Federal Law 156 FZ Investment Funds. Federal Law on Investment Funds
At the legislative level, the activity of collective investments and its organization are regulated by the Federal Law on Investment Funds, which contains 14 chapters and 64 articles. Dated on November 29, 2001, the law has undergone multiple changes, the most recent of which were those introduced on January 1, 2017. Let's take a look at what this law is and how it regulates collective investment relations.
Any collective investment is a certain business scheme in which a small investor, who is ready to allocate his capital for the production of a certain fund, receives a capital increase in the future from interaction with such a society. Collective investment meets several postulates:
- the property is formed by the circulation of equity securities or by concluding a deal with the chief manager of the fund;
- the fund's activities are based on the investment of the attracted money in securities or other property;
- the main income of collective investments comes from the profitability of the organization, which grows from the interest on the sale and the conclusion of transactions in relation to property.
General concept of forms of investment funds
Federal Law No. 156-FZ contains the concept and purpose of investment funds. Among them, the AMF (Joint Stock Investment Fund) stands out, to which Chapter II is devoted. The activity of a mutual investment fund (mutual investment fund) as the second form of public investment is regulated by Chapter III. The law applies only to investment funds, which in the economic sense are defined as a mechanism for the interaction of individuals with professional managers. For private investors, this has its own priorities:
- Professional regulation of funds leads to the release of their time and simplification of knowledge in the field of the stock market;
- Costs are significantly reduced, since with large-scale management of small investments as a whole, it is possible to achieve a larger result;
- The Russian Federation regulates the activities of investment funds at the legislative level, and this may mean that each investor leaves his savings in the reliable hands of professionals.
So, the fund for attracting investments is the total capital located in the organization at the expense of the shared ownership of those who are ready to become a shareholder of the company, to give their funds to obtain financial benefits. IF can be represented as an object of law, that is, it has the property of alienation and transfer to another manager, therefore it includes a complex of property rights.
Since Law No. 156 regulates only the sphere of activity of two forms of public investment, other types of funds are derived from legal relations: investment banking organizations, lending unions, non-budgetary FIUs, OFBU and other funds.
Joint-stock investment fund
According to Art. 2 of this Federal Law, AMF is defined as a corporate investment company, formed on the basis of the activities of OJSC. This type of collective investment support is most common in the practice of the world economy. The shareholders of this community conduct an investor policy, being the managers of the organization, and the organization's income consists of dividends received from the sale of documents and property.
AOOT's cash capital is constantly growing as shares are issued and sold to new customers. If a corporate IF operates privately, the purchaser of shares will be forced to acquire shares in the organization from the previous owners.
As indicated by 156 of the Federal Law on investment funds, an IF of a joint-stock type can be created in an open form by a joint-stock company. A joint-stock company in the form of an investment community should not carry out other activities related to the receipt of income, except for the implementation of investments through property. It turns out that the lease, for example, of office space in the AMF building, as well as cases of distribution of specialized literature will be considered a violation of activities.
The focus of a joint-stock company for collective investment can be carried out only on the basis of a license agreement, which has no validity period. In order for a new AMF to be licensed, it needs to comply with the requirements of Federal Law No. 156 in terms of:
- organizational form of activity;
- the value of the funds being sold;
- availability of a charter;
- signing declarations;
- compliance with the conditions for obtaining the position of manager.
Conditions for the formation of a joint-stock IF
Based on Art. 3 of the Federal Law on IFs, it is possible to analyze the conditions related to the formation of AMFs, which must be strictly observed. So, a legal entity in the form of OJSC, first of all, is obliged to have an authorized capital. It determines the minimum property that will reliably protect the interests of creditors. The formation of the authorized capital is based on the investment accounts of shareholders who are ready to exchange them for shares. As regulated by the legislation on joint stock companies, its statutory minimum unit is 100,000 rubles. At the same time, for an OJSC as a public organization, the capital value indicator is very important, as this indicates the ability to attract an unlimited circle of investors.
Anyone who was able to acquire a share can become a shareholder in a public community. The only obstacle to joining the ranks of equity holders may be the limitation of the total number of shares owned by one person.
The property of an open-type investment attraction company is divided into two categories:
- values that are transferred to the trust management of the company are called investment reserves;
- values that make it possible to provide leadership to the governed and other bodies of society.
Shares are a registered document that OJSC can place by public subscription among an unlimited number of depositors. An exception may be qualified investors who are not entitled to acquire a share in the authorized capital in this way. The list of such persons is open, it can be supplemented on the basis of the Federal Law on the Securities Market. A member of the society, purchasing the documents of this IF, is obliged to pay their cost in full, otherwise is not allowed.
Termination of AMF activity
There are two ways to terminate an open-ended investment fund: reorganization and liquidation. If the AMF is reorganized, it is necessary to inform the regulatory authorities about this within 5 working days and submit the necessary documents. In the future, the fund will need to resolve the issue of issuing shares in the reorganized company. The decision to liquidate the AMF is made by voting by shareholders on a voluntary basis. In case of a positive decision, a liquidation commission is assembled, which is of public interest.
Unit investment fund
A mutual fund is an organizational form of investment in which investors transfer their property to the management of professionals, then receive an increase in profit for further investment. What is the difference between a mutual fund and an AMF?
The management company is engaged in the formation of the unit investment company. The founders, joining the ranks of the mutual fund, must accept all the conditions and join the investment company by exchanging capital for shares. The property of a mutual fund can consist of both securities or money, as well as real estate, assets and other significant property.
Any owner of investment shares owns the property of the company in an equal part and disposes of it on the basis of shares, but at the same time division of property or its partial realization in kind is impossible. It can be considered that the mutual fund is a closed company, since there is a prohibition provided for by Federal Law No. 156, which restricts the transfer of funds or other property to other persons.
The fund is not considered a legal entity and allows founders to avoid double taxation, unlike shareholders who are forced to spend. For the same reason, a unit investment fund cannot be considered an organization in the legal sense, and shares should be purchased only from investment funds.
Property owned by mutual funds
The list of the proposed property directly depends on the type of IF. It happens:
- closed;
- open;
- interval.
In accordance with Article 13 of the Federal Law of November 29, 2001 on investment funds, interval or open IFs have the right to keep only money in their property. A closed fund has the ability to contain other property, for example, securities, shares in the authorized capital of an LLC, real estate.
Completion of the activity of mutual funds
A mutual investment fund can stop its activities to attract collective investments by:
- realization of all the values of the fund;
- satisfaction of creditors' claims;
- redistribution of all types of property between unit holders.
With a positive decision on the end of the fund's activities, the property can be disposed of only if it is sold or distributed among the founders. The law prohibits the use of other methods of disposal. If it is necessary to satisfy the claims of creditors, the property must be transferred within 2 months from the moment everyone became aware of the termination of the investment of the mutual fund.
A management company or a specialized depository is responsible for the termination of the fund's activities. In some cases, the termination of the PAF can be carried out by a temporary administration, which acts in the event of the cancellation of the license of the previous authorized participants. The creation of a temporary administration is governed by Art. 61.4 ФЗ № 156-ФЗ, which indicates its powers.
In order to terminate the operation of a unit-type investment fund, the appointed person must inform the supervisory authority of the decision agreed with all founders within five working days. Further, a notice of the termination of the mutual fund is disclosed, which contains additional information on the procedure for filing claims of creditors, on the reasons for the termination and the time of the decision, as well as on the price of shares and the value of the share. Participants engaged in the termination of the operation of a mutual fund must draw up a balance of the existing property and send the data to the supervisory authority.
It is important to note that the implementation of activities by an authorized person is carried out for a fee. The remuneration is determined by Art. 31 ФЗ №156, and its size - by the rules of the mutual fund.
The law, regulating the provisions on AMF and UIF, notes certain requirements for participants in public investment funds, and also regulates the process of creating and terminating the activities of funds. Information about the direction and functioning of AMF and UIF is kept open and meets the will of the legislator, expressed in the law.
Before being responsible for the activities of the management company, it is necessary to know the compound and structural conditions of the assets, as well as the requirements for those who apply for the place of the manager.
Federal Law No. 156 regulates the legal basis for attracting funds or property - investments. These can be obtained through the placement of shares or by concluding trust agreements.
In this case, an investment fund means a property complex that is owned by a joint stock company or jointly owned by individuals and legal entities. The use of this complex should be aimed solely at meeting the interests of shareholders.
The Federal Law "On Investment Funds" was adopted on October 11, 2001 and officially published on November 29 of the same year. Since its entry into force, a number of amendments have been introduced into it, aimed at updating the provisions and bringing their state into interaction with other legislative acts, both introduced and edited.
Structurally, the document consists of the following chapters:
- general provisions of the law;
- the concept of a joint stock investment fund;
- mutual investment fund;
- the procedure for issuing, redeeming and exchanging units;
- termination of activities;
- requirements for the composition and structure of assets of investment and mutual funds;
- determination of the value of net assets;
- the activities of the management company;
- ensuring control over property;
- the procedure for maintaining the register of owners of investment shares;
- audit procedure and disclosure of information on activities;
- powers of the Bank of Russia and self-regulation of organizations in the financial sector.
General Provisions are regulated by only one article on the relations regulated by this law. Chapter about joint stock investment fund includes the following provisions:
- the concept of such;
- organization requirements;
- the procedure for the placement of shares and their redemption;
- charter and declaration;
- holding a general meeting of shareholders;
- Board of Directors;
- reorganization and liquidation procedure.
Mutual investment fund in addition to the defining concept is determined by the following legal issues:
- preliminary management agreement and its validity period;
- transferred property and the procedure for its inclusion in the property complex;
- fund formation and investments;
- the responsibility of the management company;
- trust management rules and their registration by the Bank of Russia;
- general meeting of shareholders;
- the procedure for the entry into force of additions and changes to the rules of trust management.
Separately, the law determines issue, exchange and repayment of investments, and termination of a mutual fund. Requirements for the composition and structure of assets, and determining their value It is governed by narrowly focused provisions of the document, which determine the main aspects of these issues.
Management company activities governed by the following provisions:
- requirements for it, as well as for its founders and participants;
- responsibilities of the management company;
- restriction of its activities;
- regulation of fees and expenses related to the management of the property complex.
Control over the disposal of investment property is governed by the provisions on its accounting and storage. Requirements and obligations for a specialized depository are prescribed, as well as the termination of an agreement concluded with it.
Reporting in accordance with Federal Law 156 is determined by the chapters on keeping the register by the share holders, and audit and the procedure for providing information... Accounts of officials, annual audits and requirements for the information provided are taken into account.
Chapter 13 regulates issues related to the powers of the Bank of Russia in the field of investments as well as the role of self-regulatory organizations. The following aspects are taken into account:
- powers and responsibility of the Bank of Russia;
- definition of a self-regulatory organization in the field of the financial market, its rights;
- the procedure for licensing the activities of investment funds and specialized depositories;
- measures that may be taken by the Bank of Russia;
- full or partial ban on transactions;
- procedure for revoking a license and liquidating a joint stock investment fund;
- the procedure for appointing a temporary administration.
V final clauses the document specifies the procedure for its entry into force on the day of its official publication on November 29, 2001. The protection of the interests of shareholders and the procedure for appealing against decisions of the Bank of Russia are also taken into account.
Changes to Federal Law 156
The latest amendments to Federal Law 156 have been made May 1, 2017... Amendments were introduced into a number of documents with the aim of bringing them into a single interaction. One of the legal acts was the Law “On Investment Funds”.
Changes made to Federal Law 156 affected first article... Was introduced part 5 on the peculiarities of the legal status of LLC “Management Company of the Banking Sector Consolidation Fund”. Those, according to the new edition, are determined by Federal laws. The amendments entered into force on June 16, 2017. No other changes were made to this document in 2017.
