of 23 July 2013 N 251-FZ-Legislative Assembly

Russian Federation, 2013, N 30, st. 4084; Federal Act of

29 June 2015 n 210-fZ-Assembly of Russian legislation

Federation, 2015, N 27, st. 4001).

9. The [ [ clearing organization]] is required to send to

written form Russia

(destination) of the person . Specified

notification must contain information, supporting compliance

requirements, set by 1, 2 and 6 of this article.

Requirements to the order and form of the specified notification

defined by by the normative of the Bank of of the Russian Federation. Bank of Russia in

10 working days from the day of receipt of the specified notification

gives in a written permission to choose (destination)

corresponding for title or rejection of his election

(destination).

candidate requirements, parts 1, 2, and 6 of this

Articles, or in include in incomplete or

false information (in the red. Federal Act of 23 July 2013

g. N251-FZ-Assembly of Russian legislation, 2013,

N 30, article 4084).

10. If the Bank of Russia was previously given consent to election

(appointment) of candidate for position specified in Part 8 of this

Articles, Agreement of the Russian election

candidate for the same position is not required. Clearing Organization

in this case is required to send a notification, specified in of

true article Federal Law of 23 July 2013 N

251-FZ-Legislative Assembly of the Russian Federation Federation, 2013,

30, article 4084).

11. Clearing organization, for credit

organization, required to notify in writing to the Bank of Russia

assignments to branch manager, master accountant

or other of the person of the clearing organization

bookkeeping, not later than five days

The

of the solution. Clearing organization

must be in order and times, that are provided for in this Part,

Notify Russia's

single executive body for more than one month (in

The Federal Act of 23 July 2013 N 251-FZ-Assembly

Russian legislation, 2013, N 30, sect. 4084).

12. The clearing organization is required to notify in written

form of the Bank of Russia to be released from

part of 1 of this article, not later than the working day, next

the day of this decision. Federal Act of 23 July

2013 N 251-FZ-Assembly of Russian legislation,

2013, N 30, article 4084).

13. The clearing organization has the obligation to send to

writing to the Bank of Russia on the election of members

Board of directors (supervisory board) and peer members

executive body of clearing organization within three days

from of the appropriate of the decision (ed. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, est. 4084).

Article 6-1. CompetFeatures and organizations

Activities of the Board

(Supervisory Board) of the Central Counterparty

1. The board of (tip )

Central of the counterparty, by its charter,

questions, provided by Article 11-1-1 of the law

About Banking and Banking and Part 3 of Article 6

Federal Law as well as the following:

1) Assertion of risk management rules

Central Counterparty;

2) Assertion of the capital of the capital

Central Counterparty;

3) approval of Part 8-1 of Article 22 of the present

Federal Stress Test

Central Counterparty;

4) approval of Part 8-1 of Article 22 of the present

Federal Act of the Precision Evaluation

of the Central

;

5) Approve the financial financial stability plan

Central Counterparty;

6) Approve an activity plan

Central Counterparty;

7) approval of the feature

Interaction of Central Counterparties in Their Implementation

activities (further-

central counterparties), if present;

8) Assertion and Information

Central counterparty.

2. requirements for internal documents

points 1-6 1 of this article, set by the Bank

Russia.

3. One third of the board (tip )

central counterparty, but must

consisted of independent directors.

4. An independent director is considered to be a person who is not connected:

1) with Central Counterparty;

with the person control

counterparty or significant impact on

;

3) with a clearing participant.

(Article 6-1 was introduced by the Federal Act of December 29, 2015.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, Art. 23)

Article 7. Requirements for founders (participants)

Clearing Organization

1. or or

s or together with

faces bound

property, , and (or) a simple partnership, , and (or) instructions, , and

(or) Joint Stock Agreement, , and (or) Other Agreement, Item

which is implementation of rights, -certified shares

(shares) of the organization, control 5 and

percentage votes, coming voting voting (shares),

constituent equity of an organization, may not

be:

1) a legal person, registered in States, or

territories preferential tax and (or) not

providing disclosures and for

financial operations (offshore zones), list of which

approved by Ministry of Finance of the Russian Federation;

2) a legal person who committed a violation

revoked (revoked) license for

Financial organization activity;

3) a physical person specified in Part 5 6 of this

Federal law.

2. Person specified in paragraph 1 of Part 1 of this Article,

to send notification to the clearing organization and the Bank

Russia in order and time, installed by normative acts

Russia (in Ed. The Federal Act of 23 July 2013 N

251-FZ-Legislative Assembly of the Russian Federation Federation, 2013,

30, st. 4084):

1) to acquire the right to directly or indirectly control

and more percent shares

(shares) that make up the authorized capital of the clearing organization;

2) to change the voting share for voting shares

(shares) that make up the charter capital of a clearing organization

and it has the right to dispose of, 1 per cent lower, and in the case of

reduction of the specified greater than by 5%

voting (shares) (in Ed.

Federal Law Nov. 21 2011 N 327-FZ-Assembly

Russian legislation, 2011, N 48, article 6728);

3) (nonconformance) requirements

The

set part 1 of this article.

3. If notification of Part 2 of this

Articles, not received by the or organization from

notification follows that the person is entitled directly or indirectly

order 5 and more percent

voting shares (shares), components of the authorized capital of clearing

organization, does not meet the requirements, installed in Part 1

real articles, specified person has the right to dispose of the quantity

votes, not greater than 5 percent

voting shares (shares), components of the authorized capital of clearing

organization. However, the remaining shares (shares) of this

face, for meeting of the meeting's

participants in the clearing organization are not accounted for.

4. Clearing organization in absence of notifications

part 2 of this article is required to send to

The Bank of Russia has reported this. Federal Law of

July 2013 N 251-FZ - Collection of the Law of the Russian

Federation, 2013, N 30, st. 4084).

Article 8: Native clearing requirements

Organization, Central Counterparty, and

Mandatory Regulations

(name in red. Federal Law of December 29, 2015.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, Art. 23)

1. Minimum size of the clearing

must be at least 100 million roubles. Composition

own clearing organizations must match

Requirements, are set by the Bank of Russia, including

activities, with which combine their clearing activity

(Ind. Federal Law of 23 July 2013 N 251-FZ-Assembly

Russian legislation, 2013, N 30, sect. 4084).

1-1. Minimum size (capital)

set for a central counterparty of 300 million

The federal law of December 29, 2015 was introduced by the Federal Law No.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, st. 23).

2. The clearing organization must perform required

rules, list, and methodology

is set by the Bank of Russia. Federal Law of

July 2013 N 251-FZ - Collection of the Law of the Russian

Federation, 2013, N 30, st. 4084).

2-1. The Counterparty does not propagate

Mandatory Regulations specified in Part 2 of this Article (Part

) Federal Law of December 29, 2015. N 403-FZ

Russian Federation Law Assembly, 2016, N1, Art. 23).

3. Requirements, set by this

on organizations that

clearing activities and non-central counterparts

(in ed. The Federal Act of Dec. 29 N 403-FZ-

Russian Federation Law Assembly, 2016, N1, Art. 23).

Article 9: Internal Accounting Clearing Organization

1. The clearing organization must implement internal accounting

according to requirements of the Federal

The Bank of Russia's

normative acts Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, st. 4084).

2. The clearing organization has the right to run

Internal accounting using electronic information media

provision for to contribute

information on paper.

3. The clearing organization is required by the rules

provide to the user

obligations of this clearing, to the clearing, a

also about property, for

liabilities, property that is individual security, oh

its share of the property in the collective clearing provision.

Article 10: Internal audit and internal audit

Clearing Organization

1. The clearing organization is obliged to organize and implement

internal audit and internal audit.

2. For and Internal Control

clearing organization is required to assign control to

form a separate organizational unit (service

internal control). Controller ( Internal

control) is assigned to and from

The

single- executive of the organization's clearing of the organization.

Controller ( Internal Control Control

single executive organ of the clearing organization.

3. For , Internal audit

clearing organization must assign an internal auditor or

form a separate organizational unit (service

internal audit). Internal auditor

internal audit is assigned to and is released

(tip board board of

Internal auditor ( Internal audit

is accountable to the board of directors (supervisory board).

4. Internal control order

audit is set for the organization's

compliance with the requirements of the Bank of the Russian Federation.

(Article 10 to the red. The Federal Act of June 29, N

210-FZ -Russian Law Assembly, 2015,

27, Art. 4001)

Article 11. Requirements for Clearing Members

1. requirements for can be members

clearing, is set by rules for clearing. Clearing Rules

different members

climate and set requirements for the attendees of the clearing, and

rights and responsibilities of the clearing members, for different

(categories) of the participants in the clearing. Participant Requirements

one group's clearance (categories) may differ from requirements

other groups (categories), but should be

are the same for members of the same group (category).

2. The Cliring Rules must be set to requirements

financial sustainability members

involvement of the Central Counterparty, with the exception of the Bank of Russia,

also of the federal executive authority

Executive Authorities of Subjects of the Russian Federation

attributed composing and (or) related

budget, and persons acting on their behalf.

3. The financial

set requirements, must provide central

counterparty, describing their financial state, in

amount, order and time period that are defined by the clearing rules, and

also immediately notify the Central Counterparty

nonconformance with the specified requirements (reed. Federal Act of the Russian Federation

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, st. 23).

3-1. The client is obliged to inform its clients about:

1) The property, of the property,

commitments made to clearing, , and commitments

treaties that have been signed by participant

client;

2) Client right to require

individual

assets provided as security and commitments

participant of contracts, for

this client;

3) the cost of individual accounts

real property and liability;

4 client risks associated with separate accounts

property, in quality of security

of the member of the from from the

prisoners at the expense of this customer.

(Part 3-1 was introduced by the Federal Law of June 29, 2015). N

210-FZ-Russian Federation Law Collection, 2015,

27, Art. 4001)

4. Party to a contract concluded at organized trades in

of an application, in which specifies a clearing broker, is

A

such clearing broker. Specify the Request

allowed provided that the clearing organization received

acceptance of the clearing broker in order, of a specific rule

cleared.

5. qualified

counterparty has the right to apply a special order of credit risk assessment

claims, raised from treaties, included in clearing

pool and prisoners with a qualified central counterparty, in

compliance with the Bank of Russia (part of 5 )

Fed by Law 29 December 2015 N 403-FZ-Assembly

Russian legislation, 2016, N 1, article 23).

6. clients with Counterparty

must provide account information to the Central Counterparty,

open in resident banks (Part 6 introduced by Federal Law

of 29 December 2015 N 403-FO - Law Collection

Russian Federation, 2016, N 1, st. 23).

Article 11-1: Ensuring financial sustainability

Central Counterparty

1. The Central Counterparty is obligated to develop and

in Bank of the Russian Federation of the business continuity plan

Central Counterparty and Financial Repair Plan

Central

Resilient

number of measures to enforce compliance actions

Russia,

continuity of the Counterparty

Counterparty

restoring the financial CounterpartyCounterparty

to ensure compliance with their content.

2. Russia's estimate of the security plan

continuity of the plan's plan

restoring the financial CounterpartyCounterparty

changes.

3. Requirements for the content, order, and times of the view in

Russia Operations Continuity Plan

Central of the and

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}

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resiliency of the central counterparty, changes made in

order in which these plans are evaluated by a normative act

The Bank of Russia.

4. The Central Counterparty is obliged to inform the Bank of the Russian Federation

offensive

to ensure the continuity of the Central of the counterparty

centralfinancial

counterparty, and the implementation of

plans in the order set by a normative by the act of the Bank of of Russia.

Requirements for The and Events

Central Counterparty is required to inform Bank of the Russian Federation

is established by Bank of Russia regulation.

5. Russia Bank

counterparty for the financial resiliency

develops action plan for Central of counterparty,

containing measures in case the activities of the plan

financial stability

restore the financial stability of a central counterparty.

6. Reorganization of the Central of the Counterparty ( exception

reorganization case in the form of a conversion) can

only if Bank of Russia agrees. Order and Receive Date

such consent is established by the Bank of Russia regulation.