The Law "On Investment Funds" in the latest edition
Download Federal Law "On Investment Funds" can . The document is presented in the latest edition with the latest changes. Its edition will be equally useful for financial market participants - individuals and legal entities, as well as for lawyers studying legislation in the field of finance.
Chapter I. General Provisions
Article 1. Relations governed by this Federal Law
This Federal Law regulates relations associated with raising funds and other property by placing shares or concluding trust management agreements in order to combine them and then invest in objects determined in accordance with this Federal Law, as well as with the management (trust management) of investment property. funds, accounting, storage of property of investment funds and control over the disposal of said property.
An investment fund is a property complex owned by a joint-stock company or in the common share ownership of individuals and legal entities, the use and disposal of which are carried out by the management company exclusively in the interests of the shareholders of this joint-stock company or the founders of trust management.
This Federal Law does not apply to relations related to the creation of other funds for the purpose of investment activity, if they do not meet the characteristics of joint-stock investment funds (Article 2 of this Federal Law) and (or) the characteristics of mutual investment funds (Article 10 of this Federal Law).
Chapter II. Joint Stock Investment Fund
Article 2. The concept of a joint stock investment fund
1. Joint-stock investment fund - an open joint-stock company, the exclusive subject of activity of which is the investment of property in securities and other objects provided for by this Federal Law, and the corporate name of which contains the words "joint-stock investment fund" or "investment fund".
Other legal entities are not entitled to use in their names the words "joint stock investment fund" or "investment fund" in any combination, except for the cases provided for by this Federal Law.
A joint stock investment fund is not entitled to carry out other types of entrepreneurial activity.
2. A joint stock investment fund is entitled to carry out its activities only on the basis of a special permit (license).
3. The provisions of the Federal Law "On Joint Stock Companies" apply to joint stock investment funds, taking into account the specifics established by this Federal Law.
Article 3. Requirements for joint stock investment funds
1. The amount of equity capital of a joint-stock investment fund as of the date of submission of documents for obtaining a license must comply with the requirements established by the federal executive body for the securities market.
2. Shareholders of a joint-stock investment fund cannot be a specialized depository, registrar, appraiser and auditor who have entered into appropriate agreements with this joint-stock investment fund.
3. The property of a joint-stock investment fund is subdivided into property intended for investment (investment reserves) and property intended to support the activities of its management bodies and other bodies of the joint-stock investment fund, in the ratio determined by the charter of the joint-stock investment fund.
The investment reserves of a joint-stock investment fund (hereinafter referred to as the assets of a joint-stock investment fund) must be transferred to the trust management of a management company that meets the requirements of this Federal Law.
In the event that an agreement is concluded with a management company that meets the requirements of this Federal Law on transferring to it the powers of the sole executive body of a joint-stock investment fund, the management company acquires the rights and obligations to manage the assets of the joint-stock investment fund on the basis of the said agreement.
Article 4. Placement of shares of joint-stock investment funds
1. A joint stock investment fund is not entitled to place other securities, except for ordinary registered shares.
A joint stock investment fund is not entitled to place shares by private subscription.
An open joint stock company, the firm name of which contains the words "joint stock investment fund" or "investment fund" that does not have a license, is not entitled to place additional shares and other equity securities.
2. Shares of a joint-stock investment fund can only be paid for in cash or property provided for by its investment declaration.
Incomplete payment for shares during their placement is not allowed.
Article 5. Repurchase of shares by a joint stock investment fund
Shareholders of a joint-stock investment fund have the right to demand the redemption of their shares in cases stipulated by the Federal Law "On Joint-Stock Companies", as well as in the event of a decision by the general meeting of shareholders of a joint-stock investment fund to amend the investment declaration, if they voted against the adoption of the relevant decision or did not participate in a vote on this matter. If by the charter of a joint-stock investment fund approval of the investment declaration (amendments and additions to it) is attributed to the competence of the board of directors (supervisory board), the shareholder has the right to submit a demand for the redemption of shares within 45 days from the date of adoption by the board of directors (supervisory board) of the corresponding solutions.
Redemption of shares from shareholders of a joint-stock investment fund is carried out in the manner prescribed by the Federal Law "On Joint-Stock Companies".
Article 6. Articles of Association and Investment Declaration of a Joint Stock Investment Fund
The charter of a joint-stock investment fund, in addition to the provisions stipulated by the Federal Law "On Joint-Stock Companies", must contain a provision stating that the exclusive subject of the activity of this joint-stock investment fund is investment in property determined in accordance with this Federal Law and specified in its investment declaration ...
An investment declaration, amendments or additions to it are approved by the general meeting of shareholders of a joint-stock investment fund, if its approval is not referred by its charter to the competence of the board of directors (supervisory board) of this fund. The investment declaration, as well as all changes or additions to it, shall be submitted to the federal executive body for the securities market within 10 days from the date of approval.
If the charter of a joint-stock investment fund assigns approval of the investment declaration (amendments and additions to it) to the competence of the board of directors (supervisory board) of a joint-stock investment fund, the text of the investment declaration, taking into account the amendments and additions made to it, is brought to the notice of the shareholders of this joint-stock investment fund within 10 days from the date of approval by the board of directors (supervisory board) of the relevant changes and additions in the manner prescribed for the notification of the general meeting of shareholders.
Article 7. Conducting a general meeting of shareholders of a joint-stock investment fund
1. The general meeting of shareholders of a joint-stock investment fund shall be held in accordance with the Federal Law "On Joint-Stock Companies", taking into account the specifics established by this article.
2. The decision of the general meeting of shareholders of a joint-stock investment fund may be made by absentee voting on any issues related to the competence of the general meeting of shareholders of a joint-stock investment fund.
3. A written notice of convening a general meeting of shareholders of a joint-stock investment fund shall be sent to a specialized depository, appraiser and auditor in the manner, form and timeframe provided for by the Federal Law "On Joint-Stock Companies" and the charter of a joint-stock investment fund to notify shareholders of the joint-stock investment fund.
4. A repeated general meeting of shareholders of a joint-stock investment fund, held instead of the one that was not held due to lack of a quorum, with the exception of the general meeting of shareholders, the agenda of which included issues on the reorganization and liquidation of the joint-stock investment fund, on the appointment of a liquidation commission, on amendments or additions to the charter of a joint-stock investment fund in terms of the investment declaration, is competent regardless of the number of shareholders who took part in it.
A repeated general meeting of shareholders of a joint-stock investment fund with more than 10 thousand shareholders, convened instead of the failed one due to lack of a quorum, when making decisions on any issues related to the competence of the general meeting of shareholders of a joint-stock investment fund, is competent regardless of the number of shareholders who took part in it ...
Article 8. Board of directors (supervisory board) and executive bodies of a joint-stock investment fund
1. The following persons cannot perform the functions of the sole executive body of a joint-stock investment fund and be a member of the board of directors (supervisory board) and collegial executive body of a joint-stock investment fund:
employees of a specialized depository, registrar, appraiser and auditor, as well as persons engaged by these organizations to perform work under civil law contracts;
affiliates of a specialized depository, registrar, appraiser and auditor;
persons who performed the functions of the sole executive body of a management company, a specialized depository, a professional participant in the securities market, a credit institution, an insurance organization, a non-state pension fund or were members of a collegial executive body of a management company, a specialized depository, a joint-stock investment fund, a professional participant in the securities market securities, a credit institution, an insurance organization, a non-state pension fund at the time of cancellation of licenses from these organizations to carry out the relevant types of activities for violation of licensing requirements, if less than three years have passed since such cancellation;
Affiliated persons of the management company, as well as employees of the management company or its affiliates, including persons engaged by them to perform work under civil law contracts, cannot be more than one fourth of the number of members of the board of directors (supervisory board) or the collegial executive body of a joint-stock company, respectively. investment fund.
2. The exclusive competence of the board of directors (supervisory board) of a joint stock investment fund, along with resolving issues stipulated by the Federal Law "On Joint Stock Companies", includes making decisions on the conclusion and termination of relevant agreements with a management company, a specialized depository, registrar, appraiser and auditor.
Article 9. Notice of Liquidation of Joint Stock Investment Fund
A joint-stock investment fund, within three days from the date of the decision on its liquidation, and in the event of the liquidation of a joint-stock investment fund by a court decision, within three days from the date of entry into force of the court decision, sends a corresponding notification to the federal executive body for the securities market. an indication of the reasons for such a decision.
Chapter III. Mutual investment fund
Article 10. Concept of a mutual investment fund
1. Mutual investment fund - a separate property complex consisting of property transferred to the trust management of the management company by the founder (founders) of trust management with the condition of combining this property with the property of other founders of trust management, and from the property received in the process of such management, a share in ownership of which is certified by a security issued by the management company.
A mutual investment fund is not a legal entity.
2. A mutual investment fund must have a name (individual designation) that identifies it in relation to other mutual investment funds.
No person, with the exception of the management company of a mutual investment fund, has the right to raise funds and other property using the words "mutual investment fund" in any combination.
Article 11. Contract for trust management of a mutual investment fund
1. The terms of the agreement on trust management of a mutual investment fund (hereinafter referred to as the rules for trust management of a mutual investment fund) are determined by the management company in standard forms and can be accepted by the founder of trust management only by joining the agreement as a whole.
Joining a mutual investment fund trust management agreement is carried out by purchasing investment shares of a mutual investment fund (hereinafter referred to as an investment share) issued by a management company that carries out trust management of this mutual investment fund.
2. The founder of the trust management transfers the property of the management company for inclusion in the unit investment fund with the condition of combining this property with the property of other founders of the trust management.
The property constituting a mutual investment fund is the common property of the holders of investment shares and belongs to them on the basis of common share ownership. The division of property constituting a mutual investment fund and the separation of a share from it in kind are not allowed.
By joining the trust management agreement of a mutual investment fund, an individual or legal entity thereby refuses to exercise the preemptive right to acquire a share in the ownership of the property that constitutes the mutual investment fund. In this case, the corresponding right is terminated.
The owners of investment units bear the risk of losses associated with changes in the market value of the property that constitutes the mutual investment fund.
3. The management company carries out trust management of the mutual investment fund by performing any legal and actual actions in relation to its constituent property, and also exercises all the rights certified by the securities constituting the mutual investment fund, including the right to vote on voting securities.
The management company has the right to bring claims and act as a defendant in claims in court in connection with the implementation of activities for the trust management of a mutual investment fund.
4. The management company enters into transactions with the property constituting the mutual investment fund on its own behalf, while indicating that it acts as a trustee. This condition is considered to be met if, when performing actions that do not require written execution, the other party is informed of their commission by the trustee in this capacity, and in written documents after the name of the trustee, the note "D.U." and the name of the mutual investment fund is indicated.
In the absence of an indication that the management company acts as a trustee, it is obliged to third parties personally and is liable to them only with the property belonging to it.
5. The management company, if it is provided for by the rules of trust management of the mutual investment fund, has the right, in the manner prescribed by the regulatory legal acts of the federal executive body for the securities market, to transfer its rights and obligations under the trust management agreement of the mutual investment fund to another management company.
6. In addition to the essential conditions of the agreement on trust management of a mutual investment fund provided for by the Civil Code of the Russian Federation and this Federal Law, the rules for trust management of a mutual investment fund must contain one of the following conditions:
the owner of investment units has the right on any business day to demand from the management company the redemption of all investment units belonging to him and thereby terminate the trust management agreement of the mutual investment fund between him and the management company or the redemption of a part of the investment units belonging to him;
the owner of investment units has the right, within the period established by the rules of trust management of a mutual investment fund, to demand from the management company the redemption of all investment units belonging to him and thereby terminate the agreement on trust management of the unit investment fund between him and the management company or the redemption of a part of the investment units belonging to him ;
the owner of investment shares does not have the right to demand that the management company terminate the trust management agreement of the unit investment fund before its expiration, otherwise than in the cases provided for by this Federal Law.
For the purposes of this Federal Law, mutual investment funds, the trust management rules of which provide for one of the conditions specified in this clause, are called, respectively, open-end mutual investment funds, interval mutual investment funds and closed-end mutual investment funds.
Article 12. Duration of the contract of trust management of a mutual investment fund
The term of the agreement for the trust management of a mutual investment fund specified in the rules for the trust management of a mutual investment fund shall not exceed 15 years.
The term of the agreement for the trust management of the interval mutual investment fund expires at the end of the last maturity of the investment shares before the expiration of the term of the specified agreement provided for by the rules of trust management of the interval mutual investment fund.
The term of the agreement for the trust management of a closed-end mutual investment fund, specified in the rules for the trust management of this fund, cannot be less than one year from the beginning of the formation period of this mutual investment fund.
If this is provided for by the rules of trust management of open and interval mutual investment funds, the validity period of the respective trust management agreement shall be deemed extended for the same period, unless the holders of investment units have demanded the redemption of all investment units belonging to them.
Article 13. Property transferred to mutual investment funds
Founders of trust management can transfer only monetary funds to trust management of open and interval mutual investment funds.
The founders of the trust management may transfer funds to the trust management of a closed-end mutual investment fund, as well as, if this is provided for by the rules of trust management of this mutual investment fund, other property provided for by the investment declaration.
Transfer of pledged property by the founders of trust management to trust management of a mutual investment fund is not allowed.
Article 14. Investment units
1. An investment share is a registered security certifying the share of its owner in the ownership of the property constituting a mutual investment fund, the right to demand from the management company proper trust management of the mutual investment fund, the right to receive monetary compensation upon termination of the trust agreement of the mutual investment fund with by all owners of investment shares of this mutual investment fund (termination of the mutual investment fund).
The investment share of an open-ended mutual investment fund also certifies the right of the owner of this share to demand from the management company the redemption of the investment share and payment in this connection of monetary compensation commensurate with its share in the common ownership of the property that constitutes this mutual investment fund on any working day ...
The investment share of an interval mutual investment fund also certifies the right of the owner of this share to demand from the management company the repayment of the investment share and payment in this connection of monetary compensation commensurate with the share attributable to it in the common ownership of the property that constitutes this mutual investment fund at least once per year during the period determined by the rules of trust management of this mutual investment fund.
An investment share of a closed-end mutual investment fund also certifies the right of the owner of this share to demand from the management company the redemption of the investment share and payment in this connection with monetary compensation commensurate with the share attributable to it in the common ownership of the property constituting this mutual investment fund, in the cases provided for by this Federal Law, the right to participate in the general meeting of holders of investment shares and, if the rules of trust management of this mutual investment fund provide for the payment of income from trust management of the property that constitutes this mutual investment fund, the right to receive such income.
Each investment share certifies the same share in the common ownership of the property constituting the mutual investment fund and the same rights.
2. An investment share is not an equity security.
The rights certified by the investment share are recorded in non-documentary form.
The number of investment shares issued by the management companies of open-ended and interval mutual investment funds is not limited. The number of investment shares issued by the management company of a closed-end mutual investment fund is specified in the rules for trust management of this mutual investment fund.
3. The investment share has no par value.
The number of investment shares owned by one owner can be expressed as a fractional number.
4. The issue of derivatives from investment shares of securities is not allowed.
5. Investment shares are freely circulated upon completion of the formation of a mutual investment fund. Restrictions on the circulation of investment units may be established by federal law.
The rights to investment units are accounted for on personal accounts in the register of owners of investment units of a mutual investment fund (hereinafter referred to as the register of owners of investment units) and, if provided for by the rules of trust management of a unit investment fund, on custody accounts by depositories, which for these purposes are in the register of investment owners. shares, personal accounts of nominee holders are opened. At the same time, depositories, with the exception of depositories that keep records of rights to investment shares circulating through a trade organizer, are not entitled to open depo accounts for other depositories acting as nominee holders of securities of their clients (depositors). Article 15. Separation of property constituting a mutual investment fund
Article 15. Separation of property constituting a mutual investment fund
1. The property constituting a mutual investment fund shall be separated from the property of the management company of this fund, the property of the holders of investment shares, property constituting other mutual investment funds that are in trust management of this management company, as well as other property held in trust or otherwise grounds at the specified management company. The property that constitutes a mutual investment fund is recorded by the management company on a separate balance sheet and is independently recorded.
2. For settlements on operations related to the trust management of a mutual investment fund, a separate bank account (accounts) is opened, and for accounting for rights to securities constituting a mutual investment fund, separate securities accounts are opened. Such accounts, with the exception of cases established by the legislation of the Russian Federation, are opened in the name of the management company of the mutual investment fund, indicating that it acts as a trustee and the name of the mutual investment fund. The names (titles) of the holders of investment units are not indicated.
During state registration of rights to real estate that is part of a mutual investment fund, in subsection II of the Unified State Register of Rights to Real Estate and Transactions with It, the name of the mutual investment fund, which includes this property, is indicated, and the following entry is made: "Owners of this the real estate object and data about them, provided for by the Federal Law "On State Registration of Rights to Real Estate and Transactions with It", are established on the basis of data from personal accounts of holders of investment shares in the register of holders of investment shares and depo accounts of holders of investment shares. " At the request of the justice institution that registers rights to real estate, the person maintaining the register of investment share holders is obliged to draw up a list of investment share holders containing information about them provided for by the specified Federal Law and submit it to the justice institution.
3. Levy of collection on the debts of the owners of investment shares, including in the event of their insolvency (bankruptcy), on the property constituting a mutual investment fund is not allowed. For the debts of the owners of investment units, collection is applied to the investment units belonging to them. In the event of insolvency (bankruptcy) of the owners of investment units, the investment units belonging to them are included in the bankruptcy estate.
4. In the event that the management company of a unit investment fund is declared insolvent (bankrupt), the property constituting the unit investment fund shall not be included in the bankruptcy estate.
Article 16. Liability of the management company of a mutual investment fund
1. The management company of a mutual investment fund shall be liable to the owners of investment shares in the amount of real damage in the event of damage caused to them as a result of violation of this Federal Law, other federal laws and rules of trust management of a mutual investment fund, including for incorrect determination of the amount for which an investment share is issued, and the amount of monetary compensation payable in connection with the redemption of the investment share.
2. Debts on obligations arising in connection with the trust management of property that constitutes a mutual investment fund shall be repaid at the expense of this property. In the event of insufficiency of the property that constitutes the mutual investment fund, recovery can be levied only on the property of the management company.
Article 17. Rules for trust management of a mutual investment fund
1. The rules for trust management of a mutual investment fund must contain the following information:
the name of the mutual investment fund;
type of mutual investment fund (open, interval, closed);
full corporate name of the management company;
full corporate name of the specialized depository;
full corporate name of the person maintaining the register of investment share holders;
full corporate name of the auditor;
investment declaration;
the value of the property that constitutes the mutual investment fund, upon reaching which the mutual investment fund is formed and which cannot be less than the amount,
assigned by the federal executive body for the securities market;
the term for the formation of a mutual investment fund, which must begin no later than six months from the date of registration of the rules for trust management of a mutual investment fund and must not exceed three months;
the rights and obligations of the management company;
the term of the trust agreement;
the procedure for submitting applications for the purchase, redemption and exchange of investment units;
the procedure and terms for including the contributed funds (other property) into the unit investment fund;
the procedure and terms for the payment of monetary compensation in connection with the redemption of investment units;
the procedure for determining the estimated value of the investment share, the amount for which the investment share is issued, as well as the amount of monetary compensation payable in connection with the redemption of the investment share;
the procedure and terms for making entries on the acquisition, exchange, transfer and redemption of investment units in the register of investment unit holders;
the rights of holders of investment units;
the amount of remuneration for a management company, a specialized depository, a person maintaining the register of owners of investment shares, an auditor;
types and maximum amount of expenses associated with the trust management of a mutual investment fund, payable at the expense of the property that constitutes the mutual investment fund;
the procedure for disclosing information about a mutual investment fund, including the name of the printed publication in which information about the mutual investment fund is published;
other information in accordance with the requirements established by this Federal Law.
2. The rules for trust management of an interval unit investment fund, along with the information specified in paragraph 1 of this article, must also contain information on the timing of applications for the redemption of investment shares.
3. The rules for the trust management of a closed-end mutual investment fund, along with the information specified in paragraph 1 of this article, must also contain information on the number of investment shares of a mutual investment fund and on the procedure for convening and holding a general meeting of holders of investment shares.
The rules for trust management of a closed-end mutual investment fund, the investment declaration of which provides for the possibility of investing in real estate, property rights to real estate and (or) in other property, the assessment of which is carried out by an appraiser in accordance with this Federal Law, must contain the full corporate name of the appraiser and the size his reward.
4. The rules for trust management of a mutual investment fund of each type must comply with the standard rules for trust management of a mutual investment fund of the corresponding type, approved by the Government of the Russian Federation.
5. The management company has the right to make changes and additions to the rules of trust management of a mutual investment fund. Changes and additions to the rules of trust management of a closed-end mutual investment fund are approved by the general meeting of the owners of investment shares of this fund.
Article 18. General meeting of holders of investment shares of a closed-end unit investment fund
1. The general meeting of the holders of investment shares of a closed-end mutual investment fund may be convened by the management company on its own initiative or at the written request of the holders of investment shares constituting at least 10 percent of the total number of investment shares as of the date of filing a request to convene a general meeting of holders of investment shares of this mutual investment fund. The general meeting of the holders of investment shares of a closed-end mutual investment fund for making a decision on the transfer of rights and obligations under a trust management agreement for a mutual investment fund to another management company, including one determined following a competition held in accordance with this Federal Law by a specialized depository, shall be convened by a specialized depositary.
The costs associated with the convocation and holding of the general meeting of the holders of investment units of a closed-end unit investment fund shall be reimbursed at the expense of the property that constitutes this fund.
2. A written request from holders of investment units to convene a general meeting of holders of investment units of a closed-end unit investment fund must contain the reasons for its convening, as well as the agenda of the general meeting. A written request to convene a general meeting must be sent to the management company and the specialized depository of this mutual investment fund.
3. The notice on convening a general meeting of owners of investment shares of a closed-end mutual investment fund must be published in the printed publication specified in the rules for trust management of a closed-end mutual investment fund. A specialized depository, an auditor of this fund, as well as the federal executive body for the securities market must be notified of the convocation of a general meeting.
4. The general meeting of the owners of investment shares of a closed-end mutual investment fund makes decisions on the following issues:
on the approval of amendments and additions to the rules of trust management of a closed-end mutual investment fund in terms of its investment declaration, changes and additions to the rules of trust management of a closed-end mutual investment fund related to an increase in the remuneration of a management company, a specialized depository, a person maintaining a register of owners of investment shares, auditor and appraiser, with the expansion of types and an increase in the maximum amount of expenses associated with the trust management of a closed-end mutual investment fund, with the introduction or increase in the amount of discounts in connection with the redemption of investment shares, as well as on the approval of other stipulated by regulatory legal acts of the federal executive body for the market amendments and additions to the securities management rules for a closed-end mutual investment fund;
on the transfer of rights and obligations under an agreement for the trust management of a closed-end mutual investment fund to another management company (including the one determined based on the results of a competition held in accordance with this Federal Law by a specialized depository);
on early termination of the trust management agreement for this mutual investment fund.
5. The decision of the general meeting of the owners of investment shares of a closed-end unit investment fund may be made by absentee voting.
6. Decisions of the general meeting of the holders of investment shares of a closed-end mutual investment fund are made by a majority of three quarters of the total number of votes given to their holders in accordance with the number of investment shares they own as of the date the management company makes a decision to convene a general meeting of holders of investment shares of this mutual investment fund ... In this case, the number of votes given to the owner of investment shares during voting is determined by the number of investment shares belonging to him.
7. A copy of the minutes of the general meeting of owners of investment shares of a closed-end mutual investment fund must be sent to the federal executive body for the securities market no later than three days from the date of the general meeting.