7. Central -[ [ Counterparty]] has a right to accept

voluntary liquidation without the consent of the Bank of Russia. Order and deadlines

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} set

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} Bank

}

Russia.

(Article 11-1 was introduced by Federal Law of December 29, 2015.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, Art. 23)

Chapter 3: Clearing

Article 12: Clearing Pool

1. In cases of the rules for clearing, clearing

organization has the right to form or more than one

pools.

2. Order and Conditions for Inclusion of Commitments in the Clearing Pool

set by the clearing rules. One and same commitment

can only be included in one clearing pool at the same time.

clearing pool can also include commitments, generated

following the commitments, included in of another clearing

The

pool.

3. The clearing organization has the right to exclude from

clearing of the pool before this or

termination on other grounds in cases provided for by the present

Federal Law, Acts of of the Bank of Russia and (or)

rules for clearing (ed.) Federal Act of 23 July 2013 N

251-FZ-Legislative Assembly of the Russian Federation Federation, 2013,

30, article 4084).

4. If you are forming multiple clearing pools ,

separately obligations, different

clearing pools.

Article 13: Clearing the central

counterparty

1. In the order, of the clearance rule, person

Central Counterparty Right to conclude

contracts, including about yourself, on behalf of

{ clicking} { \b}

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} without special

authority (power of attorney), and without the consent of the member of the clearing.

Conclusion given in parts of

Central of the counterparty, allowed in

failure to perform or by contributor

clearance of obligations, approved to the clearing (to the red. Federal

Act of June 29, 2015 N 210-FZ - Legislation

Russian Federation, 2015, N 27, Art. 4001; Federal Act of

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, st. 23).

2. In and order, are provided by the rules

clearing, damages for the central

counterparty originating from the last

functions can be distributed among clearing participants.

3. The clearance can be limited to

responsibility of the person of the central

or improper execution

commitments, included in clearing , including size

damages to be compensated upon termination of the contract of delivery. In

this case rules must be defined as maximum

responsibility of the person of the central

counterparty, in dependency

referenced commitments, , and cases,

may limit to the amount of responsibility specified

faces.

4. Person of the Central Counterparty,

exception

to limit liability, if all participants in the clearing

performed to the obligation before

Central of the counterparty, or if its participant requirements

clearing can be satisfied entirely by individual

and of the team's clearing support. Clearing rules can

provide restrictions on the limitation of the person

implementor of the central counterparty, for failure

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}

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}

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before before

central counterparty.

5. If of the participants ' requirements

person's maximum responsibility, of the function

central counterparty, these requirements are satisfied in order

rules for the clearing. unsatisfied

requirements are considered Repaid, if is not

rules for clearing.

Article 14. Consequences of the invalidity of a treaty,

committed to clearing

1. of the invalidity of the contract, obligation

which is allowed to be cleared and not terminated, commitment

is excluded from the commitment made to the clearing.

2. Consequences of the invalidity of a treaty,

with the of the Central counterpart, , and

liabilities terminated, damages

victim for one out of

related contracts, by someone else executed

interrelated contract that knew or should have known about

causes of invalidity of related contract

being is not valid.

a contract is understood as a contract, inmate with a person

central counterparty function, based on offer, including

based on bids

which matched the offer, in

bid-bid,

invalid contract with the person performing functions

central counterparty.

3. No related treaties

void contract with with

{ \cs6\f1\cf6\lang1024}Central Counterparty{ \cs6\f1\cf6\lang1024

}

terminated, is the compensation of the loss to the injured person

person of the Central Counterparty Function, if this

person, performing central counterparty function, knew or

must know

is not valid.

4. Non-validity of contract, obligation to

terminated by non-tting, not causes invalid

transactions in the process of non-tting, and the results of the netting.

Article 15. Trade accounts

1. of the fulfillment of commitments

approved for clearing, can use trade accounts that

and others others

rules for clearing.

2. The account is or a separate bank account

(remainder-trade bank account, or separate account

(remainder- trade account), , or commodity account (trade

)

commodity account) conforming to the following:

1)

tools, valuable paper, other property that can

used for

and (or)

obligations accepted to the clearing as well as obligations of payment

compensation of the clearing organization and organizations specified in

paragraphs 4-7 of Article 19 of this Federal Law;

2 operation The account is executed based

organization client order of the person

given account, , and by disposal

the account, with clearing

(in Ed. Federal Act of 29 December 2012 N

282-FZ-Collections of Russian Federation Federation, 2012, N

53, article 7607).

3. The accounts are opened with clearing

An

organization that has the right to order these accounts.

4. The [ [ ]] [ [ trade]] account can be opened as in rubles,

and in foreign foreign currency. The Trade bank can

be special brokeraccount or special trading account

participant of the clearing (ed.) Federal Law of June 29, 2015. N

210-FZ-Assembly. Russian legislation, 2015, N

27, Text 4001).

4-1. The client's

clearing, is the credit organization, for

(or) to enforce compliance, to the clearing,

should send separate bank account (accounts),

discoverable (opened

} in another credit

(hereafter referred to as the special trading account of a clearing participant).

With this money, transferred to the clearing person

client, must be considered by the clearance

accounting separately. Clearing Member is required to Maintain Internal

accounting for money, given to him by the client for

(or) to enforce the obligations that are committed to the clearing.

For client money, in special trade

participant can be targeted for

obligations of the participant's clearing. not to the right

enlisting native money on special trade

account for the clearing account, except when they are returned to the client

(Part 4-1) was introduced by the Federal Law of June 29, 2015. N 210-FZ

Russian Law Assembly of the Russian Federation, 2015,

4001).

4-2. client requirement of the client

credit organization, must open in another credit

organization specific trade account of clearing

for performing operations with the money

Money, at the specified trade

participant only

performance and/or enforcement, approved

for the clearance and of the resulting contracts, with this

is part 4-2 introduced by Federal Law of June 29, 2015. N

210-FZ -Russian Law Assembly, 2015,

27, Text 4001).

5. Consent of the clearing organization to perform operations on

trading gives a way,

bank account according to clearing rules, in

including by the payment sign of the payment organization

document, in that the matches

account, orders credit institution to perform operations

about this account.

6. Opening and closing conditions of the trade

deco accounts, operations

is determined by Bank of Russia regulations. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, est. 4084).

7. Writing off Securities from a Trade Account of a Nominal

holder or sub-account of nominal holder for clearing

account or enlistment in trade

nominal holder or sub-account of the holder's

clearing the account is for operations

related decommisation or enrollment, on trade accounts

deco, opened by this nominal holder, including trade

Depo of Securities Owners, without Assignment

has such accounts (reed. Federal Law of June 29, 2015.

N 210-FZ-Assembly of Russian legislation, 2015, N

27, Text 4001).

8. The trade product is the account,

which Commodity supplies property (for

exclude money and securities). Trade Commodity

account is opened by commodity supply operator, if specified

The

Federal of the law.

Operation in the specified account is equated to a transfer (get)

property. From the time the record of the receipt of property was committed

accidental death or accidental damage to property

trade product paid

record for receiving property.

9. Opening and closing conditions of the trade

commodity account, how transactions are carried out on a specified account

is determined by Bank of Russia regulations. Federal

Law of 23 July 2013 N 251-FZ-Legislative Assembly

Russian Federation, 2013, N 30, est. 4084).

Article 16. Clearing accounts

1. of the fulfillment of commitments

approved clearing, can use clearing accounts

opening Clearing

account for the property of the participants of the clearing, of the person who

Features of the Central Counterparty, and (or) Other Persons envisaged

rules for clearing.

2. The clearing account is either a separate bank account

(further-clearing bank account, or separate account

(hereinafter- clearing account), or Commodity account (hereafter -

clearing product

cash

tools, valuable paper, other property that can

used for

and (or)

commitments, committed to clearing, and obligations

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}and

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}

compensation of the clearing organization and organizations specified in

Article 19, paragraphs 4-7 of Article 19 of this Federal Law (in

Federal Act of June 29, 2015. N 210-FZ-Assembly

Russian legislation, 2015, 4001).

3. The clearing the bank account can deposit money

The client's or his client or clients. On

this participant of the user and its clients

be accounted for in the internal accounting of organization separately.

clearing request of the

{ \bname

} requirement

maintain individual internal money of the client or

clients

bank account. For clients, to

clearing bank account, cannot be recovered from

obligations of the clearing and clearing organization member (in the red.

Federal Law of June 2015 N 210-FZ -Collection

Russian legislation, 2015, 4001).

4. Clearing bank account can be opened as in roubles,

as well as foreign currency. The banking bank can

is a special brokeraccount.

4-1. On the clearing bank account money can

to be listed with a special of a broker account or special

The

merchant account of the clearing account. this money

every of the client must be considered by the

internal accounting separately (part 4-1 introduced by Federal Law

29 June 2015 n 210-fZ-Assembly of Russian legislation

Federation, 2015, N 27, st. 4001).

5. The clearing product is the account,

open clearing of the organization which is a commodity operator

supplies sensitive to property ( money and

valuable papers, can be used to execute and

(or) provide commitment, to the clearing. Clearing House

commodity account is opened by the commodity operator, if accounting

specified property is based on a storage agreement,

The

Federal of the law.

The specified account is equated to (get)

property.

6. Depository Receipt for Securities on Clearing Account

deco must open sub-account owner, nominal holder

or trustee to account for these securities

(hereinafter - a subaccount). Opening subaccount by

of the opinion

deposit agreement with the specified persons. Securities Owners,

rights that are accounted for in a sub-account, execute all rights,

pinned security Trusted controls, rights

in subaccount , all all rights,

fixed security if authority to implement

specified rights are granted by law or by contract.

7. property enlistment

clearing commodity account is required to open owner's for

accounting for rights to this property (hereafter referred to as a commodity sub-account). Opening

commodity

Federal law without entering into a contract with a specified person.

8. Order and conditions for opening and for the clearing clearing account

debit and subaccounts, clearing of the and commodity

subaccounts and operations for the specified accounts are defined

The Bank of Russia's normative acts (to the red of the Russian Federation). Federal Act of 23

July 2013 N 251-FZ - Collection of the Law of the Russian

Federation, 2013, N 30, st. 4084).

9. The clearing organization has the right to list

clearing account owned property, for exceptions

matches with this is required

performance of commitments, clearance,

fulfillment of a clearing organization for cash return

facilities in cases of article 23, paragraph 12, and part of 8

Article 24 of this Federal Law.

10. In the phlegm of the phlegm

property, on a clearing account, not in the estate

The

is included. Money is to be returned to the clearing participant,

and other items transferred to his/her after

performance of all obligations under the of the clearing

services and commitments to the clearing.

11. If the organization is recognized, Calculating

results of clearing, bankrupt property, on the clearing

account, not included in the estate. Cash to be funded

return for the organization for

size, remaining after fulfillment of all obligations under a contract

about clearing services and commitments to clearing

(Part 11 was introduced by Federal Law from 29 2015

} N

403-FZ-Russian legislation collection, 2016, N 1,

23).

Article 17. Features of the property contract

used to execute and/or provide

{ \cs6\f1\cf6\lang1024}Clearing commitments

1. Property, used for execution and/or security

execution of approved commitments, can be passed

Operator supplies of the Store

property, used for fulfillment (or)

compliance with commitment, or of the contract

storage.

2. property storage contract used

performance and (or) providing to

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}

liabilities, shipping shipping commits

reward storage, used for and

(or) these obligations and transferred

{ \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024

}

{ \cs6\f1\cf6\lang1024

} { \cs6\f1\cf6\lang1024

} implement, control and

supply to these liabilities and return (transfer) property to

order of and time frames

property.

3. property storage contract used

execution and (or) of the

{ \field

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commitments, can be transferred to property, used for

performance of commitments, approved clearance, , or property

individual clearing of

or

team clearing security.

4. The return of property passed to is carried out

only s Clearing Orderwithout

control order or orders

organization's clearance in order

provided by the rules for clearing.