8. In the event of a decision to approve changes and additions to the rules of trust management of a closed-end mutual investment fund or a decision to transfer rights and obligations under an agreement on trust management of a closed-end mutual investment fund to another management company, the holders of investment shares who voted against the adoption of the relevant decision or did not participate in voting on this issue, acquire the right to demand the redemption of investment shares. The procedure for the payment of monetary compensation in these cases is determined in accordance with the normative legal acts of the federal executive body for the securities market.
9. Additional requirements for the procedure for preparing, convening and holding a general meeting of owners of investment shares of a closed-end unit investment fund shall be established by the federal executive body for the securities market.
Article 19. Registration by the federal executive body for the securities market of the rules of trust management of a mutual investment fund and amendments and additions to them
1. The management company has the right to propose to conclude a trust management agreement for a mutual investment fund only on condition that the federal executive body for the securities market registers the rules for trust management of this mutual investment fund.
Changes and additions to the rules for trust management of a mutual investment fund shall enter into force subject to their registration by the federal executive body for the securities market.
The procedure for registering the rules for trust management of a mutual investment fund, as well as changes and additions to them, including requirements for the composition and content of documents submitted for registration, is established by the federal executive body for the securities market.
2. Registration of the rules for trust management of a mutual investment fund, as well as amendments and additions to them, is carried out at the request of the management company.
3. The federal executive body for the securities market is responsible for the compliance of the rules of trust management of a mutual investment fund registered by it, as well as amendments and additions thereto to the requirements of this Federal Law.
4. The federal executive body for the securities market, no later than 30 days from the date of adoption of the documents, must make a decision on registration of the rules for trust management of a mutual investment fund or amendments and additions to them, or on refusal to register them. The decision to refuse to register the rules of trust management of a mutual investment fund or amendments and additions to them must be motivated.
During the specified period, the federal executive body for the securities market has the right to verify the information contained in the rules of trust management of a mutual investment fund and other submitted documents.
The notification of the federal executive body for the securities market about the decision to register the rules of trust management of the mutual investment fund or amendments and additions to them, or about the refusal to register them, shall be sent to the management company within three days from the date of the relevant decision.
5. Registration of the rules for trust management of a mutual investment fund, as well as amendments and additions to them, may be refused in the following cases:
inconsistency of the submitted documents with this Federal Law, standard rules for trust management of a mutual investment fund, regulatory legal acts of the federal executive body for the securities market;
the presence in the rules of trust management of a mutual investment fund, changes and additions to them and in other documents submitted for registration of the rules of trust management of a mutual investment fund, changes and additions to them, information that is not true or misleading;
the management company, specialized depository, the person maintaining the register of owners of investment shares of a mutual investment fund, an appraiser or auditor of the relevant licenses does not have a management company, a specialized depository.
Refusal to register the rules of trust management of a mutual investment fund or amendments and additions to them, as well as evasion of a decision on their registration may be appealed in court.
6. The federal executive body for the securities market maintains a register of mutual investment funds, the rules of trust management of which are registered by it.
Article 20. Entry into force of amendments and additions to the rules of trust management of a mutual investment fund
A notice on the registration of amendments and additions to the rules of trust management of a mutual investment fund, including the full text of these changes and additions, must be published in the printed publication specified in the rules of trust management of a mutual investment fund.
Changes and additions to the rules of trust management of open and closed mutual investment funds in terms of investment declaration, changes and additions to the rules of trust management of these mutual investment funds related to an increase in the remuneration of a management company, a specialized depository, a person maintaining a register of owners of investment shares, an appraiser and the auditor, with the expansion of types and an increase in the maximum amount of expenses associated with the trust management of open and closed-end mutual investment funds, with the introduction or increase of discounts for the redemption of investment shares, as well as other changes provided for by regulatory legal acts of the federal executive body for the securities market and additions to the rules of trust management of the said funds come into force one month after the date of publication of the message on their registration.
Changes and additions to the rules for trust management of an interval mutual investment fund in terms of the investment declaration, changes and additions to the rules of trust management of this mutual investment fund related to an increase in the remuneration of the management company, a specialized depository, a person maintaining the register of owners of investment shares, an appraiser and an auditor , with the expansion of the types and an increase in the maximum amount of expenses associated with the trust management of an interval mutual investment fund, with the introduction or increase in the size of discounts for the redemption of investment shares, come into force from the day following the end of the deadline for accepting applications nearest after the publication of the message on their registration , but not earlier than three months from the date of publication of the specified message.
Other changes and additions to the rules of trust management of a mutual investment fund shall enter into force from the date of publication of the notice of their registration.
Chapter IV. Issuance, redemption and exchange of investment units
Article 21. Applications for the purchase of investment units
1. Issuance of investment units is carried out on the basis of applications for the purchase of investment units.
Applications for the purchase of investment units are irrevocable.
2. Refusal to accept applications for the purchase of investment shares is allowed only in the following cases:
the acquisition of an investment share by a person who, in accordance with this Federal Law, cannot be the owner of investment shares;
making a decision to suspend the issuance of investment units.
Article 22. Exchange of investment units
The rules of trust management of an open-ended mutual investment fund may provide for the possibility of exchanging investment shares at the request of their owners for investment shares of another open-ended mutual investment fund, which is in trust management of the same management company.
The rules for trust management of an interval unit investment fund may provide for the possibility of exchanging investment units at the request of their owners for investment units of another interval unit investment fund held in trust by the same management company.
From the mutual investment fund, the application for the exchange of investment shares of which is submitted, to the mutual investment fund, for the investment shares of which the exchange is carried out, funds or other property is transferred, the value of which corresponds to the estimated value of the investment shares of the fund, the application for the exchange of which is submitted.
Article 23. Applications for redemption and exchange of investment units
1. Requests for the redemption of investment units are submitted in the form of applications for the redemption of investment units. Requests for the exchange of investment units are submitted in the form of applications for the exchange of investment units.
Applications for redemption and exchange of investment units are irrevocable.
Applications for the redemption and exchange of investment units are submitted by the holders of investment units, and if investment units are recorded in the register of investment unit holders on the personal account of the nominee holder, by the respective nominee holder. The nominee holder submits applications for the redemption and exchange of investment units on the basis of the corresponding instruction of the owner of the investment units.
2. Applications for redemption and exchange of investment units are satisfied within the limits of the number of investment units recorded on the respective personal account.
3. During the period of formation of mutual investment funds, applications for redemption and exchange of investment shares are not accepted.
4. Applications for redemption and exchange of investment units must be refused in the following cases:
non-observance of the procedure and conditions for filing applications established by the rules of trust management of a mutual investment fund;
making a decision on the simultaneous suspension of the issuance, redemption and exchange of investment units of a mutual investment fund.
An application for the exchange of investment units may also be refused if a decision is made to suspend the issuance of investment units, the exchange requirement for which is contained in the application.
Article 24. Procedure for accepting applications for the acquisition, redemption and exchange of investment units
1. Applications for the purchase, redemption and exchange of investment shares of an open-ended mutual investment fund must be accepted every business day.
Applications for the purchase, redemption and exchange of investment units of an interval unit investment fund must be accepted within a period determined by the rules of trust management of this unit investment fund in accordance with the regulatory legal acts of the federal executive body for the securities market.
Applications for the redemption of investment shares of a closed-end unit investment fund in the cases provided for by this Federal Law must be accepted within a period determined by the rules for trust management of this unit investment fund in accordance with regulatory legal acts of the federal executive body for the securities market.
2. Applications for the purchase, redemption and exchange of investment shares in accordance with the rules of trust management of a mutual investment fund are submitted to the management company and (or) agents for the issuance, redemption and exchange of investment shares of this mutual investment fund.
Persons who, in accordance with the rules of trust management of a mutual investment fund, can submit applications for the purchase of investment units, must also accept applications for the redemption and exchange of investment units of this unit investment fund.
3. The rules for the trust management of a unit investment fund may provide for the possibility of filing applications for the redemption and exchange of investment units by means of postal, electronic or other communication that allows to reliably identify the person who sent the application.
Article 25. Payment of monetary compensation in connection with the redemption of investment units
Payment of monetary compensation in connection with the redemption of investment units is carried out at the expense of funds constituting the mutual investment fund.
Payment of monetary compensation in connection with the redemption of an investment unit of an open-ended mutual investment fund must be carried out within the period determined by the rules of trust management of an open-ended mutual investment fund, but no later than 15 days from the date of redemption of the investment unit.
Payment of monetary compensation in connection with the redemption of an investment unit of an interval unit investment fund must be made within the period determined by the rules of trust management of an interval unit investment fund, but no later than 15 days from the date of the expiry of the deadline for accepting applications for the redemption of investment units, during which it was submitted The payment of monetary compensation in connection with the redemption of an investment share of a closed-end mutual investment fund in the cases provided for by this Federal Law must be made within the period determined by the rules of trust management of a closed-end mutual investment fund, but not later than one month from the date of the end of the acceptance period applications for the redemption of investment units.
In the event of insufficient funds constituting a mutual investment fund, the management company has the right to use its own funds to pay monetary compensation.
Article 26. Determination of the amount for which the investment share is issued and the amount of monetary compensation payable in connection with the redemption of the investment share
1. Before the completion of the formation of a mutual investment fund, the amount of money (property value) contributed to the mutual investment fund, for which one investment share is issued, is determined by the rules of trust management of the mutual investment fund and must be the same for everyone.
After the completion of the formation of the unit investment fund, the amount of money (property value) contributed to the unit investment fund, for which one investment share is issued (including upon exchange), and the amount of monetary compensation payable to the owner in connection with the repayment of the investment share (for excluding the termination of the investment fund) should be determined based on the estimated value of the investment unit.
2. The estimated value of an investment share is determined in accordance with the regulatory legal acts of the federal executive body for the securities market by dividing the value of the net assets of a mutual investment fund, calculated on the day not earlier than the day of acceptance of applications for the acquisition, redemption or exchange of investment shares, by the number of investment shares. units specified in the register of investment unit holders of this unit investment fund.
3. To reimburse the costs associated with the issuance and redemption of investment units, the rules of trust management of a mutual investment fund may provide for premiums to the estimated value of investment units when they are issued and discounts on the estimated value of investment units at their redemption. The maximum amount of the premium cannot exceed 1.5 percent of the estimated value of the investment unit. The maximum discount may not exceed 3 percent of the estimated value of the investment unit.
Article 27. Agents for the issuance, redemption and exchange of investment units
1. Agents for the issuance, redemption and exchange of investment shares can only be legal entities - professional participants in the securities market, licensed to carry out brokerage activities.
2. An agent for the issuance, redemption and exchange of investment units acts on behalf of and at the expense of the management company on the basis of an agency agreement or agency agreement concluded with the management company, as well as a power of attorney issued by it.
When carrying out his activities, the agent for the issuance, redemption and exchange of investment shares is obliged to indicate that he is acting on behalf of and on behalf of the management company of the relevant mutual investment fund, as well as to present to all interested parties a power of attorney issued by this management company.
3. Agents for the issuance, redemption and exchange of investment shares have the right to receive applications for the purchase, redemption and exchange of investment shares from the date the management company publishes information about these agents in the printed publication specified in the rules of trust management of the mutual investment fund.
Article 28. Rights and obligations of an agent for the issuance, redemption and exchange of investment units
1. An agent for the issuance, redemption and exchange of investment shares in accordance with this Federal Law, regulatory legal acts of the federal executive body for the securities market and the agreement concluded with the management company is obliged:
accept applications for the purchase, redemption and exchange of investment units;
take the necessary measures to identify persons applying for the purchase, redemption and exchange of investment units;
take into account the accepted applications for the purchase, redemption and exchange of investment shares and other documents attached to them separately for each mutual investment fund;
disclose information provided for by Chapter XII of this Federal Law;
to provide access to their accounting documents at the request of the management company, a specialized depository, as well as the federal executive body for the securities market;
maintain the confidentiality of information received in connection with the issuance, redemption and exchange of investment units.