5. Contract for the storage of the property, used for execution

and (or) enforcement of approved clearing obligations

may be provided

when a commodity supply operator

is required to hand over non-possigsayer to

property for storage, person designated by the clearing organization, c

which supplies enclosing

property.

6. Return (Transfer) property is considered with

Return (Transfer)

}

trading account or clearing

account.

7. Contract for the storage of the property, used for execution

and (or) enforcement of cleared commitments,

may include cases, when property, taken into account

clearing product can be used for

provide loans to the participants of the clearing.

8. To the storage contract used for execution

and (or) enforcement of approved clearing obligations

General Civil Russian Provisions

storage, if does not contradict rules

The

set by this article.

Article 18. End-of-obligation guarantees,

admitted to the clearing

1. Based on the debts of the clearing organization or organization

Calculates

arrest on property, on the clearing account, and not

may be suspended on the account.

Suspending the clearing account by

Russian Federation Tax Law and

fees, not allowed (in the red. Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, st. 23).

2. Collection of property of the orproperty

other person in trade and (or) clearing accounts, a

also suspend trading or clearing account

not is allowed for items

fulfillment (termination) of committed clearance, not

later of the day, for the day, when the clearing organization

received in order, by the specified part 3 of this article, copy

document, that is the base for the address

recover or suspend operations. This is the address of the collection

or suspending operations can be done against

debtor's remaining (Termination)

obligations of the clearing participant following clearing, no later than day,

next for the day, when the clearing organization received

specified documents (in Federal Law of June 29, 2015.

N 210-FZ-Assembly of Russian legislation, 2015, N

27, Text 4001).

3. Bank, Other Credit Organization, Depository or Operator

commodity supplies, Maintenance of the trade account and

(or) clearing account on which the debtor's property is located,

requests

recovery of money, of securities or other property after

execution of a clearing organization order, required for

compliance (termination) in with Part 2

true s articles, three days later  from the day

getting the executive document from of the trial

The

appraised. This bank, other credit institution,

depositary or commodity supply operator not later than day of receipt

corresponding document sends a copy to

clearing organization (in Federal Act of 29 June 2015

g. 210-FZ-Assembly of Laws of the Russian Federation, 2015,

N27, st. 4001; Federal Act of December 29, 2015. N 403-FZ

-Russian Law Assembly, 2016, N 1,

23).

4. The rules, set by this article, are used in

relation to Russian and foreign persons.

5. The Organization, of which is either trade or clearing

account immediately executes the seizure order

of the debtor and tells the bailiff

debtor account details, size of the debtor's cash and (or)

number of pieces of or other property, arrests

each account, , and also directs information about the seizure in

clearing organization on the day of seizure.

6. Attaching the property of the property to

trade and (or) clearing accounts, do not prevent execution by

the organization's operation's clearing organization

(Termination) in Part 2

real of the article. committing operations

organization, of which or clearing

to report to the bailiff's size

features of the debtor and (or) the or other

property, remaining after such operations, no later than

The

next working day of the day after they are held (in the red. Federal

Act of June 29, 2015 N 210-FZ - Legislation

Russian Federation, 2015, N 27, est. 4001).

7. { } { } { } { }

commitments, approved clearing,

is terminated in order and on conditions set by rules

cleared.

8. In the

participant of clearing, and with respect to the credit-credit participant

organization also

banking operations of the user

ends on the match with rules

clearing, , or date, after the date of adoption by the arbitral tribunal

and the opening

of the inopening

competitive production, or date, next for

banking operations licenses

the from the specified dates was earlier. In this case

and dimensions

net of the user-defined is defined by rules

(or) (or) clearing rules. In

net liability with negative

execution of this net obligation

property, of the quality assurance

obligations of the specified clearing, in order and in terms,

set by clearing rules, in size required by

such . of this implementation of the clearing

organization of property provided as security, not

may exceed two days with dates

net liability. Money, security, and (or) other

property, remaining from a clearing organization after

net-obligation of the participant of the clearing, to be returned

clearing organization in clearing, including inclusion

in its bid mass (to the red. Federal Act of 29 June 2015

g. 210-FZ-Assembly of Laws of the Russian Federation, 2015,

N27, st. 4001).

9. The rules, set by this article, are used in

cash, security, and (or) other property,

on the trade account and/or clearing account, including

property, part of the individual clearing , and

team clearing support.

Article 19. Disclosure of clearing activities

Organization and Central Counterparty

(name in red. Federal Law of December 29, 2015.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, Art. 23)

1. The clearing organization and the Central counterparty

provide free access to this

information to all stakeholders regardless of

the purpose of obtaining this information. Federal Act of 29

December 2015 N 403-FZ- Law Collection Russian

Federations, 2016, N 1, st. 23).

2. The clearing organization and the Central counterparty

provide drill-down. Federal Act of 29 December 2015

g. N 403-FZ-Assembly of Russian legislation, 2016,

N 1, article 23:

1) of the constituent documents. Federal Act of 29

December 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23);

2) of the rules for clearing;

3) annual reports clearing and of the person

of the Central of the counterparty, with the application

audit certificates for the annual reports

annual accounting (financial) of reporting clearing

organization and of the central

counterparty, and also in relation to the contained annual

reports their consolidated financial statements;

4) A list of organizers of trading that are traded in

contracts, clearing of obligations

clearing of the or counterparty (in .

Federal Act of December 29, 2015 N 403-FZ -

Meeting

Laws of the Russian Federation, 2016, No. 1, art. 23;

5) Name (name of organizations)

which (which) performs monetary calculations by

results from clearing;

6) name of the counter depository (name of calculated

depositories) that implement (s) related operations

with value transfer

clearing;

7 (operator names) operator

supplies;

8 names of credit organizations, to deposits (in accounts)

money collective clearing

collateral;

9) names of depositaries, in accounts

right pieces of paper that are collective

clearing;

9-1) decisions, adopted by , which is accountable to the board

directors of the clearing organization and of which is assigned

pre- approval of the document (s)

(specified) in 5, 5-1, 8-1 and 9 style="mso-spacerun:yes">

Federal Law ( risks) ( 9-1 )

Federal Act of 29 December 2015 N 403-FZ -

Meeting

Laws of the Russian Federation, 2016, No. 1, art. 23;

9-2) The Central

capital

counterparty ( 9-2 )

Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, art. 23);

9-3) Central Counterparty Measures to Limit

size of the Counterparty Counterparty

default or improper performance participant

clearing (para. 9-3 by Federal Law of December 29, 2015

g. N 403-FZ-Assembly of Russian legislation, 2016,

N 1, art. 23);

9-4) stress scenarios, components

stress-testing of the Central Counterparty risks and results

stress-testing in matches Bank requirements

Russian Federation (Paragraph 9-4 was introduced by the Federal Law of December 29, 2015).

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, art. 23);

9-5 Central Precision

counterparty in compliance with Bank of Russia requirements (para. 9-5

By Federal Law of 29 December 2015 N 403-FZ

Russian legislation, 2016, N 1, art. 23;

9-6) operating times

technical and technical operations

central counterparty if they are violated in

number due to of force majeure (para. 9-6

By Federal Law of 29 December 2015 N 403-FZ

Russian legislation, 2016, N 1, art. 23;

9-7)

Risk Management

Central of counterparty (Paragraph 9-7 was introduced by Federal Law

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23);

10) other information that this disclosure provides for

Federal Law and Normative by the Bank of Russia

Federal Law July 2013 N 251-FZ -Assembly

Russian legislation, 2013, N 30, sect. 4084).

3. Information, part of 2 of this

clearing of the and Central Counterparty

by placing this information on the organization's Web site

or of the Central of the counterparty (in . Federal Act of 29

December 2015 N 403-FZ- Law Collection Russian

Federations, 2016, N 1, st. 23).

4. If you make changes to the clearing rules, including

accepting rules for clearing in a new revision, given changes

(new revision) to be (to be)

clearing organization after it is registered by the Bank of Russia (in

Federal Law of 23 July 2013 N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

5. requirements

disclosures

clearing of and the central counterparty is defined

The Bank of Russia. Federal Law of December 29, 2015. N

403-FZ-Russian legislation collection, 2016, N 1,

23).

Article 20. Information Security

1. Clearing organization and

Central of the counterparty, must provide privacy

information that is commercial, banking, and other information protected

law of mystery, confidentiality of information about obligations, in

relations of which are clearing, confidentiality of information,

with Part 3

11 Federal Privacy

and trade account invoices

privacy of information about transactions for specified accounts,

which became in with the provision of clearing services and

(or) the central counterparty function.

2. Information and information specified in Part 1 of this

Articles, are provided by a clearing organization or by a person

of the Central of the counterparty, only

participants in the clearing, and can also be granted to other persons with

agreement among the participants of the clearing.

3. Information and information specified in Part 1 of this

articles, provided by clearing organization or

Central Counterparty functionality, to the Bank of Russia

query Bank of of Russia, relevant of this

Federal law (under the rule of law) Federal Law of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, article 4084).

4. Information and information specified in Part 1 of this

Articles, can be given a clearing or

person, implementing the Central of the counterparty, ships

arbitrations (judges), if there is a manager's consent

investigative body for preliminary investigation

in their production, as well as internal affairs at

their detection, warning, and suppression functions

tax crimes.

5. (Part 5 is no more effective under the Federal Act

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23)

Article 21. Order of Dispute Resolution

1. The rules for clearing can define the order of the permission

disputes between participants in the clearing, with the clearing and face

Counterparty

and the clearing organization related with

clearing ( services and (or) with

of the clearing, by the

Central Counterparty, , and Clearing in Order

arbitration is a permanent arbitration court.

2. The arbitration agreement, of the rules for clearing,

is valid regardless of whether has been locked until

or after the cause of the claim is raised.

3. If you make changes to the clearing rules associated with

change of the tribunal, disputes,

true articles, allow by the arbitral tribunal

reasons

to bring suit.

Chapter 4: Manage Clearing Organization Risks and

Central Counterparty

(name in) Federal Act of December 29, 2015 N

403-FZ-Russian legislation collection, 2016, N 1,

23)

Article 22: Clearing Organization Risk Management System

and the Central Counterparty

(name in red. Federal Law of December 29, 2015.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, Art. 23)

1. The clearing organization and the Central counterparty

risk management

implementing or central

and with the property,

match and operations

clearing organization and of the Central counterparty. For

enterprise risk management system clearing

Central counterparty is required to assign the person or

form the subdivision of (in .

Federal Law of Dec. 29 2015 N 403-FZ-Assembly

Russian legislation, 2016, N 1, article 23).

2. of the implementation of with the central

counterparty, as well as in other cases of normative

Acts of the Bank of the Russian (or) of the rules of clearing, execution

commitments, committed to clearing, must be provided

individual and group clearing provision. In specified

cases for an individual and (or) collective agreement

clearing for must be contained in the rules for clearing (in

Federal Law of 23 July 2013 N 251-FZ - Collection

Russian Federation, 2013, N 30, st. 4084;

Federal Law of June 2015 N 210-FZ - Collection

Russian Federation Federation, 2015, N 27, st. 4001;

Federal Act of December 29, 2015 N 403-FZ -

Meeting

Russian legislation, 2016, N 1, article 23).

3. Central Counterparty is required to evaluate every

day, if more assessment is not set by the Bank of Russia or

central counterparty, size of own commitments and size

client

commitments before

individual clearing of the participant's

consideration of market price of property, subject of obligations

or of the component individual clearing

market prices, for contracts,

derived financial instrument (rev. Federal Act of

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, st. 23).

4. Central The contracting party has the right to make a debt translation and

assignment of requirements of to the user

obligations, from treaties, prisoners

customer account, , and the transfer of the property, of the item

providing fulfillment of obligations, to another participant in clearing in

cases and in order, of which are provided by the clearing rules,

condition of getting from the counterparty to this

participant of clearing, to which translates to

request and is passed property, and to

executes such commitments and (or)

liabilities. Refering property, to be the item

performance enforcement, if

this requirement is counted in

internal accounting of of the Central of the counterparty (in Ed.

Federal Law of June 2015 N 210-FZ -Collection

Russian Federation Federation, 2015, N 27, st. 4001;

Federal Law of Dec. 29 2015 N 403-FZ-Assembly

Russian legislation, 2016, N 1, article 23).

4-1. Central Counterpart is entitled to transfer a debt and

assignment of requirements of the participant's clearing, requirements, from

contracts, prisoners of the client's

(clients), also transferring property, to

security, to another to the counterparty

terms defined by the Operational Interop Agreement

Central counterparties, in agreement with the Bank of Russia. Cases and

and

order in

}

one of the Central Counterparty to another Central Counterparty

set by clearing rules (Part 4-1 introduced by Federal

The law of December 29, 2015. N 403-FZ-Legislative Assembly

Russian Federation, 2016, N 1, st. 23).

5. The clearing organization is required to approve the document

(documents), defining (s) of the organization

credit, operational, and other risk management systems

number of risks, related to clearing activities with

activities, uninterruptible

software tools

for clearing activities, measures

directed to

preventing and resolution of conflict

the and clearing

activities. requirements for on the document

(specified documents) are installed by the Bank's acts

Russian (to the red. Federal Law of 23 July 2013 N 251-FZ-

Russian legislation collection, 2013, N 30, st.

4084; of the Federal Act of June 29, 2015. N 210-FZ-Assembly

Russian legislation, 2015, 4001).

5-1. Central Counterparty must approve the rules

Central Counterparty Risk Management

that should define measures, risk reduction

Central of the counterparty and risks related

Central Counterparty Activity with Other Activities

measures, taken by the Central Counterparty in Cases

non-standard and emergency situations that may prevent

normal performance of a central counterparty, , and

targeted for ensuring such

activity. Requirements for Management System Rules

Central of the counterparty is set to

Acts of the Bank of the Russian Federation (Part 5-1 is introduced by Federal Law of 29

December 2015 N 403-FZ- Law Collection Russian

Federations, 2016, N 1, st. 23).

6. The clearing organization is obliged to have a risk committee. Not

less than of of the must be

representatives of the clearing's participants (to the red. Federal Law of 29

December 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, st. 23).

6-1. of the clearing of central

counterparty < of the risk

to be representatives of the clearing's participants. In the Committee

risks should include of the clearing

independent members (tip board members

Clients (Part 6-1

Fed by Law 29 December 2015 N 403-FZ-Assembly

Russian legislation, 2016, N 1, article 23).

7. Central Counterparty is required to implement monitoring

financial sustainability in cases

The Bank of Russia's legal acts are set by the Bank of Russia. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, st. 4084; Federal Act of

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, st. 23).

8. Central Counterparty is required to perform an evaluation

potential effects of on its financial state of a series of

changes in risk (stress scenarios)

match exception, but likely

(stress-testing of risks), and estimation of fidelity

Central Counterpart Comparator

predicted Scoring Values

actually observed values of this metric (estimate

accuracy of a central counterparty model), to provide information

Stress-testing results for participants in clearing and in

Bank of Russia in the order and dates, of which are set by

Acts of of the Bank of of Russia. At the same time

Central counterparty represents the results of the evaluation in the Bank of Russia

Precision of the Counterparty Model (in . Federal

Act of December 29, 2015 N 403-FZ-Legislative Assembly

Russian Federation, 2016, N 1, st. 23).

8-1. Central Counterparty is required to approve the method

stress-testing the Counterpart Counterparty

estimates of the Central of the counterparty, of the requirement

of which are established by Bank of Russia regulations (part 8-1

)

was introduced by Federal Law from 29 Dec. 2015 N 403-FZ

Russian Federation Law Assembly, 2016, N1, Art. 23).

8-2. Russia has the right to determine stress scenarios

Central of the and route recommendations for change

Central

poor results of stress testing and (or)

Central Counterparty Model Precision Assessment (Part 8-2 )

Fed by Law 29 December 2015 N 403-FZ-Assembly

Russian legislation, 2016, N 1, article 23).

9. The clearing organization is required to approve the document

determinative of the

extraordinary circumstances that can prevent

normal clearing activities, and directed

to ensure continuity of such activities.

Article 23. Individual clearing support

1. The individual clearing is

ensuring compliance of participants ' obligations to clearing

to clearing, , and (or) pay pay

clearing organization and organizations specified in 4- 7

The

part 2 of the Federal of the law. Property,

the individual of the individual of the security

The

can be used to fulfill the specified obligations.

2. Unless otherwise provided by by individually

clearing , requirement is provided individually

clearing provision for this requirement

has to the moment of satisfaction, in particular interest, penalty,

damages caused by late execution.

3. The of the participant clearing the clearing organization

must provide a separate accounting of the participant's property

clearing, of the individual clearing

(or)

performance of this of this clearance

execution at the expense of other clients.

4. of the individual clearing

provisioning can be provided request provisioning

property, of for individual clearing

security, to and (or) post-contract, commitments

are provided by individual clearing services.

5. property transfer in individual

clearing

The Ministry of Finance of the Russian Federation.

6. Property intended for individual clearing

security, can amount to money in rubles and (or)

foreign currency, securities, Other Property,

The Bank of Russia's

specified normative acts. Additional

property requirements, that can be individually

clearing provision, in number of them, can be

set by the individual clearing provision.

Property, encumbered by bail, cannot be individual

clearing providing (in . Federal Act of 23 July

2013 N 251-FZ-Assembly of Russian legislation,

2013, N 30, article 4084).

7. The money transfer for

individual clearing, implemented by

bank account and (or) clearing

bank account.

8. Transfer for Individual Clearing

security, rights to which can be implemented

in depots depots, implemented by enrolments

securities on the trade account of the depot and (or) clearing account of the depot.

9. Transfer of other property other than cash and

valuable paper, in individual clearing can

Enrollment Trading

commodity account and (or) clearing product or other

ways, by of individually

clearing security.

10. Individual clearing provision occurs since

Cash, Securities, or Other Property

corresponding trade account and (or) clearing account, and

case of a different method of transferring assets to security

from moment, defined by the individual clearing

collateral.

11. Proceeds of personal property

clearing services, are credited to the individual clearing

security, if other does not

individual clearing provision.

12. The clearing organization has the right to use in

cash interests, being the subject of individual

clearing provision, if is provided by

individual clearing . In this is money

tools, that are the individual of the clearing

security, credited to a clearing organization by its own

bank account. Clearing is required to return in

individual cash clearing in

sum of and time, required to meet requirements,

Secured by individual clearing services.

13. individual clearing

may be minimal required money

(cost of other items), of the individual

clearing security. At this, if money

(Property of Other Properties), of the Individual

clearing support, is less than the minimum required,

individual clearing

set of the call to pass to

individual clearing provision for additional property, a

also order and the time of this of the job. If amount

money ( property), items

individual clearing is minimal

required, individual clearing provision

may be the

return of the piece of property, to an individual

clearing, , and implementation times

this right.

14. individual clearing

may be also have the right to replace

property, that is the individual of the individual clearing

security, with the consent of the clearing organization, and order and

The

timeline for exercising this right.

15. Satisming Requirements, By Secured

clearing, for failure or improper

execution of the of its obligations is implemented

clearing organization by choice in the following ways:

1) by passing the specified property to the account in

execution of the obligation secured by the individual clearing

collateral;

2) by selling the specified property with

by the creditor by obligations, by the secured individual

clearing acquisition, or for for

assets and transfers to the creditor;

3) by purchase of the individual clearing account

Other Property

}

creditor obligations, s individual

clearing;

4)

and Other Contracts

regulatory acts of the Bank of Russia, and by passing

property received by contracts, payable to the creditor (ed.) Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, est. 4084).

16. If of the individual clearing

securities, approved to organized trading,

sale is implemented in on trades. In this

clearing organization may participate in organized trades

without license (s) for which (s) according to

Federal is the condition for participation in organized

tendering. sales of such

sales of are sold in in

individual clearing agreement

collateral.

17. If of the individual clearing

property, not specified in Part 16 of this article,

sale is implemented in order,

individual clearing support. Bank Regulations

Russian can sales requirements

Property, of the individual clearing provision (in

Federal Law of 23 July 2013 N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

18. Transfer of property, being the subject of an individual

clearing , is implemented by by

commitments, by individual clearing

providing, from of the property's property,

defined in the order specified by the individual

clearing . Bank of Russia regulations

be set requirements to

cost (in red. Federal Act of 23 July 2013 N 251-FZ-

Russian legislation collection, 2013, N 30, st.

4084).

19. selling or transferring property,

individual clearing , amount,

received from sale, and (or) cost, for Property,

the individual of the individual of the security

transferred to the creditor in commitment, read out

clearing organization in order, of rules

clearing, for fulfillment of secured obligations.

20. If requirements

individual clearing provision, the sum, from

sales of property, such a provision, , and

(or) cost, to which property, the item

individual clearing security, transferred to the creditor to account

performance , is greater than Secured

claims, the difference is returned to the debtor of the clearing.

21. Satisming Requirements with Property,

individual clearing item, implemented

without notice of the debtor - of the debtor

or Other of the Public Authority (Local Authority

self-government), public tenders

cases, when

agreement for individual clearing provision. Agreement

about individual clearing provision can be provided

other conditions, compliance for satisfaction

claims for property that is the subject of an individual

clearing security.

22. The collection of property, being the object

individual clearing in

insolvency (bankruptcy) of a member of the clearing, and arrest

specified assets are implemented based on 18 requirements

true Federal Law.

23. If of the clearing contract

contributor returns property,

individual clearing providing, , or money .

Amount of money to return to clearing

organization of a participant of a clearing, is determined based on cost

property, of the individual clearing

calculated per day of termination of the clearing

services. Order of Property,

money defined in matches

The Bank of Russia's normative acts (to the red of the Russian Federation). Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, st. 4084).

Article 24. Collective clearing services

1. Collective clearing is the method

ensuring compliance with any of the obligations of any

clearance, in matches with satisfaction

requirements, for secured team clearing, in

cases, of of the collective clearing

security, in property account,

subject of the team clearing for

warranty . Satisming Requirements, Secured

team clearing provision, in order,

similar order,

Federal law.

2. Warranty fund is formed by clearing organization for

account for contributions from clearing and other persons. No person

or obligation of the obligation to make

such contribution, is required to compensate for the loss, for the clearing

organization, to the central

counterparty, other participants of the clearing as a result of default or

improper performance of the specified obligation.

3. Requirement for to submit estate to the warranty

propagates to the Bank of Russia and the Ministry of Finance

Federation.

4. Warranty should be separate from

clearing organization on clearing account (clearing accounts).

rules

hedge funds. Various guarantee funds can be located on

one clearing account.

5. Warranty can be money in

rubles and (or) foreign currency, securities, and other

property defined by normative by the Bank of the Russian Federation.

Additional requirements for property that can

warranty fund, including its composition, can be installed

The

for the collective to provide. Property,

collateral, cannot constitute a guarantee fund.

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

6. The Contribution Order Order

set by the collective clearing agreement

in compliance with Russia's Acts (in Ed.

Federal Law July 2013 N 251-FZ -Assembly

Russian legislation, 2013, N 30, sect. 4084).

7. Clearing organization, if required by agreement

o collective security clearance to the right according to

Regulatory Requirements of the Bank of the Russian Place Money

funds, components of the Guarantee Fund, in in credit

organizations. The revenue is included in in

Warranty of the fund, if does not

team clearing) Federal Act of the Russian Federation

23 July 2013 N 251-FZ- Assembly of the Russian

Federation, 2013, N 30, st. 4084).

8. The clearing organization has the right to use in

interested money of the fund of the fund, if

is provided by a collective clearing provision agreement. In

this money of the foundation of the trust fund

clearing organization its bank's account.

clearing organization is required to return to the foundation

money in amount and time, required

Requirements, of Secured Team Clearing

collateral.

9. of the failure to perform

participant of clearing obligations, approved for clearing, property

such as of the clearance, component of the foundation,

is used to meet the requirements for such obligations.