2. An agent for the issue, redemption and exchange of investment units is entitled to provide services as an agent for the issue, redemption and exchange of investment units to several management companies simultaneously.
3. An agent for the issuance, redemption and exchange of investment units is not entitled to:
acquire investment units of a unit investment fund, of which he is the agent for the issuance, redemption and exchange of investment units;
stop accepting applications for the purchase, redemption and exchange of investment units only on the basis of orders from the management company;
use the information received in connection with the performance of the functions of an agent for the issuance, redemption and exchange of investment units, in their own interests or in the interests of third parties; delegate the authority to receive applications for the acquisition, redemption and exchange of investment units.
Article 29. Suspension of issuance, redemption and exchange of investment units
1. Management companies of open-ended and interval mutual investment funds shall have the right to suspend the issuance of investment shares, if this is provided for by the rules of trust management of these mutual investment funds.
2. The redemption and exchange of investment units may be suspended by the management company of a unit investment fund only simultaneously with the suspension of the issuance of investment units of this unit investment fund.
The issuance, redemption and exchange of investment shares may be simultaneously suspended only in cases stipulated by the rules of trust management of a mutual investment fund in accordance with regulatory legal acts of the federal executive body for the securities market, when the interests of the founders of trust require this, for the duration of the circumstances, which caused this suspension.
In the event of a simultaneous suspension of the issuance, redemption and exchange of investment shares, the management company is obliged on the same day to notify the federal executive body for the securities market about this in writing, indicating the reasons for such suspension, as well as to disclose this information in accordance with the procedure established by the federal executive body for the securities market.
3. The management company is obliged to suspend the issuance, redemption and exchange of investment units in the following cases:
suspension of the relevant license from a management company, a specialized depository or a person maintaining the register of investment share holders;
cancellation of the relevant license from a management company, a specialized depository or a person maintaining the register of investment share holders;
receipt of the corresponding request from the federal executive body for the securities market;
the impossibility of determining the value of the assets of a mutual investment fund for reasons beyond the control of the management company;
in other cases provided for by this Federal Law.
Chapter V. Termination of a mutual investment fund
Article 30. Grounds for termination of a mutual investment fund
Termination of a mutual investment fund is carried out in cases where:
at the end of the term for the formation of the mutual investment fund, the value of the property that constitutes the mutual investment fund turned out to be less than the value of the property determined by the rules of trust management of the mutual investment fund, upon reaching which the mutual investment fund is formed;
an application (s) has been submitted for the redemption of all investment units;
the license was suspended or the license of the management company was revoked and within three months from the date of suspension of the license or the revocation of the license, its rights and obligations were not transferred to another management company;
the license was suspended or the license of the specialized depository was canceled and within three months from the date of suspension of the license or the cancellation of the license its rights and obligations were not transferred to another specialized depository;
a decision was made to voluntarily liquidate the management company and within three months from the date of this decision, its rights and obligations were not transferred to another management company;
the term of the trust management agreement for a closed-end mutual investment fund has expired;
an appropriate decision of the management company has been made, if the right to make such a decision is provided for by the rules of trust management of a mutual investment fund;
there were other grounds provided for by federal laws.
Article 31. Procedure for termination of a mutual investment fund
1. Responsibilities for the termination of a mutual investment fund, including the sale of property constituting a mutual investment fund, satisfaction of creditors' claims, which must be satisfied at the expense of the property constituting a mutual investment fund, and distribution of funds between the holders of investment shares, shall be imposed on the management company ...
In case of suspension of the license or revocation of the license of the management company, the obligations to terminate the mutual investment fund shall be imposed on the specialized depository of this mutual investment fund.
In the event of suspension of licenses or revocation of licenses from a management company and a specialized depository, the federal executive body for the securities market may impose obligations on termination of a mutual investment fund on another management company or another specialized depository determined by it based on the results of a tender.
2. The amount of remuneration for a management company, a specialized depository, including a management company or a specialized depository, on which the federal executive body for the securities market has been charged with the termination of a mutual investment fund, as well as the person maintaining the register of investment share holders, an appraiser, and auditor after the grounds for termination of a mutual investment fund have arisen cannot exceed 5 percent of the amount of funds that make up the mutual investment fund and received it after the sale of its constituent property.
If the termination of a mutual investment fund is carried out by a management company or a specialized depository due to the fact that at the end of the formation period of the unit investment fund, the value of the property constituting the unit investment fund turned out to be less than the value of the property determined by the rules of trust management of the unit investment fund, upon reaching of which the unit investment fund is formed, the costs associated with such termination are not reimbursed.
3. The federal executive body for the securities market shall have the right to send its representative to monitor the fulfillment of obligations to terminate a unit investment fund by the person who terminates the unit investment fund.
4. From the moment the grounds for termination of a mutual investment fund arise, it is not allowed to dispose of the property that constitutes the mutual investment fund, except for its sale and distribution in accordance with this Federal Law.
5. The person who terminates the unit investment fund, within seven days from the moment the grounds for terminating the unit investment fund arise, shall send to the federal executive body for the securities market and publish in the printed publication specified in the rules for trust management of the unit investment fund, a notice of termination mutual investment fund. The specified message must contain information on the procedure and timing for the presentation of creditors' claims, which must be satisfied at the expense of the property constituting the mutual investment fund, except for the case of termination of the mutual investment fund due to the fact that at the end of the term of its formation, the value of the property constituting the mutual investment fund , turned out to be less than the value of the property determined by the rules of trust management of the mutual investment fund, upon reaching which the mutual investment fund is formed. In the event of the termination of a closed-end mutual investment fund due to the expiration of the trust agreement, the message specified in this clause shall be sent and published no later than seven days before the expiration of the specified period.
The term for the presentation of creditors' claims, which must be satisfied at the expense of the property constituting the mutual investment fund, except for the case of termination of the mutual investment fund in this connection. that at the end of the term of its formation, the value of the property constituting the mutual investment fund turned out to be less than the value of the property determined by the rules of trust management of the mutual investment fund, upon reaching which the mutual investment fund is formed, cannot be less than two months from the date of publication of the message on the termination of the mutual investment fund.
The person who terminates the mutual investment fund takes measures to identify creditors whose claims must be satisfied at the expense of the property that constitutes the mutual investment fund and to receive receivables.
6. At the end of the term for the presentation of creditors' claims, which must be satisfied at the expense of the property constituting the mutual investment fund, prior to the commencement of settlements with the said creditors, the person who terminates the mutual investment fund shall draw up and send to the federal executive body for the securities market a balance of property, constituting a mutual investment fund, which must contain information about the property that constitutes a mutual investment fund, the claims made by creditors and the results of their consideration. the fifth article 30 of this Federal Law.
7. A person who terminates a mutual investment fund shall be obliged to sell the property constituting the mutual investment fund and make settlements in accordance with Article 32 of this Federal Law within three months from the date of publication of the notice on the termination of the mutual investment fund, if the rules of trust management of the mutual investment fund the fund does not provide for a different period.
In the event of the termination of a mutual investment fund due to the fact that at the end of the period of its formation, the value of the property constituting the mutual investment fund turned out to be less than the value of the property determined by the rules of trust management of the mutual investment fund, upon reaching which the mutual investment fund is formed, the person carrying out termination of a mutual investment fund shall be obliged to sell the property constituting the mutual investment fund and make settlements in accordance with Article 32 of this Federal Law no later than two weeks from the date of the expiry of the term for the formation of the mutual investment fund.
Article 32. Distribution of property constituting a mutual investment fund upon termination of a mutual investment fund
1. In the event of termination of a mutual investment fund, the property constituting the mutual investment fund shall be subject to sale.
The funds that make up the mutual investment fund and received after the sale of the property that constitutes the mutual investment fund are distributed in the following order:
first of all - to creditors (with the exception of the management company of this mutual investment fund), whose claims must be satisfied at the expense of the property constituting the mutual investment fund, including a specialized depository, the person maintaining the register of investment share holders, the appraiser and auditor of remuneration accrued to them on the day the basis for the termination of the unit investment fund arises, as well as to persons whose applications for the redemption of investment units were accepted before the day the basis for the termination of the unit investment fund arises, the monetary compensation due to them:
in the second place - to the person who terminated the mutual investment fund, related expenses (except for cases when such compensation is not made in accordance with this Federal Law), and in the event that the termination of the mutual investment fund is carried out by a person determined by the federal executive body authorities in the securities market, as well as remuneration for the performance of obligations to terminate a mutual investment fund;
in the third place - to the management company of the remuneration accrued to it both on the day and after the day the basis for the termination of the unit investment fund appeared (except for the case of termination of the unit investment fund on the basis of suspension or revocation of the license from the management company and other cases when, in accordance with no remuneration is paid by this Federal Law), as well as - to a specialized depository, a person who maintains the register of owners of investment shares, an appraiser and an auditor of remunerations accrued to them after the day the grounds for termination of a mutual investment fund arise;
in the fourth place - to the owners of investment shares of monetary compensation by distributing the remaining property in proportion to the number of investment shares owned by them.
A person who terminates a mutual investment fund may receive remuneration due to him for fulfilling his obligations to terminate a mutual investment fund only after completion of all settlements in accordance with the sequence provided for in this paragraph.
2. After completion of settlements in accordance with paragraph 1 of this article, the person who terminates the mutual investment fund shall draw up a report on the termination of the mutual investment fund and submit it to the federal executive body for the securities market.
The requirements for a report on the termination of a mutual investment fund and the procedure for its submission are established by the federal executive body for the securities market.
The federal executive body for the securities market approves the report on the termination of the mutual investment fund and decides to exclude the mutual investment fund from the register of mutual investment funds.
Chapter VI. Requirements for the composition and structure of assets of joint-stock investment funds and assets of mutual investment funds
Article 33. Composition of assets of joint-stock investment funds and assets of mutual investment funds
1. Assets of joint-stock investment funds and assets of mutual investment funds may include monetary funds, including in foreign currency, as well as those that meet the requirements established by regulatory legal acts of the federal executive body for the securities market:
government securities of the Russian Federation and government securities of the constituent entities of the Russian Federation;
municipal securities;
shares and bonds of Russian open joint stock companies;
securities of foreign states;
shares of foreign joint stock companies and bonds of foreign commercial organizations;
other securities provided for by regulatory legal acts of the federal executive body for the securities market.
2. The assets of joint-stock investment funds and assets of interval and closed-end mutual investment funds, along with the property specified in paragraph 1 of this article, may include other property in accordance with regulatory legal acts of the federal executive body for the securities market.
Immovable property and property rights to immovable property may be included only in the assets of joint-stock investment funds and assets of closed-end mutual funds.
3. Requirements for the composition of assets of a joint-stock investment fund are determined in its investment declaration, and requirements for the composition of assets of a mutual investment fund - in an investment declaration contained in the rules of trust management of this mutual investment fund. Before the formation of a mutual investment fund, its assets may include only property transferred by the founders of trust.
Article 34. Structure of assets of joint-stock investment funds and assets of mutual investment funds
Requirements for the structure of assets of joint-stock investment funds and assets of mutual investment funds are established by regulatory legal acts of the federal executive body for the securities market.
An investment declaration of a joint-stock investment fund and an investment declaration of a unit investment fund may establish higher requirements for the structure of assets than the requirements provided for by regulatory legal acts of the federal executive body for the securities market.
Article 35. Investment declaration
The investment declaration of a joint-stock investment fund and the investment declaration of a unit investment fund must accordingly contain:
a description of the objectives of the investment policy of the joint-stock investment fund and the management company of the mutual investment fund;
list of investment objects;
a description of the risks associated with investing in the specified investment objects;
requirements for the structure of assets of a joint-stock investment fund and assets of a mutual investment fund.