If the specified property is insufficient in the order provided

collective clearing provision, used

Property of other persons, part of the guarantee fund. In this case

specified Member is required to refund

used property.

10. If this is provided by with the collective

clearing provision, clearing to the right by

guarantee of the fund to provide loans to the

function of the counterparty, or to the clearing,

commitments that included in the pool,

condition for to provide or conclude with

repo treaties and other treaties, provided by the normative

Acts of the Bank of of Russia. All obligations to

must be executed within 10 working days from date

(in Ed. Federal Law of 23 July 2013 N

251-FZ-Legislative Assembly of the Russian Federation Federation, 2013,

30, article 4084).

11. Under contracts concluded by a clearing organization by

guarantee fund, clearing organization acquires and

becomes mandatory.

12. The clearing organization performs all legal and

actual actions, required to satisfy requirements

liabilities from the guarantee fund.

13. Expense, Related Requirements

commitments, specified in Part 9 of this article,

and by the clearing organization

specified in Part 11 of this article,

warranty.

14. Perfecting to the guarantee fund of a transaction with

requirements, set by this article, does not

invalidation of this transaction. By specified of the transaction clearing

An

organization is responsible only for its own assets.

15. If of the clearing contract

contributor returns property,

warranty fund, , or money. Sum of money

return of the user's to return based on

Property value, of the component of the guarantee fund, calculated

clearance clearing

in proportion to the contribution of such a clearing participant. In if

Warranty Foundation is formed not only with contributions from participants

clearing, but also with contributions of other persons, rules of clearing should

be defined by conditions and property return order,

them in the warranty fund, , or money . Sum of money

funds, to be returned to such persons, are determined by

Property value, of the component of the guarantee fund, calculated

for day, defined by the clearing rules, proportionally to the contribution

. Order of Property Value Definition, and Date

money defined in matches

The Bank of Russia's normative acts (to the red of the Russian Federation). Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, st. 4084).

Chapter 4-1: Property Pool

(Chapter 4-1 was introduced by Federal Law of June 29, 2015). N 210-FZ

Russian Law Assembly of the Russian Federation, 2015,

4001)

Article 24-1: Property Pool

1. The property pool is the clearing

organization in the [ [

} rules

The

stock of the security and of the property. Pool Property

clearing of from

property. Each property has

an individual symbol that identifies to

other property pools.

2. the property can be valuable

cash, including foreign currency. Normative

Acts of the Bank of Russia can be set by a list of other property,

which can contribute the property to the pool. Property,

A security deposit cannot be entered into a property pool.

3. The party has the right to contribute to the pool

property, owned by or to customers.

Member who has contributed property to the property pool, named

A

participant in the pool.

4. Transfer of property to the property pool does not raise

transfer ownership of transferred property to clearing

organization.

5. Securities rights, transferred in property

is accounted for on the clearing account and on

sub-account of clearing account, open to the owner

paper, nominal holder, foreign nominal

or trustee.

6. Money funds, passed to in the property or

clearing of property contract

The

pool, are credited to the bank's clearing account. Clearing

organization that has formed a property pool maintains separate accounting

money , contributed every by the

Cash received in the property pool.

7. The clearing organization at the request of the pool participant should

maintain separate internal accounting of money and other assets

client of this pool participant passed and (or) in

A property pool.

8. Property, The property in the pool, is

{ \cs6\f1\cf6\lang1024}{ \cs6\f1\cf6\lang1024}

{ \cs6\f1\cf6\lang1024

}

{ \cs6\f1\cf6\lang1024

Clearing of the organization's property

The

pool. Property, Property Pool (except

cash), separate from property, other

property pools, from other property of pool members individually

clearing account for the organization, to

The

clearing product of the organization's clearing account. Property,

passed one by in property (for

exception of money unites with property,

transferred to such a property pool by other pools, , and

isolates separately on a separate subaccount

subaccounts that open to clearing for or

clearing commodity account in to separate property

part of the property pool.

9. Order of Order of the Pool of the Pool, Orders

property, parts of the pool, defined by clearing

organization forming the pool in property pool

conditions are defined by the clearing rules.

10. The organization of the organization

The

property pool does not require state registration. Solution

to form a property pool must contain name

depot with central storage of clearing

certificates of participation and inclusion certificates.

11. Clearing organization that has formed a property pool

right to use funds included

in a pool if this is provided by property

pool. In this money is

clearing organization that formed the pool,

bank account. Clearing of the -formed pool

must return money to the property pool in

sum and the time required to execute commitments

The

property pool contract.

(Article 24-1 was introduced by Federal Law of June 29, 2015. N

210-FZ-Russian Federation Law Collection, 2015,

27, Art. 4001)

Article 24-2. Property Pool Agreement

1. property pool

clearing organization and can be accepted by clearing participants

which conform to the requirements of the requirements,

only by acceding to the specified contract as a whole.

2. In addition to the provisions stipulated in Part 9 of Article 24-1

true Federal law, property

must contain:

1) determine the property that can be added to the pool

2) The nominal cost of the participation certificate;

3) Rights of the Owner's Clearing Certificate;

4) Rights and Responsibilities of Pool Participants;

5) The rights and responsibilities of the clearing organization that formed

pool, including and clearing certificates

;

6) how to publish a Solution for Property

pool;

7) Order and expiration times for a property pool;

8) order in clearing registers of records

in the property pool;

9 (or) order (or)

property pool;

10) Other conditions and/or information according to with

Federal law.

3. The property can

following locations:

1) The pool to the requirement of the clearing requirement

organization if cost of the property contributed to the pool is reduced

add property to the pool. this cost

property is defined in order,

property pool and clearing organization documents;

2) the client- request

participant in pool to repay owned clearing certificates

participation, cost of which is greater than

property put into the pool

3)

}

{

}

{ \cs6\f1\cf6\lang1024

}

{ \cs6\f1\cf6\lang1024

}

clearing participation certificates, if

contributed to the pool has increased.

4. If the property in the pool contains locations,

Part 3 of this

must determine the or

responsibilities, order of valuation of property, to be

pool submission, order and date , definition order

number of participation certificates to be granted or

repays.

5. Clearing organization that has formed the property pool

in order and in dates, of

property pool, is required to determine the property value,

contributed in the pool by the pool. In

property pool may be specifies

Property to Property Pool or

exception from the pool, performs other actions, for

and rights

The

property pool contract. The can be

only the clearing organization or settlement depository.

6. Clearing organization that has formed the property pool

is responsible for the members of the pool in for

damages in damages in

requirements of this Federal Law, other federal laws

and the property pool contract.

7. The property pool can be

pool member right to replace previously submitted to property, a

if such property is valuable paper, valuable

papers in which was converted valuable paper,

The

pool in the property of the pool.

property pool must provide

and order

to implement this replacement.

8. pool has the right to reject

property pool only if

clearing certificates.

9. Property can be terminated clearing

organization only after clearing all

hosting certificates.

(Article 24-2 was introduced by Federal Law of June 29, 2015. N

210-FZ-Russian Federation Law Collection, 2015,

27, Art. 4001)

Article 24-3. Participation clearing certificates

1. Clearing Non-emission

documentary bearer a valuable paper with required

central storage, of the clearing organization

formed property pool, and the entitlement

owner to require for the clearing organization

The

nominal cost when is defined by .

Specified rights and their implementation conditions must be contained in

The

document, to be required of the centralized storage.

{ \cs6\f1\cf6\lang1024}{ \cs6\f1\cf6\lang1024

}

securities.

2. Accounting and navigation client permissions

matches with rules,

The Civil Code of the Russian Federation and the Federal Law

22 April 1996 N 39-FZ Securities Market for

undocumented security.

3. Total nominal costs for the certificates

should match with in

property pool value of property, transferred

The

that member of the pool to the property pool.

4. Pool's Single Property Pool

have the same nominal value.

5. Owner of the client's clearing

participant of pool, right to require from theorganization's clearing

redemption of all or portions of clearance certificates

attending to repays

hosting and missing pool participant

Property obligations under the property contract of the pool. On

clearing clearing certificate for clearing organization

must be returned from the property of the property, this

bullet, for exceptions

federal laws and/or a property pool agreement.

6. If the participant of the Pool request repays

all given client-clearance participation, clearing

an organization is required to issue all property contributed by this participant

pool. If a pool participant is charged with a part of

participation certificates participation Definition

property, contributed in to in links 

requirement, , and

The

property pool contract.

7. Owner's clearance certificate owner is not

participant of pool, right to require from theorganization's clearing

repaying its clearing certificates of participation only

in cases defined by the clearing rules.

(Article 24-3 was introduced by Federal Law of June 29, 2015. N

210-FZ-Russian Federation Law Collection, 2015,

27, Art. 4001)

Article 24-4. Limiting the turnover of clearing certificates

participation

1. The participation participation can be

rego agreement with Central Counterparty or Bank of Russia or in

order of universal succession. Clearing certificates

membership can be to be individual the clearing .

Conclusion Other Contracts with Securities

exception 2 of this article, not

is allowed.

2. Bank of Russia may demand from clearing organization

formed property pool, clearing

certificates of participation at their nominal cost in if

seller for first part of contract with clearing certificates

'participation' with the Bank of Russia 'did not fulfill its obligation'

The

second part of the repo agreement. { \cs6\f1\cf6\lang1024 } { \cs6\f1\cf6\lang1024 } participation { \cs6\f1\cf6\lang1024

Bank of Russia is operating in order, by rules

cleared.

(Article 24-4 was introduced by Federal Law of June 29, 2015. N

210-FZ-Russian Federation Law Collection, 2015,

27, Art. 4001)

Article 24-5. End-of-obligation and calculation guarantees

for Clearing-Participation Certificates

1. Recourse to collection of pool participants ' debts, including

in insolvency (bankruptcy), property, component

property Pool, not is allowed, for exceptions

provided by Federal Law of 2 October 2007 N 229-FZ

'About executive production'.

2. In the

owner of clearing certificates whose property is not

contributed to the property pool, and against the owner of clearing

{ \cs6\f1\cf6\lang1024 } Credit organization certificates

{ \cs6\f1\cf6\lang1024

}

Banking License money

remaining 18

Federal participant's clearing obligation law

arising from treaties, for for of this owner

clearing participation certificates, to return participant

clearing such owner of clearance certificates, in

to include in its estate.

3. In the

member of clearing certificates who owns clearing certificates

whose property has not been contributed to the pool, in

relationship to a credit organization also in the case

recall licenses for operations money

tools, remaining

real Federal of the law such

participant, to return to the number in

included in the estate.

4. In the

owner of clearing property

is placed in the property pool, and in of the owner of clearing

{ \cs6\f1\cf6\lang1024 } Credit organization certificates

{ \cs6\f1\cf6\lang1024

}

banking licenses licenses and other

property of such owner, made to a property pool, to be owned

sales in organized trades and (or) in the clearing.

Money tools, remaining after on

18 Federal Net obligation

pool participant, counted by clearing organization on clearing

bank account in the order set by article 24-1

Federal Law, and are to be returned to the owner, in

number of inclusion in the estate.

5. In the

owner of the client's client participation certificate

clearance, in the relation of clearing

certificates of participation, of the client of the client

credit of the organization, in

{ \cs6\f1\cf6\lang1024}Bank{ \cs6\f1\cf6\lang1024

}

{ \cs6\f1\cf6\lang1024}Clearing

clearing organization exposes with rules

information needed for completion

definition of a net contributor's commitment, from

contracts, of the account for of this clearing account

certificates of participation.