Chapter VII. Determination of the value of the net assets of joint stock investment funds and the net assets of mutual investment funds. Valuation of assets of joint stock investment funds and assets of mutual investment funds
Article 36. Determination of the value of the net assets of joint stock investment funds and the net assets of mutual investment funds
The value of the net assets of joint-stock investment funds and the net assets of mutual investment funds shall be determined in the manner and terms provided for by regulatory legal acts of the federal executive body for the securities market.
Article 37. Assessment of assets of joint-stock investment funds and assets of mutual investment funds
1. Assessment of the assets of a joint-stock investment fund shall be carried out in the manner prescribed by regulatory legal acts of the federal executive body for the securities market.
2. The appraisal of real estate, rights to real estate, other property provided by the regulatory legal acts of the federal executive body for the securities market, property belonging to joint-stock investment funds, as well as property constituting mutual investment funds, shall be carried out by an appraiser holding an appropriate license.
Valuation of the said property must be carried out during its acquisition and alienation, as well as at least once a year, unless a different frequency is established by regulatory legal acts of the federal executive body for the securities market.
Affiliates of a joint-stock investment fund, a management company and a specialized depository of a joint-stock investment fund and a mutual investment fund, an auditor of a joint-stock investment fund and an auditor of a management company of a mutual investment fund cannot be appraisers of a joint-stock investment fund and a mutual investment fund.
Chapter VIII. Management company activities
Article 38. Requirements for the management company
1. The management company can only be an open or closed joint stock company, a limited (additional) liability company created in accordance with the legislation of the Russian Federation. The Russian Federation, constituent entities of the Russian Federation and municipalities are not entitled to be members of the management company.
A management company may use the words "investment fund", "joint-stock investment fund" or "mutual fund" in its name in conjunction with the words "management company".
2. The management company may carry out the activities provided for by this Federal Law only on the basis of a special permit (license).
The management company may combine the activities provided for by this Federal Law only with the activities of trust management of securities, management of pension reserves of non-state pension funds and management of insurance reserves of insurance companies.
3. The size of the management company's own funds and its ratio with the total value of the assets of joint-stock investment funds and the assets of mutual investment funds managed by this management company are determined by the federal executive body for the securities market.
4. The functions of the sole executive body of the management company cannot be performed by:
persons who performed the functions of the sole executive body or were part of the collegial executive body of a management company, a specialized depository, a joint-stock investment fund, a professional participant in the securities market, a credit institution, an insurance organization, a non-state pension fund at the time of revocation of licenses from these organizations to exercise the relevant activities for violation of licensing requirements, if less than three years have passed since the date of such cancellation;
persons on whom a penalty was imposed for an administrative offense in the field of finance and the securities market, if less than one year has passed since the imposition of such a penalty;
persons who have been convicted of crimes in the sphere of economic activity or for crimes against state power,
interests of public service and service in local government.
These persons may also not be members of the board of directors (supervisory board) and collegial executive body of the management company.
Article 39. Obligations of the management company
1. The management company is obliged to act reasonably and in good faith in the exercise of its rights and performance of duties.
2. The management company is obliged:
transfer property belonging to a joint-stock investment fund and property constituting a mutual investment fund for accounting and (or) storage to a specialized depository, unless otherwise provided for by regulatory legal acts of the Russian Federation for certain types of property;
transfer to a specialized depository immediately from the moment of their preparation or receipt of a copy of all primary documents in relation to the property constituting a mutual investment fund and property belonging to a joint-stock investment fund, as well as original copies of documents confirming rights to real estate;
submit reports to the federal executive body for the securities market in accordance with the procedure established by it;
disclose information on a joint-stock investment fund and on a unit investment fund in accordance with this Federal Law;
3. The management company of a joint-stock investment fund shall have the right, in the cases provided for by this Federal Law, to refuse to fulfill its obligations provided for by this Federal Law and the agreement with the joint-stock investment fund.
In case of refusal to perform its duties, the management company of a joint-stock investment fund must notify the board of directors (supervisory board) of the joint-stock investment fund and the federal executive body for the securities market at least 60 days before the date of termination of its duties.
4. Within five days from the date of termination of its duties, the management company is obliged to transfer all the documents it has, property (including cash) belonging to the joint-stock investment fund to the newly appointed management company.
Article 40. Restrictions on the activities of the management company
1. The management company is not entitled to:
dispose of the assets of the joint-stock investment fund and the property constituting the mutual investment fund without the consent of the specialized depository, with the exception of the disposal of securities for the purpose of executing transactions made through trade organizers;
to acquire, at the expense of the assets of the joint-stock investment fund and the property that constitutes the mutual investment fund, objects that are not provided, respectively, by the investment declaration of the joint-stock investment fund and the investment declaration of the mutual investment fund;
make transactions as a result of which the requirements of this Federal Law, regulatory legal acts of the Russian Federation, regulatory legal acts of the federal executive body for the securities market will be violated, including requirements for the structure of assets of joint-stock investment funds and assets of mutual investment funds;
to alienate gratuitously the property belonging to the joint-stock investment fund and the property constituting the mutual investment fund;
assume the obligation to transfer property that, at the time of accepting such an obligation, does not belong to a joint-stock investment fund and does not constitute a mutual investment fund, with the exception of transactions with securities made through a trade organizer, the rules of which provide for delivery versus payment;
to receive, on the terms of loan agreements and credit agreements, funds to be returned from the property that constitutes the mutual investment fund, only for the purpose of using these funds to redeem investment shares in case of insufficient funds that make up this mutual investment fund. In this case, the total amount of debt to be paid off at the expense of the property that constitutes the mutual investment fund under all loan agreements and credit agreements should not exceed 10 percent of the value of the net assets of the mutual investment fund. The term for attracting borrowed funds under each loan agreement and credit agreement (including the renewal period) cannot exceed three months;
provide loans at the expense of property owned by a joint stock investment fund and property that constitutes a mutual investment fund;
use the property belonging to the joint-stock investment fund to ensure the fulfillment of its own obligations or the obligations of third parties, as well as the property that constitutes the mutual investment fund, to ensure the fulfillment of its own obligations not related to the trust management of the mutual investment fund, or to fulfill the obligations of third parties;
to acquire, at the expense of property belonging to a joint-stock investment fund and property constituting a mutual investment fund, investment objects from their affiliates, with the exception of securities included in the listing of the trade organizer;
to acquire, at the expense of the property constituting a mutual investment fund, investment shares of other mutual investment funds that are in its trust;
acquire property owned by a joint stock investment fund that it manages;
to acquire property that constitutes a mutual investment fund, except for cases of receiving remuneration in accordance with the rules of trust management of a mutual investment fund, as well as reimbursement of the amount of its own funds used by the management company to redeem the investment shares of this investment fund. In this case, the collection of interest by the management company for the use of its funds is not allowed;
alienate its own property to a joint stock investment fund, which it manages;
to alienate their own property as part of the property constituting a mutual investment fund, which is in its trust;
acquire in the property belonging to a joint-stock investment fund and property constituting a mutual investment fund, securities issued by a management company, a specialized depository, an appraiser or an auditor of a mutual investment fund, as well as their affiliates, with the exception of securities included in the listing of the organizer trade.
2. Transactions with options, as well as forward and futures contracts at the expense of property owned by a joint-stock investment fund and property constituting a mutual investment fund, may be made only in order to reduce the risk of a decrease in the value of assets of a joint-stock investment fund and assets of a mutual investment fund.
In this case, the total amount of obligations under options, as well as forward and futures contracts specified in this paragraph, cannot exceed 10 percent of the value of the assets of the joint-stock investment fund and the assets of the mutual investment fund.
Article 41. Remuneration and expenses related to the management of a joint-stock investment fund and trust management of a mutual investment fund
1. The remuneration of a management company, a specialized depository, a person maintaining the register of investment share holders, an appraiser and an auditor shall be paid at the expense of the property of the joint-stock investment fund and the property that constitutes the mutual investment fund, and their amount should not exceed 10 percent of the average annual value of the net assets of the joint-stock investment fund and net assets of the mutual investment fund. The procedure for calculating the average annual value of the net assets of a joint-stock investment fund and the net assets of a unit investment fund is determined by the federal executive body for the securities market.
2. The agreement between the joint-stock investment fund and the management company may provide for the payment of remuneration to the management company from the income from the management of the joint-stock investment fund. The rules of trust management of a mutual investment fund may provide for the payment of remuneration to the management company, depending on the increase in the value of the property that constitutes the mutual investment fund.
During the formation period of the mutual investment fund, the remuneration of the management company, specialized depository, the person maintaining the register of the owners of investment shares, the appraiser and the auditor, as well as the costs associated with the trust management of the mutual investment fund, are accrued but not paid. The payment of accrued remuneration and payment of the said expenses shall be made only if during the formation period of the mutual investment fund the value of the property constituting the mutual investment fund has reached the amount determined by the rules of trust management of the mutual investment fund.
3. Expenses associated with the management of a joint-stock investment fund and trust management of a mutual investment fund, including the maintenance of the property belonging to the joint-stock investment fund and the property constituting the mutual investment fund, as well as with the execution of transactions with said property, shall be incurred, respectively, at the expense of property owned by a joint stock investment fund and property constituting a mutual investment fund.
Chapter IX. Control over the disposal of property belonging to a joint-stock investment fund and property constituting a mutual investment fund
Article 42. Accounting and storage of property belonging to a joint stock investment fund and property constituting a mutual investment fund
1. Property belonging to a joint-stock investment fund and property constituting a mutual investment fund must be recorded in a specialized depository.
The property belonging to a joint-stock investment fund and the property constituting a mutual investment fund must be kept in a specialized depository, unless otherwise provided for by the regulatory legal acts of the Russian Federation for certain types of property.
2. The accounting and storage of property belonging to a joint-stock investment fund and property constituting a mutual investment fund, respectively, may be carried out by only one specialized depository.
A specialized depository is not entitled to use and dispose of property belonging to a joint-stock investment fund and property that constitutes a mutual investment fund.
3. Rights to securities belonging to a joint-stock investment fund, or rights to securities constituting the property of a mutual investment fund, must be recorded on a depo account with a specialized depository, with the exception of rights to government securities.
4. A specialized depository shall have the right to involve in the performance of its duties on the storage and (or) accounting of rights to securities owned by a joint-stock investment fund or constituting the property of a mutual investment fund, another depository, if this is provided for, respectively, by an agreement with a joint-stock investment fund or by the rules of trust management of a unit investment fund. investment fund. The specialized depositary is responsible for the actions of the depositary designated by it as for its own. The joint-stock investment fund and the management company of the unit investment fund shall be liable for the actions of the depositary designated by them in the event that the involvement of the depositary was carried out on their written instructions.
Article 43. Control over the disposal of property belonging to a joint-stock investment fund and property constituting a mutual investment fund
1. A specialized depository of a joint-stock investment fund shall be obliged to monitor compliance by the management company of this joint-stock investment fund with this Federal Law, other regulatory legal acts of the Russian Federation, regulatory legal acts of the federal executive body for the securities market, the provisions of the charter and investment declaration of a joint-stock investment fund, agreements between a joint-stock investment fund and a management company. A specialized depository of a mutual investment fund shall be obliged to monitor the observance by the management company of this mutual investment fund of this Federal Law, other regulatory legal acts of the Russian Federation, regulatory legal acts of the federal executive body for the securities market and the rules of trust management of a mutual investment fund.
The specialized depository is not entitled to give consent to the management company to dispose of the assets of the joint-stock investment fund or property constituting the mutual investment fund, as well as to execute the instructions of the management company for the transfer of securities belonging to the joint-stock investment fund or securities constituting the mutual investment fund, in the event that, if such an order and transfer contradict this Federal Law, other regulatory legal acts of the Russian Federation, regulatory legal acts of the federal executive body for the securities market and, respectively, the charter and investment declaration of a joint-stock investment fund, an agreement between a joint-stock investment fund and a management company and the rules of trust management mutual investment fund.
2. In the event of failure to fulfill the obligations provided for by this Article, the specialized depository shall be jointly and severally liable with the management company to the joint-stock investment fund and the holders of investment shares of a mutual investment fund.
Article 44. Requirements for a specialized depository
1. A specialized depository of a joint-stock investment fund and a unit investment fund may only be a joint-stock company, a limited (additional) liability company established in accordance with the legislation of the Russian Federation and having an appropriate license and license to carry out depository activities in the securities market.
2. A specialized depository may use the words "investment fund", "joint-stock investment fund" or "mutual investment fund" in combination with the words "specialized depository" or "depositary" in its corporate name.
3. A specialized depository of a joint-stock investment fund and a unit investment fund shall have the right to combine its activities with other types of activities, provided that it is carried out by a separate structural unit of the specialized depository. A specialized depository is not entitled to combine its activities with depository activities if the latter is related to the conduct of depositary operations following the results of transactions with securities concluded through a trade organizer on the securities market on the basis of agreements concluded with such a trade organizer and (or) a clearing organization, and also with clearing and trading activities on the securities market.
The specialized depository has the right to store and record the property in which the pension reserves of non-state pension funds are placed, to monitor compliance by non-state pension funds and their managers with the requirements of the legislation of the Russian Federation.
A specialized depository has the right to store and record property, as well as monitor compliance with the requirements of the laws by other legal entities in cases stipulated by the legislation of the Russian Federation.
In connection with the implementation of its activities, a specialized depository has the right to provide consulting and information services, maintain accounting records of a joint-stock investment fund and a unit investment fund, and maintain a register of investment share holders.
4. With respect to property belonging to a joint-stock investment fund, a specialized depository shall perform its functions on the basis of an agreement with the joint-stock investment fund.
With regard to the property constituting a mutual investment fund, a specialized depository shall perform its functions on the basis of an agreement with the management company of the mutual investment fund. In this case, the term of the agreement between the management company of a closed-end mutual investment fund and a specialized depository cannot be less than the term of the agreement on trust management of this closed-end mutual investment fund.
5. The functions of the sole executive body of a specialized depository cannot be performed by:
persons who performed the functions of the sole executive body or were members of the collegial executive body of a management company, a specialized depository, a joint-stock investment fund, a professional participant in the securities market, a credit institution, an insurance organization, a non-state pension fund at the time of revocation of licenses from these organizations for the implementation of the corresponding types activities for violation of licensing requirements, if less than three years have passed since the date of such cancellation;
persons on whom a penalty was imposed for an administrative offense in the field of finance and the securities market, if less than one year has passed since the imposition of such a penalty;
persons who have been convicted of crimes in the sphere of economic activity or for crimes against state power, the interests of the state service and service in local self-government bodies.
These persons may also not be members of the board of directors (supervisory board) and the collegial executive body of a specialized depository.
6. The specialized depository shall be obliged to register with the federal executive body for the securities market the regulations of the specialized depository and all amendments to it.
The regulations of a specialized depository must contain:
internal rules and procedures for the implementation of depository activities;
forms of primary accounting documents and reports to clients used by a specialized depository;
description of the procedure for interaction of structural units in the process of carrying out depository activities, as well as exercising control functions to ensure that the joint-stock investment fund and the management company of the unit investment fund comply with the requirements of the legislation of the Russian Federation and regulatory legal acts of the federal executive body for the securities market when accounting for assets, settlement the value of the net assets of a joint-stock investment fund, keeping records of assets, calculating the value of the net assets of a mutual investment fund and the value of an investment unit, disposing of property belonging to a joint-stock investment fund and property that constitutes a mutual investment fund;
a description of the organization of internal control over compliance with the requirements for depository activities;
forms of contracts with clients;
a description of internal procedures to prevent the possibility of a conflict of interest.
Article 45. Duties of a specialized depositary
1. A specialized depository must act exclusively in the interests of shareholders of a joint-stock investment fund and holders of investment units of a mutual investment fund.
2. The specialized depository is obliged:
accept for safekeeping and store property belonging to a joint-stock investment fund and property constituting a mutual investment fund, unless otherwise provided for by regulatory legal acts of the Russian Federation for certain types of property;
give consent to the management company to dispose of property belonging to a joint-stock investment fund or property constituting a mutual investment fund, as well as to execute instructions from the management company to transfer securities belonging to a joint-stock investment fund or securities constituting a mutual investment fund, except in cases where provided for by this Federal Law;
accept and store copies of all primary documents in relation to property belonging to a joint-stock investment fund and property constituting a mutual investment fund, as well as original copies of documents confirming rights to real estate;
submit reports to the federal executive body for the securities market in the manner prescribed by its regulatory legal acts;
submit to the audit commission (auditor) of the joint-stock investment fund the documents necessary for its activities;
register as a nominee holder of securities belonging to a joint-stock investment fund, or securities constituting a mutual investment fund, unless a different procedure for recording rights to securities is provided in accordance with the legislation of the Russian Federation;
monitor the determination of the value of the net assets of joint-stock investment funds and the net assets of mutual investment funds, as well as the estimated value of the investment unit, the number of issued investment units and the amount of monetary compensation in connection with the redemption of investment units;
to hold a competition to determine another management company of a mutual investment fund in the event that the license of the management company of this mutual investment fund is canceled;
comply with other requirements provided for by this Federal Law and regulatory legal acts of the federal executive body for the securities market.
3. The specialized depository shall be obliged to notify the federal executive body for the securities market of violations revealed by it in the course of exercising control in accordance with this Federal Law no later than three days from the date of revealing these violations.
Article 46. Termination of an agreement with a specialized depositary
1. An agreement between a joint-stock investment fund and a specialized depository, an agreement between a management company of a mutual investment fund and a specialized depositary shall be terminated:
by agreement of the parties from the moment provided for by such agreement;
in case of liquidation of a joint-stock investment fund from the moment of completion of its liquidation;
in case of termination of a mutual investment fund from the moment of its termination;
in case of revocation of a license from a specialized depository from the moment the decision to revoke the license comes into force;
in the event of the liquidation of a specialized depository from the moment of making a decision on such liquidation;
upon expiration of the contract.
2. Information on the termination of an agreement with a specialized depository shall be immediately submitted by a joint-stock investment fund or a management company of a unit investment fund to the federal executive body for the securities market, indicating the reasons for terminating the agreement.
3. The specialized depository is obliged to keep and record all documents related to the control over the activities of the joint-stock investment fund and the activities of the management company of the unit investment fund, until the conclusion of an agreement, respectively, between the joint-stock investment fund or the management company of the unit investment fund and another specialized depository and transfer to it specified documents.
Chapter X. Maintaining the register of holders of investment units
Article 47. Register of holders of investment units
1. Register of holders of investment units - a system of records on a mutual investment fund, on the total number of issued and canceled investment units of this fund, on the holders of investment units and the number of investment units owned by them, nominee holders, on other registered persons and on the number of investment units registered on them. shares, division of investment shares, records of acquisition, exchange, transfer or redemption of investment shares.
2. Only a legal entity licensed to maintain the register of registered securities holders or a specialized depository of this unit investment fund may maintain the register of owners of investment shares.
3. An agreement on maintaining the register of investment unit holders may be concluded with only one legal entity.
4. The procedure for maintaining the register of holders of investment shares is determined by regulatory legal acts of the federal executive body for the securities market.
Article 48. Responsibility of the person maintaining the register of investment unit holders
The person maintaining the register of owners of investment shares bears subsidiary responsibility with the management company of this fund to investors for failure to fulfill or improper fulfillment of the obligations to maintain the specified register provided for by this Federal Law, the rules of trust management of a mutual investment fund and an agreement with the management company.
The person maintaining the register of investment share holders shall be liable to the management company of this fund for non-fulfillment or improper fulfillment of obligations to maintain the specified register provided for by this Federal Law, the rules of trust management of a mutual investment fund and an agreement with the management company.
Chapter XI. Audit of a joint stock investment fund and a management company of a mutual investment fund
Article 49. Requirements for an auditor of a joint-stock investment fund and a management company of a mutual investment fund
1. A joint-stock investment fund and a management company of a mutual investment fund are obliged to conclude agreements on auditing.
The auditor does not have the right to be an affiliated person of a joint-stock investment fund, a management company, a specialized depository, a person who maintains the register of owners of investment shares, an appraiser.
2. An audit for the accuracy and compliance with the requirements of federal laws, other regulatory legal acts of the Russian Federation and regulatory legal acts of the federal executive body for the securities market are subject to accounting, accounting and reporting in relation to property belonging to a joint-stock investment fund, property, constituting a mutual investment fund, and transactions with this property.
Article 50. Annual audits
1. The auditor in accordance with the concluded contract is obliged to conduct annual audits.
2. The following are subject to audit:
accounting, accounting and reporting in relation to property belonging to a joint-stock investment fund, property constituting a mutual investment fund, and transactions with this property;
the composition and structure of the assets of the joint-stock investment fund and the property that constitutes the mutual investment fund;
calculating the value of the net assets of a joint-stock investment fund, estimating the estimated value of one investment unit, the placement price and the buyback price of a share or the amount for which one investment unit is issued, and the amount of monetary compensation payable in connection with the redemption of the investment unit;
compliance with the requirements for the procedure for keeping property belonging to a joint-stock investment fund, property constituting a mutual investment fund and documents certifying rights to property belonging to a joint-stock investment fund and property constituting a mutual investment fund;
transactions concluded with the assets of a joint-stock investment fund and assets of a mutual investment fund.
3. The auditor's report based on the results of the annual audit is a mandatory appendix to the reporting of a joint-stock investment fund, a management company of a mutual investment fund.
Chapter XII. Disclosure of information on the activities of a joint-stock investment fund and a management company of a mutual investment fund
Article 51. Requirements for the content of disseminated or published information
1. The information disseminated or published about a joint-stock investment fund and a mutual investment fund, respectively, must contain:
full or abbreviated corporate name of the joint-stock investment fund, its management company, full or abbreviated corporate name of the management company of the mutual investment fund, name of the mutual investment fund, number and date of registration of the rules for trust management of the mutual investment fund, number and date of registration of the prospectus for the issue of shares of the joint-stock investment fund , as well as the license number for the activities of the joint-stock investment fund or the license number of the management company;
information about places (indicating the address and (or) phone number) where you can obtain detailed information about a joint-stock investment fund, about a mutual investment fund and familiarize yourself with the charter and investment declaration of a joint-stock investment fund, rules of trust management of a mutual fund before purchasing shares or investment shares an investment fund, a prospectus for the issue of shares, as well as with other documents provided for by this Federal Law and regulatory legal acts of the federal executive body for the securities market;
the provision that the value of shares and the value of investment shares may increase and decrease, the results of investment in the past do not determine income in the future, the state does not guarantee the profitability of investments in investment funds, as well as information that before purchasing a share or investment share , you should carefully read the charter of the joint-stock investment fund, its investment declaration and the prospectus for the issue of shares, the rules of trust management of the mutual investment fund.
2. Any disseminated or published information about the management company of a mutual investment fund must contain the full or abbreviated company name of the management company and its license number.
3. The management company of a mutual investment fund is responsible for the content and form of disseminated or published information about the management company or about a mutual investment fund, including for the dissemination or publication of inaccurate, incomplete or misleading information, as well as for its untimely dissemination or publication. ...
The joint stock investment fund is responsible for the advertising of this fund, the content and form of disseminated or published information about the joint stock investment fund, including for its late distribution or publication, as well as for the dissemination or publication of inaccurate, incomplete or misleading information.
4. The federal executive body for the securities market or a self-regulatory organization has the right to demand, and a joint-stock investment fund and a management company of a mutual investment fund must submit documents confirming the information disseminated or published.