(Article 24-5 was introduced by Federal Law of June 29, 2015. N

210-FZ-Russian Federation Law Collection, 2015,

27, Art. 4001)

Chapter 5: Management of clearing activities and

monitoring its implementation. Regulation

Activity of the Central Counterparty, Supervision, and

tracking it

(name in red. Federal Law of December 29, 2015. N

403-FZ-Russian legislation collection, 2016, N 1,

23)

Article 25. Bank of Russia powers

(name in red. Federal Law of 23 July 2013 N

251-FZ -Collection of Russian legislation, 2013, N

30, Art. 4084)

1. The Bank of Russia (to TASS). Federal Law of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, st. 4084):

1 performs

clearing

of the Central Counterparty (to the red. Federal Law

of 29 December 2015 N 403-FO - Law Collection

Russian Federation, 2016, N 1, art. 23;

2) sets to for and

Central Counterparty (to Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, art. 23);

3) supervises compliance with the Central Counterparty

requirements of this Federal Law and adopted according to

with it Bank of Russia regulations and watching for

central

counterparty Counterparty

your activity, and the development of the Central of the counterparty

The basis of the Bank of Russia's recommendations Federal Act of 29

December 2015 N 403-FZ- Law Collection Russian

Federations, 2016, N 1, art. 23);

3-1) performs watching compliance

software tools in

Central of the counterparty third individuals, requirements,

The

Bank of the Russian software

Central Counterparty (paragraph 3-1 introduced by Federal by Law

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23);

4) sets requirements for the order of clearing;

5) performs rules

Other

documents clearing of and counterparts

matches in Federal

the law, and set registration (in .

Federal Act of December 29, 2015 N 403-FZ -

Meeting

Laws of the Russian Federation, 2016, No. 1, art. 23;

6) licensing clearance activities;

7) assigns a central counterparty status (in

Federal Law of December 29, 2015. N 403-FZ-Assembly

Laws of the Russian Federation, 2016, No. 1, art. 23;

8) defines the order for the accreditation

organization, for the operator of the commodity supply operator, and

also the order of revocation of accreditation;

9 performs accrediting organizations that

commodity supply operator functions (in Federal Act of

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23);

9-1) performs Counterparty

Squalified ( 9-1 -typed by the Federal

December 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23);

9-2) sets the requirement to about the operating

Central counterparts ( 9-2 )

Fed by Law 29 December 2015 N 403-FZ-Assembly

Laws of the Russian Federation, 2016, No. 1, art. 23;

9-3) installs requirements for programmatically

Central counterparty tools and network communications, in

number in the location ( 9-3 )

Federal Act of 29 December 2015 N 403-FZ -

Meeting

Laws of the Russian Federation, 2016, No. 1, art. 23;

10) defines terms of the estimate

native clearing organizations that are not

credit organizations, also set different requirements,

to reduce the risk of implementation by such organizations

clearing activity;

11) sets requirements for the risk management of the clearing

organization, and implementation

internal audit and internal audit of clearing organization

(Ind. Federal Law of June 29, 2015. N 210-FZ-Assembly

Laws of the Russian Federation, 2015, N 27, art. 4001);

11-1) sets requirements for to individual and

team clearing , , and

{ \cs6\f1\cf6\lang1024}Central Counterparty Assets{ \cs6\f1\cf6\lang1024

}

of which the central counterparty and the participants in the clearing have the right

open trade and clearing ( 11-1 )

Fed by Law 29 December 2015 N 403-FZ-Assembly

Laws of the Russian Federation, 2016, No. 1, art. 23;

12) establishes central-risk management requirements

counterparty, stress-testing stress and estimation of model accuracy

Central Counterparty (to Federal Act of 29 December

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, art. 23);

13) performs stress-testing risks

counterparty (in Federal Law of December 29, 2015. N

403-FZ-Russian legislation collection, 2016, N 1,

23);

14) defines clearing rule clearing

organizations and s Central counterparts, and

to provide information to the participants of the clearing. Federal

the law of December 29, 2015. N 403-FZ-Legislative Assembly

Russian Federation, 2016, N 1, art. 23;

15) sets the amount, order, date, and form of the view

in Russia reports, and clearing information

organizations, individuals, s central

counterparties, and Part

7

true of the Federal of the law Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, art. 4084);

16) ( 16 is excluded by the Federal Law of November 30, 2011

g. N 362-FZ-Legislative Assembly of the Russian Federation, 2011,

N 49, art. 7040)

17 sets requirements for and to protect

information, related to the implementation of clearing activities and

Central Counterparty Function and Expiry if

order and expiration of specified information are not set

federal laws and in with

pieces of legislation (rev. Federal Law of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, st. 4084; Federal Act of December 29, 2015. N 403-FZ-

Russian legislation, 2016, N 1, art. 23;

18) approves of the examinations for

qualifying individuals in in the clearing line

defines and order for organizations

performing specified validation in the form of a qualification

exams and qualifying qualifications

conducts accreditation s specifies types

forms of qualification certificates and maintains a register of certified persons;

19 invalidates qualifications

repeated or <> <}

requirements of this Federal Law and adopted according to

with it normative legal acts (to the red. Federal Act of 21

November 2011 N 327-FZ - Collection of the Russian

Federations, 2011, N 48, art. 6728);

20 Organize Organizations

physical of the clearance

activity, and performs feedback

accreditation in case of violation of specified conditions;

21 performs control clearing

the requirements of this Federal Law and accepted

in of the Bank of Russia (reed.

Federal Law of 23 July d N 251-FZ - Collection

Russian Federation Federation, 2013, N 30, st. 4084;

Federal Act of December 29, 2015 N 403-FZ -

Meeting

Laws of the Russian Federation, 2016, No. 1, art. 23;

22) tests clearing organizations

and the of the central counterparty function, in order

The Bank of Russia's legal acts are set by the Bank of Russia. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, art. 4084);

23 takes Federal measures

directed on termination and prevention of violation of requirements

true Federal Law and adopted in with

The Bank of Russia's

normative acts Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, art. 4084);

24) accesses the Arbitration Court with

legal

activities

true Federal Law, without corresponding licenses, and in

other cases of the federal laws (in .

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, art. 4084);

25) exchange confidential information in

personal data, with the body (organization)

Foreign on the basis for an agreement with that body

(organization), of mutual such

information, under condition, of the state law

corresponding of is notless

security of confidential information,

security of the information

provided by Russian legislation, and in the case of

international

treaties of the Russian Federation, in accordance with the conditions of such

contracts;

26) (Para. 26 is no valid under Federal Act

23 July 2013 N 251-FZ-Legislative Assembly of the Russian Federation

Federation, 2013, N 30, art. 4084)

27 performs functions other

Federal Act and other federal laws.

2. When exercising control over clearing organizations, a

Also Watt Counterparty Central Counteragents

Russia to the right Federal Law of December 29, 2015. N

403-FZ-Russian legislation collection, 2016, N 1,

23):

1) perform scheduled inspections no more than once a year;

2) perform out-of-plan checks for detection

signs of violations, including complaints (statements,

accesses) and legal information

media;

3) receive from clearing organizations and individuals

function of the Central counterparty

documents and information, including information, access to which

limited or prohibited matches with laws

explanations in writing or orally. If Access to Information

limited or prohibited matches with laws

(query) about canprovide this information

sent (sent) by the Chairman of the Bank of Russia, his deputy

or Other By the Russian Chairperson

order and form, installed by Bank's s

Russia, in the case of verification (in the red. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, st. 4084; Federal Act of

December 30, 2015 N 427-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 47);

4) address in

Federation Order in bodies of the search

activity, with request for operations

activities;

5) ( 5 expired by Federal Act

23 July 2013 N 251-FZ- Assembly of the Russian

Federation, 2013, N 30, art. 4084)

2-1. Monitoring Central Counterparty includes the following

Bank of Russia activity:

1) monitoring;

2) Evaluate Central Counterparty Activity

3) prepare for the results of 2

Part of Evaluating the Activity of the Central

counterparty.

(Part 2-1 is introduced by Federal Law of December 29, 2015). N

403-FZ-Russian legislation collection, 2016, N 1,

23)

2-2. Watt

counterparties are defined by the Bank of the Russian (part of

2-2 was introduced by the Federal Law of December 29, 2015. N 403-FZ-

Russian Federation Law Assembly, 2016, N1, Art. 23).

3. Controls of the Russia control in

compliance with the authority of the presentation

service and based on the

tests, adopted by the Chairman of the Central Bank of Russia,

Russian

Other

Committee

Other People in

matches with normative Acts Russia, have

unfettered in clearing organizations

faces of the Central Counterparty, , and, if it is

required for validation, into other organizations ' premises

which contains software-hardware,

commit, handling and info storage

clearing activity ( and

responsibilities of the Central counterparty), authority to documents

and information (including information that is restricted

or denied matches with

required to control, also

software-to-commit software, processing

and the storage of the specified information. of the Federal Law of

December 2015 N 427-FZ-Law Assembly of the Russian Federation

Federations, 2016, N 1, st. 47).

4. The Bank of Russia requests from the [ [ organization]]'s [ [ organization]],

main counterparty, , and other physical

and legal and

clearing activity ( and

responsibilities of the Central counterparty), documents required for

issues in of Russia's

through mail, faxes, or delivery

destination or in the form of electronic documents, signed enhanced

qualified electronic in order, installed

Bank of of Russia. In the destination of in the form

queries

one of the day from to the day that they are sent to the destination

order, by the Bank of Russia, provided that the Bank of Russia

received receipt of the specified requirements and queries in

{ ed } { specified } The Federal Law of dated 13 July

2015 ( N 231-FZ-Assembly of Russian legislation,

2015, N 29, est. 4357).

4-1. The Bank of Russia has the right to assign

representatives in the Central counterpart.

Under implementation

delegate delegate of the Russian

right:

1) participate in without

Central Counterpart Management and Central

counterparty

Central Counterparty;

2obtain information and documents from the central counterparty

about the activity of the central counterparty.

(Part 4-1 is introduced by Federal Law of December 29, 2015). N

403-FZ-Russian legislation collection, 2016, N 1,

23)

4-2. Central Counterparty must represent

Russia

information and documents about Central Counterparty Activity and Not

prevent from the delegate's delegate

Russia. Order of the Central Counterparty

Information and documents to the authorized representative of the Bank of Russia

is set by the Bank of of the Russian Federation. Authorized Bank Representatives

Russian are for the Bank of Russia. Assignment Order

Russia's delegate

stopping their activity of is set by the Bank of Russia

(part 4-2 was introduced by the Federal Act of December 29, 2015). N

403-FZ-Russian legislation collection, 2016, N 1,

23).

5. Information that constitutes bank secrecy is presented in

The

bank of the Russian the written request. Form

The

specified query is defined by the Bank of Russia. This request can

be sent by the President of the Bank of Russia, by his or her deputy or

other authorized Chairman of the Bank of Russia (in Ed.

Federal Law July 2013 N 251-FZ -Assembly

Russian Federation Federation, 2013, N 30, st. 4084;

Federal Law 30 December 2015 N 427-FZ-Assembly

Russian legislation, 2016, N 1, article 47).

6. In the requirements

true Federal of the law, matches in with

regulatory acts of the Bank of Russia and rules of clearing, and for purposes

termination and prevention of such violations by the Bank of Russia

direct orders required for execution by persons

they are addressed, by mail, by fax or

by service on the recipient or in the form of electronic documents,

enhanced qualified

order, by the Bank of Russia. Rule must contain

requirement of the Bank of Russia, for questions, in

terms of reference, as well as an indication of how long to run it. In Direction

Requirements

Received d

{ \expo

} after one day of work

directions to contact in order, set by the Bank of Russia,

condition, that the Bank of Russia received acknowledgement of receipt of the mentioned

and

Federal Law of July 2015 N 231-FZ -Collection

Russian legislation, 2015, 4357).

7. In the case of a violation of the clearing organization,

person, of Central Counterparty Features, Requirements

true Federal law, rights, and legitimate interests

investors, or if committed by specified organizations

actions threaten the and legitimate investors

Bank of Russia has the right to suppress or restrict

hosting a clearing organization, by the person who performs the functions

Central counterparty, individual operations, related

clearing activity, by and

responsibilities of the central counterparty, for

six (in ) Federal Law of 23 July 2013 N

251-FZ-Legislative Assembly of the Russian Federation Federation, 2013,

30, article 4084).

8. or Restriction Requirement

operations

Commitments, to the call to

times for the clearing organization or central

counterparty Requirements of the Bank of Russia, including obligations,

included in the clearing pool Federal Act of 23 July

2013 N 251-FZ-Assembly of Russian legislation,

2013, N 30, st. 4084; Federal Act of December 29, 2015. N

403-FZ-Russian legislation collection, 2016, N 1,

23).

9. The Russian Bank's can be appealed in

arbitration tribunal. Submitting the declaration

specified invalid completely or partially

suspends this requirement (in . Federal

Law of 23 July 2013 N 251-FZ-Legislative Assembly

Russian Federation, 2013, N 30, est. 4084).

10. The Bank of Russia is required to ensure the confidentiality

and information in

true Federal Law, except in cases of disclosure or

providing information according to federal laws

other normative legal acts of the Russian Federation (ed.

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

Article 26. Licensing of Clearing Activities

1. License to conduct clearing activities (hereinafter referred to as)

license) is issued by the Bank of Russia without a limitation of its validity.

The specified license is issued to the person who intends to receive this

license (hereinafter-the license crawler), if licensed

and conditions, in with Part 2

true article Federal Law of 23 July 2013 N

251-FZ -Collection of Russian legislation, 2013, N

30, article 4084).

2. Licensed requirements and conditions for license

the requirements of this Federal law

compliance with other regulatory legal acts:

1) to organizational-legal form;

2) one or multiple

organizational units of for clearing

activity, in -how to combine specified activities with different

activities;

3) to your own tools;

4 to or or

(through

under their control) alone or with other persons,

related property trust contracts, and

(or) a simple partnership, and (or) instructions, and (or) joint-stock

agreement, , and (or) other convention of which

exercising rights, of shares of (shares) clearing

organization, control and more than votes

shares (shares), constituent

the license for the license applicant (licensee);

5) Single

executive body, members of the board (observatory

tip), members of executive board, manager

internal audit services, internal audit manager

(comptroller), master or other official

clearing organization,

accounting accounts, in case -clearing

activities with other activities

structural organizational unit for implementation

clearing activities. of the Federal Law from 29 June

2015 N 210-FZ-Assembly of Russian Legislation,

2015, N 27, art. 4001);

6to the rules for clearing;

7) Internal control organization

8) to a document, documents, defining rules for your organization

risk management system (in the form of a risk management system) Federal Act of 29 June

2015 N 210-FZ-Assembly of Russian Legislation,

2015, N 27, st. 4001).

3. To obtain a license the license crawler represents in

Bank of the Russian Federation: Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, art. 4084:

1 license on the license form

The Bank of Russia's normative acts (to the red of the Russian Federation). Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, art. 4084);

2) a questionnaire, filled out in the form, of the normative

Acts of the Bank of Russia. Federal Law of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, art. 4084);

3) Document, Actuation

license crawler in Single public legal registry

or his notarized copy of the;

4 certified copies of documents

license applicant with registered changes to them

5) a notarized copy of the document confirming

placing a license applicant in a tax authority;

6) copies of documents, confirmation of (destination)

:

(a) the of the sole executive

organ;

b) members of the board (supervisory board) and members

collegiating executive body (if created)

in) the head of internal control (controller);

g) of the chief accountant or other official to which

attributed accounting;

d of the organizational unit of the

implementing clearing activity in

clearing activities with other activities;

e) Internal Audit Manager ('e ' entered

Federal Law of June 2015 N 210-FZ -Collection

Laws of the Russian Federation, 2015, N 27, art. 4001);

7) A document containing information about the persons referred to in paragraph 6

real parts, copies of documents

requirements for

compliance with this Federal Law;

8) a document, that contains information about the person that has the right

or indirectly ( s

with others

trust Property, , and (or) of the simple

partnerships, and (or) assignments, and (or) stock agreement, and

(or) other convention whose object is implementation

rights, certified (shares) of the organization's clearing

order 5 and more percent

voting shares (shares), components of the authorized capital of clearing

organization, and also copies of documents and the statement of the specified persons

confirming requirements for for

persons under this Federal Law;

9 approved

clearance

document, defining organization and implementation

internal control, the document that defines the order of the organization and

internal audit implementation, and -defining

rules for organization of risk management system (in the red. Federal

Act of June 29, 2015 N 210-FZ - Legislation

Russian Federation, 2015, N 27, Art. 4001);

10) Document, containing calculation of the size of its own

crawler license, produced order, installed

The Bank of Russia's normative acts (to the red of the Russian Federation). Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, art. 4084);

11) A copy of the balance balance on the last reporting date.

The

}

license

;

12) document containing detailed information

Tools and accounts receivable at the last reporting date by

form, set by Bank of Russia regulations. Document Not

is represented by the credit (in

The Federal Act of 23 July 2013 N 251-FZ-Assembly

Russian legislation, 2013, N 30, art. 4084);

13) a copy of the profit and loss report for the last reporting

date. The document does not appear to be a credit-seeker

;

14) financial investment structure. Help

is represented by a credit license by the organization.

The date of the estimate of the property.

referenced help must be specified:

(a) the full name of the financial investment;

b) Issuer Name (for Securities)

in) Amount of Financial Attachment;

g) the book value and the market value of the financial investment;

15) copy of the audit certificate

(Accounting) for the last reporting year;

16) copies of documents, public

registering all releases of the company's and report

shares, in the case, if the license applicant is

joint-stock company;

17) document confirming payment of state fee for

granting a license;

18) Document, part of 9 of this

Federal law.

4. The license must be signed by the person

Single Organ, or

President of the applicant's body

licenses, confirming reliability

contained in the documents submitted for the license.

5. Documents and For Receipts

licenses, must match requirements

The Bank of Russia's normative acts (to the red of the Russian Federation). Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, st. 4084).

5-1. In if if is the document referenced in Part 3, paragraph 3

real s article, is not represented by an applicant, cross-sectoral

query of the Bank of the Russian executive

State registration of legal

physical entrepreneurs

peasant (farm) farms, provides information

Single public registry of legal entities (Part 5-1 entered

The Federal Act of 3 December 2011 N 383-FZ - To

Russian legislation, 2011, N 49, article 7061;

to the red. Federal Law of 23 July 2013 N 251-FZ-Assembly

Russian legislation, 2013, N 30, sect. 4084).

5-2. if if specified in Part 3, paragraph 5

true article, not represented by the applicant, by intersecs

query of the Bank of the Russian executive

control

taxes and collections provide information

tax authority (Part 5-2 introduced by Federal

December 2011 N 383-FZ-Legislative Assembly

Federation, 2011, N 49, st. 7061; red. Federal Act of 23

July 2013 N 251-FZ - Collection of the Law of the Russian

Federation, 2013, N 30, st. 4084).

5-3. In , if the document specified in Part 3, paragraph 11

true article, not represented by the applicant, by intersecs

query of the Bank of the Russian executive

implementing official statistical

information, provides the annual account balance of the applicant

licenses (contained in it) last

reporting date (Part 5-3 introduced by Federal Act of 3 December

2011 N 383-FZ-Assembly of Russian Legislation,

2011, N 49, st. 7061; red. Federal Act of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, article 4084).

6. of the Russian performs the compliance check

and and

license crawler, (in

The Federal Act of 23 July 2013 N 251-FZ-Assembly

Russian legislation, 2013, N 30, sect. 4084).

7. Documents, for for the license,

is accepted by the Bank of Russia if appropriate

decorating. of the incomplete document bundle

or documents, formatted in the wrong image of the Bank of Russia

returns license licenses in 10

working days since the receipt of the license request (in .

Federal Law July 2013 N 251-FZ -Assembly

Russian legislation, 2013, N 30, sect. 4084).

8. Russia's decision about to issue a license or a

refusing her extradition within two months of all

required documents, of to obtain a license (in

Federal Law of 23 July 2013 N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

9. In the license decision and in the document, confirmation

presence of license, including:

1) the name of the licensing authority;

2) full trade name of the licensee;

3) where the licensee is located;

4) taxpayer identification number-license;

5) licensed activity;

6) the license number of the license;

7) the date the license decision was issued;

8) information about the lifetime of the license.

10. The document, confirming the existence of the licence, shall be issued to

The

form of the Bank of of Russia according to its approved form. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, est. 4084).

11. Bank of Russia within five working days The

corresponding of the directs (hands out) a license applicant

notification of license or

extradition that contains the basis for such a failure. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, est. 4084).

12. Grounds for refusal of license are:

1) presence in documents, of the license finder

incomplete or false information

2) mismatched documents

licenses, requirements of this Federal Law and adopted

matches with it's of the Bank of the (in

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, art. 4084);

3) failure to provide information in with

Part

true article;

4) non-compliance with licensing requirements and conditions.

13. License has right of to challenge in order,

Russian Federation Law, Bank Failure

Russia in the issuance of a license or omission of the said body (to the red.

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

14. Document, License to be licensed, to

redecorating in if you change the brand name and (or)

places of the organization's clearing

clearing of the clause,

organizational-legal form again of the person's legal legal

complies with the requirements of this Federal Act.

15. Reorder document, confirmation

licenses, executed based on the licensee's statement or its

successor, in which specifies new information about the licensee

or successor and to

proof of incorporation into the Single State Register of Legal

faces of to change its brand name and/or place

resulting of the clearing organization and payment

government duties for redecorating

confirming for the license. In if documents

proof of incorporation into the Single State Register of Legal

faces to change the corporate name of a legal entity and

(or) its location or legal entity entry

in of the organization's clearing

represented by the Russian Central Bank's Interagency Request

federal executive authority

state registration of legal individuals

Quality of of individual entrepreneurs and Peasers

(farm) households, provides evidence of

making corresponding entries in the Unified Public Registry

legal faces. redecorating

supporting for the license, is the licensee in

Russian Bank Later <

corresponding changes unified registry

legal entities (ed. Federal Act of 3 December 2011 N

383-FZ -Collection of Russian legislation, 2011, N

49, article 7061; of the Federal Act of 23 July 2013. N 251-FZ

The legislation of the Russian Federation, 2013, N 30, st.

4084).

16. Realizing document, confirmation

licenses, implemented within 10 working days from receipt

The

Russian all the documents. Decoration

supporting license is not allowed in

missing bases covered by Part 14 of this Article, a

also when incomplete or inaccurate information is provided (in

The Federal Act of 23 July 2013 N 251-FZ-Assembly

Russian legislation, 2013, N 30, sect. 4084).

17. Russia's Bank within five working days from the date of adoption

corresponding directs (awarded) a licensee

legal created

clearing organization, notification of redecorating

confirming the existence of a license (to the red. Federal Act of 23

July 2013 N 251-FZ - The legislature

Federation, 2013, N 30, st. 4084).

18. Licensing Redischarge

document, confirming license availability, decorations and

documents for license and redecoration

document, of license availability

The Bank of Russia's normative acts (to the red of the Russian Federation). Federal Act of 23

July 2013 N 251-FZ - Collection of the Law of the Russian

Federation, 2013, N 30, st. 4084).

19. In the implementation of the license,

clearing activity (hereinafter-the license registry). Order of Maintenance

license registry, in reorder

include information, , and order to provide statements from

it is set by the Bank of Russia. Federal Act of

23 July 2013 N 251-FZ- Assembly of the Russian

Federation, 2013, N 30, st. 4084).

20. Information, Included in the registry of licenses, must be

The official website of the Bank of Russia on the Internet is posted on the official website of the Bank of Russia.

specified information, in particular, Federal

Law of 23 July 2013 N 251-FZ-Legislative Assembly

Russian Federation, 2013, N 30, art. 4084:

1) full and abbreviated names of the licensee;

2) license number;

3) the date the license decision was issued;

4) licensed activity;

5) where the licensee is located;

6) the taxpayer's identification number is a licensee.

21. The Bank of Russia provides extracts from the Register of Licenses in

statement by any interested person (under the name of the person concerned) Federal Law

dated July 23, 2013 N 251-FZ-Legislative Assembly of the Russian Federation

Federation, 2013, N 30, st. 4084).

22. The from the license registry is provided within 10

working days since

.

Article 27. Registering Clearing Organization Documents

and the Central Counterparty

(name in red. Federal Law of December 29, 2015.

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, Art. 23)

1. The clearing organization is required to register with the Bank

Russia the following documents and

Federal Law July 2013 N 251-FZ -Assembly

Russian legislation, 2013, N 30, art. 4084:

1) rules for clearing;

2) the document, that defines the order of organization and implementation

internal control;

2-1 a document, defining and

internal audit ( 2-1 ) Federal

Law of June 29, 2015 N 210-FZ-Legislative Assembly

Russian Federation, 2015, N 27, Art. 4001);

3 A document that defines of the system

risk management (in the environment) Federal Law of June 29, 2015. N

210-FZ -Russian Law Assembly, 2015,

27, Text 4001).

1-1. Central Counterparty is required to register with the Bank

Russia's following documents and changes:

1) rules for clearing;

2) rules for organizing central risk management

;

3 The focus of the capital base

;

4) stress testing stress

;

5) The methodology for estimating the accuracy of the central counterparty model.

(Part 1-1 of the Federal Act of December 29, 2015). N

403-FZ-Russian legislation collection, 2016, N 1,

23)

2. The Bank of Russia accepts the

covered by this article, and changes made to them, or

not later than 30 days from

refusing to register them

relevant documents, if is not

The

provided by the Bank of the Russian Federation . Registration

Clearing and of the Central Counterparty and

changes are made by the Bank of Russia in order,

The Bank of Russia's legal acts are set by the Bank of Russia. Federal

Act of 23 July 2013 N 251-FZ - The Law Collection

Russian Federation, 2013, N 30, st. 4084; Federal Act of

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, st. 23).

3. of the Clirating

document activity specified in Part 1 of this

article, is implemented with appropriate

licenses.

3-1. Counterparty Assignment

registering documents given parts 1 to 1 of this article

Central

counterparty (part 3-1 introduced by the Federal Act of December 29

2015 N 403-FZ-Assembly of Russian legislation,

2016, N 1, st. 23).

4. to deny registration of documents and contributed

changes are:

1) non-conformation of documents submitted to

Federal

matches with Bank of the (in

Federal Law July 2013 N 251-FZ -Assembly

Russian legislation, 2013, N 30, art. 4084);

2) presence in documents registration

incomplete or false information.

Article 27-1. Assign Central Counterparty Status

The central of the contracting can be

legal

Federal Law, Other Federal

compliance with legal acts (art. 27-1 introduced

Federal Act of 29 December 2015 N 403-FZ -

Meeting

Russian legislation, 2016, N 1, article 23).

Article 27-2. { \cs6\f1\cf6\lang1024

}

CentralAssignment Order

counterparty

1. Assigning a Central Counterparty to

Russia in order, Federal

Law and regulatory acts of the Bank of Russia, simultaneously with

implementation of clearing activities.

2. For the acquisition of Counterparty

applicant submits a corresponding statement to the Bank of Russia

Central Counterparty

State Registration and License Issue

in Operations, Licenses

clearing activity, documents,

1-1 Federal

law, other documents provided by the normative Bank acts

Russia.

3. When Assignment of the Central

counterparty Bank performs compliance check

crawler requirements of the Federal of the law, other

federal laws passed by with

legal acts, number

contained in the submitted documents.

4. The decision to assign or in in assignment

Central counterparty is accepted by the Russian time,

greater than six months from the date of submission of the relevant documents,

covered by Part 2 of this article.

5. The Assignment Assignment

counterparty if:

1 of the applicant's requirement

Federal Law, Other Federal

compliance with regulatory legal acts;

2 untrusted information

documents submitted by the applicant.

6. The legal

central counterparty, and official of the central

counterparty is placed in Russia's

information and telecom networks ( in networks

Internet).

(Article 27-1 was introduced by Federal Law of December 29, 2015).

N 403-FZ-Russian Federation Law Assembly, 2016, N

1, Art. 23)

Article 28. Revoking License

1. The license can be revoked by the Bank of the Russian Federation (in .

Federal Law July 2013 N 251-FZ -Assembly

Russian legislation, 2013, N 30, art. 4084:

1) based on the organization's written statement

to revoke the license;

2) if the Bank of Russia's order for a ban on theis not met

to conduct all or parts of operations (ed.) Federal Law

23 July 2013 N 251-FZ-Legislative Assembly of the Russian Federation

Federation, 2013, N 30, art. 4084);

3) in repeatedly in one year of default

in the clearing organization of the bank's requirement

Russia, with the exception of the requirement specified in paragraph 2 of this

parts (reed) Federal Law of 23 July 2013 N 251-FZ

The legislation of the Russian Federation, 2013, N 30, st.

4084);

4) in the case of repeated one of the

violation

more 15 report reports

provided by federal laws and adopted according to

normative legal acts by the Russian Federation in

clearing activity;

5) repeated in for one year of violation

requirements for disclosures Federal

Laws and regulatory legal acts of the Russian Federation,

clearing activity;

6) repeated in for one year of the violation

clearing of requirements, of the requirements

Federal Law and matches it

regulatory legal acts;

7) If the clearing activity was not performed during

1.5 years in a row;

8) if the clearing organization is declared bankrupt.

2. The decision to revoke the license is taken by the Bank of Russia

in order and time, set by by the [ [ Bank of the Bank]]

Russia. In , the license revocation order is based on

to invalidate it. Federal Act of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, article 4084).

3. The Statement of Claim

clearing can can

accepted only Clearing organization

attendees, intent to cancel

license and about to fulfill all obligations in relation to

faces (in the red. Federal Law of December 29, 2015. N 403-FZ

Russian Federation Law Assembly, 2016, N1, Art. 23).

4. license invalidation is discontinued

right Bank Russia invalidate the license

other

The

envisaged by this Federal Law (under the law). Federal

Law of 23 July 2013 N 251-FZ-Legislative Assembly

Russian Federation, 2013, N 30, est. 4084).

5. revoke licenses must be attached

documents, conditions,

part 3 of this article. Exhaustive list

documents is set by the normative by the Bank of the Russian Federation.

of the license signed the person

Single Organ

a licensee that supports for the information

containing in documents for invalidation

licenses (to the red. Federal Law of 23 July 2013 N 251-FZ-

Russian legislation collection, 2013, N 30, st.

4084).

6. Documents, submitted by clearing for

cancellations licenses taken by the Bank of Russia for review

of all images

documents. In the case of the incomplete bundle is appropriate

documented Bank returns

documents of clearing organization within 10 working days since

to receive a license revocation statement (in the red. Federal

Law of 23 July 2013 N 251-FZ-Legislative Assembly

Russian Federation, 2013, N 30, est. 4084).

7. The annulment of the license based on a declaration

clearing organization may not

accepted in Russia Checking time

which is not completed (in Federal Act of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, article 4084).

8. The Statement of Claim

clearing organization about revoke a license or solution

is accepted for 30 working days with

The

day of receipt of the documents received to revoke the license.

9. The Bank of Russia is required to notify the licensee of the cancellation

licenses no later than the working of the day, for commit

corresponding decision, by the link

(custom postage with about

fax (e-mail). Commit Information

license revocation solutions open on an official site

The Bank of Russia on the Internet no later than the working day, of the following

is the day of its adoption. Federal Act of 23 July 2013

N 251-FZ-Legislative Assembly of the Russian Federation, 2013, N

30, article 4084).

10. The clearing organization is obligated to stop implementation

clearing activity later

receipt of a license cancellation notice, no later than 15

working days from the day of the appropriate decision.

11. The clearing organization, for which the license has been revoked

on implementation of clearing activity, is required to exclude from

brand name word "clearing" derived from it

words and combinations with it for three days

Russia's license revocation (in Ed.

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

12. The [ [ clearing]] organization has

arbitration license revocation

cancellation of the clearing license

organization, as well as avoidance of cancellations

the license to the application of the clearing organization.

13. The license action is discontinued from the decision day about

the license revocation, from the bottom of the Single state

registry of legal entities of the clearing organization liquidation

or Termination in of the reorg

exception to reorg in the form of conversion).

Article 29. Temporary Administration Assignment

1. the license revocation

exceptions, provided by paragraphs 1, 7, and 8 of Part 1

Article 28 of the Federal of the Law,

reasons, 1 1 Federal

laws of 26 October 2002 N 127-FZ " About insolvency

(bankruptcy) ", Bank of Russia appoints to clearing organization, not

credit by organization, temporary

case, if the organization has been revoked from

executes

clearance, in

individual clearing and contribution

to the Guarantee Fund (to the red. Federal Act of 23 July 2013 N

251-FZ -Collection of Russian legislation, 2013, N

30, article 4084).

2. By the decision of on the appointment of the provisional administration of the Bank of Russia

approves the composition of the interim administration. In activity period

interim administration of executive

clearing organization may be restricted or Paused

The Bank of Russia

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

3. The administration

is the head

temporal administration, (if necessary) and

members of the administration's interim . Manager (Alternate

manager) Administration of the administration is assigned to the Bank employee

Russia. Order of Target Administration and Rules

activity is determined by Bank of Russia regulations.

Federal Law of 23 July d N 251-FZ - Collection

Russian legislation, 2013, N 30, sect. 4084).

4. The interim administration cannot be appointed:

1) The person who performs the single function

organ, (alternates), persons, to the board

directors (supervisory board) and executive

organ, master accountant (accountant), head of auditing

commission and members of an audit commission (auditors),

internal audit s

internal control for the organization, and

specified officials of its principal or subsidiary societies (under

Federal Law of June 2015 N 210-FZ - Collection

Laws of the Russian Federation, 2015, N 27, art. 4001);

2) creditors and (or) debtors of the clearing

organization, in includes the participants in the clearing, and the

persons and employees of specified creditors and (or) debtors;

3) participants in the clearing organization, and their

faces and labor;

4) Spouses top

lines, sisters, brothers and relatives of descending

parents, children, sisters and brothers of the spouse referred to in paragraph 3

The

real part.

5. The Administration of is acting on behalf

clearing organization without trust for any

legal and actual actions.

6. The temporary administration receives from employees clearing

organization and others the information needed and in

Properties for Clearing Organization and Property

clearing, of the clearing organization, takes action on

{ \cs6\f1\cf6\lang1024}{ \cs6\f1\cf6\lang1024

}{ \cs6\f1\cf6\lang1024

}

goals of the clearing. Temporary

administration access to Software-Hardware

fixing, handling and storage in

relationship to this property, , and access to

specified information.

7. If the interim administration is exercising its functions,

Federal

signs of insolvency (bankruptcy) of the organization,

head of interim administration appeals to arbitration with

A statement that the specified organization is declared bankrupt.

8.

The

of the organization's clearing . Representatives of the Bank of Russia

included in Administration's

rewards from the clearing organization (in Ed. Federal

Law of 23 July 2013 N 251-FZ-Legislative Assembly

Russian Federation, 2013, N 30, est. 4084).

Chapter 6: Final provisions

Article 30. Final provisions

1. Post-accession clearing activities

only

The

reason for the license provided by this Federal Law.

2. Part 1 of this article does not apply to

organizations, implementing provided by this Federal

law

Federal of the law. These organizations must get

ByFederal

hosting or stopping

such activity before January 1, 2013.

3. Implementing Activity and Other

of the person

Federal activity

true Federal Law, persist until 1 January2013

years or before the date of the entry into force of the clearing rules

true Federal The Bank of Russia has the right to extend

specified before January 1, 2014 (red) Federal Act of the Russian Federation

23 July 2013 N 251-FZ-Legislative Assembly of the Russian Federation

Federation, 2013, N 30, st. 4084).

4. (Part 4 is no more effective under the Federal Law

December 29, 2015 N 403-FZ-Legislative Assembly of Russian

Federations, 2016, N 1, art. 23)

Article 31. Entry into force of this Federal Law

This Federal law comes into effect from January 1, 2012

years.

Dmitry Medvedev

Moscow, Kremlin

7 February 2011

N 7-FZ