5. Information provided for distribution or publication must comply with the charter and investment declaration of the joint-stock investment fund, the prospectus for the issue of shares of the joint-stock investment fund, the rules for trust management of the mutual investment fund, amendments and additions to them, which are registered in the prescribed manner.
6. Any information provided for distribution or publication about a joint-stock investment fund, a management company of a unit investment fund and a unit investment fund must not contain:
unfair, unreliable, unethical, knowingly false, hidden, misleading information;
any guarantees, promises and assumptions about the future efficiency and profitability of the investment activities of a joint-stock investment fund, a management company of a mutual investment fund, including those based on information about their actual activities in the past;
information that does not have documentary evidence;
information that is not directly related to a joint stock investment fund, a management company of a mutual investment fund or a mutual investment fund;
false or incorrectly formulated statements or statements about factors that significantly affect the results of investment activities of a joint-stock investment fund or a management company of a mutual investment fund, including those with documentary evidence, but relating to a different time period or event;
statements or statements about changes or other comparisons of the results of the investment activities of the joint-stock investment fund and the management company of the mutual investment fund at the current moment and in the past (description of changes in the size of income, changes in the size or growth of assets), which are not based on calculations of profitability determined in accordance with the requirements regulatory legal acts of the federal executive body for the securities market;
statements on future investments containing guarantees of the safety of investments and the stability of the size of possible income or costs associated with these investments;
statements or statements of possible benefits related to the services or methods of operation of the joint-stock investment fund and the management company of the mutual investment fund;
exaggerated or unconfirmed statements about the management skills or characteristics of a joint-stock investment fund and a management company of a mutual investment fund, as well as their relationship with government authorities or other bodies or departments;
statements that the past performance of the joint-stock investment fund and the mutual fund management company may be repeated in the future.
7. A management company, prior to obtaining a license, is not entitled to provide for distribution or publication information about its activities as a management company of a joint-stock investment fund and a mutual investment fund.
8. A joint-stock investment fund, a management company of a unit investment fund, prior to the dissemination or publication of information, must submit to the federal executive body for the securities market or an organization authorized by it copies of documents containing this information.
9. Failure by a joint-stock investment fund or a management company of a unit investment fund to comply with the requirements of this Federal Law, other regulatory legal acts of the Russian Federation, regulatory legal acts of the federal executive body for the securities market, as well as failure to eliminate violations within the established time frame are grounds for suspending or canceling their respective licenses.
10. The federal executive body for the securities market has the right to go to court with claims in case of violation of the rights of shareholders of a joint-stock investment fund or owners of investment shares of a mutual investment fund as a result of their failure to comply with the requirements provided for in this Chapter.
Article 52. Information provided at the request of interested persons
A joint-stock investment fund, a management company of a unit investment fund, as well as agents for the issuance, redemption and exchange of investment shares at the places where applications for the acquisition, redemption and exchange of investment shares are received must present to all interested parties upon their request, respectively:
the charter of a joint-stock investment fund, its investment declaration or the rules of trust management of a mutual investment fund, as well as the full text of the registered changes and additions to them;
rules for maintaining the register of owners of investment shares;
a certificate of the value of the assets of the joint-stock investment fund or the value of the property constituting the mutual investment fund, and the corresponding annexes thereto;
a certificate of the value of the net assets of a joint-stock investment fund or the value of the net assets of a mutual investment fund and the estimated value of one investment unit according to the last assessment;
balance sheet and profit and loss account of a joint-stock investment fund, balance sheet of assets constituting a mutual investment fund, balance sheet and profit and loss statement of a management company of a mutual investment fund, balance sheet and profit and loss account of a specialized depository, an auditor's report drawn up on the latter reporting date;
report on the increase (decrease) in the value of property belonging to a joint-stock investment fund, property constituting a mutual investment fund, information on the remuneration of the management company and expenses to be reimbursed at the expense of property belonging to a joint-stock investment fund and property constituting a mutual investment fund, according to as of the last reporting date;
other information disseminated or published by a joint-stock investment fund or a management company of a mutual investment fund in accordance with the requirements of this Federal Law, regulatory legal acts of the federal executive body for the securities market, the charter of a joint-stock investment fund or the rules for trust management of a mutual investment fund.
Information on the size of the amount for which one investment unit is issued and the amount of monetary compensation payable in connection with the redemption of the investment unit, on the method for determining the estimated value of one investment unit, on the value of the net assets of the joint-stock investment fund and the value of the net assets of the unit investment fund in calculation, respectively, per one share or one investment share as of the last reporting date, on the start and end time of accepting applications for the purchase, redemption and exchange of investment shares during a business day, on the timing of receiving these applications (for interval mutual investment funds), on cases of suspension or the resumption of the placement of shares of a joint-stock investment fund, the issuance, redemption and exchange of investment shares, or the simultaneous suspension of the issuance, redemption and exchange of investment shares, the resumption of the issuance, redemption and exchange of investment shares, agents for the issuance, redemption and exchange of investment shares shares must also be provided to interested parties by telephone or disclosed in another way specified by the joint-stock investment fund or the management company of the mutual investment fund in the disseminated or published information.
1. A joint-stock investment fund publishes a prospectus for the issue of shares of a joint-stock investment fund and discloses information on the content of the charter and an investment declaration of a joint-stock investment fund in the manner and terms established by the legislation of the Russian Federation.
2. The management company of a mutual investment fund is obliged to publish the rules of trust management of a mutual investment fund prior to the formation of a mutual investment fund.
The management company of a mutual investment fund is obliged to publish messages on registration of changes and additions to the rules of trust management of a mutual investment fund.
3. In the event of termination of a mutual investment fund, including due to the fact that at the end of the formation period of a mutual investment fund, the value of its assets turned out to be less than the amount determined by the rules of trust management of a mutual investment fund, the management company of this mutual investment fund at its own expense is obliged to publish information on the return of funds to the holders of investment units.
4. If a decision is made to suspend the issue, to simultaneously suspend the issue, redemption and exchange, to resume the issue, redemption and exchange of investment shares, the management company of the mutual investment fund at its own expense must publish no later than the day following the day such a decision is made, message about it. A notice on the suspension of the issue or on the simultaneous suspension of the issue, redemption and exchange of investment units must contain an indication of the reasons for such suspension.
information on the corporate name of the joint-stock investment fund, the corporate name of the management company of the mutual investment fund, the location of agents for the issuance, redemption and exchange of investment shares, the places where they receive applications for the purchase, redemption and exchange of investment shares;
the balance sheet of a joint-stock investment fund and the balance sheet of property constituting the mutual investment fund, the balance sheet and income statement of the management company of the mutual investment fund;
a report on the increase (decrease) in the value of property belonging to a joint-stock investment fund and property constituting a mutual investment fund, information on the remuneration of the management company and expenses to be reimbursed at the expense of property belonging to the joint-stock investment fund and property constituting a mutual investment fund;
a certificate of the value of the net assets of the joint-stock investment fund, the value of the net assets of the unit investment fund and the corresponding annexes thereto, other documents in accordance with this Federal Law;
information on the adoption of a decision on the transfer of rights and obligations under a trust management agreement of a mutual investment fund to another management company.
6. All information related to the activities of a joint-stock investment fund or the activities of a management company of a mutual investment fund must be disclosed in accordance with this Federal Law and regulatory legal acts of the federal executive body for the securities market.
Article 54. Reports to be submitted to the federal executive body for the securities market
1. A joint-stock investment fund, a management company of a mutual investment fund shall be obliged to submit reports to the federal executive body for the securities market in the manner established by regulatory legal acts of the federal executive body for the securities market.
2. The volume, terms and form of reporting are established by the federal executive body for the securities market.
Chapter XIII. Powers of the federal executive body for the securities market. Self-regulatory organizations
Article 55. Rights of the federal executive body for the securities market
1. State regulation of the activities of joint-stock investment funds, management companies of joint-stock investment funds and management companies of mutual investment funds (hereinafter referred to as management companies), specialized depositories and state control over their activities are carried out by the federal executive body for the securities market.
2. The federal executive body for the securities market shall have the right:
regulate the activities of joint-stock investment funds, management companies, specialized depositories, appraisers in accordance with this Federal Law;
establish requirements aimed at preventing conflicts of interest between management companies and specialized depositories;
establish the procedure for submission and reporting forms of joint-stock investment funds, management companies, specialized depositories, appraisers;
establish, together with the federal executive body for financial management of the Russian Federation, the rules for accounting and reporting of joint-stock investment funds, management companies and specialized depositories;
establish qualification requirements for employees of management companies and specialized depositories, as well as requirements for the professional experience of persons performing the functions of the sole executive body of management companies and specialized depositories;
exercise control over the activities of joint-stock investment funds, management companies, specialized depositories;
establish, jointly with the federal executive body in charge of state regulation of auditing, requirements for auditors who have the right to provide audit services to joint-stock investment funds, management companies and specialized depositories;
monitor compliance with this Federal Law, consider complaints from citizens and legal entities related to violations of this Federal Law;
to check the activities of joint-stock investment funds, management companies and specialized depositories;
approve the rules for maintaining the register of owners of investment shares;
to send to a joint-stock investment fund, a management company, a specialized depository, orders to eliminate violations of this Federal Law, regulatory legal acts of the federal executive body for the securities market, and to establish time limits for eliminating such violations;
make decisions on the suspension of the issuance, redemption and exchange of investment units in accordance with this Federal Law;
impose fines on joint stock investment funds, management companies, specialized depositories and agents for the issuance, redemption and exchange of investment shares;
apply to the court with a demand to liquidate legal entities carrying out activities provided for by this Federal Law, without appropriate licenses;
file a claim in court in the interests of shareholders of joint-stock investment funds and holders of investment shares in case of violation of their rights provided for by this Federal Law;
exercise other powers provided for by federal laws and other regulatory legal acts of the Russian Federation.
3. Employees of the federal executive body for the securities market, authorized by the federal executive body for the securities market in accordance with the procedure established by it, for the purpose of fulfilling their official duties, have the right of unimpeded access to the premises of joint-stock investment funds, management companies, specialized depositories, persons carrying out maintaining a register of owners of investment shares, registrars and familiarizing, on the basis of a written request, with the necessary documents and information that are indicated in the submitted request, provided that they do not disclose state, official and commercial secrets.
Joint-stock investment funds, management companies, specialized depositories and registrars shall be obliged to submit to the federal executive body for the securities market documents, other information and give written and oral explanations necessary for the implementation of the activities of the federal executive body for the securities market.
Article 56. Responsibility of the federal executive body for the securities market for the observance of commercial secrets
Information constituting a commercial secret received by the federal executive body for the securities market is not subject to disclosure.
Employees of the federal executive body for the securities market, in the event that they disclose information constituting a commercial secret, shall be liable under the legislation of the Russian Federation, in the manner established by the legislation of the Russian Federation. Losses caused to the organization by such disclosure are subject to compensation in accordance with the civil legislation of the Russian Federation.
Article 57. Self-regulatory organization of management companies
1. A self-regulatory organization of management companies (hereinafter referred to as a self-regulatory organization) is a non-profit organization that has an appropriate permission from the federal executive body for the securities market, based on the membership of management companies.
2. All incomes of a self-regulatory organization are used by it exclusively for the fulfillment of statutory tasks and are not distributed among its members.
The self-regulatory organization establishes the rules and standards for the implementation of activities for the management of joint-stock investment funds and the trust management of mutual investment funds (hereinafter referred to as the rules and standards of the self-regulatory organization), binding on its members.
Article 58. Rights of self-regulatory organizations
A self-regulatory organization has the right to:
receive information on the results of inspections of the activities of its members, carried out in the manner established by the federal executive body for the securities market;
monitor compliance by its members with the established rules and standards of a self-regulatory organization, including the implementation of inspections of their activities;
develop training programs and plans in accordance with the qualification requirements established by the federal executive body for the securities market, and, in agreement with it, train officials and personnel of management companies, determine the qualifications of these persons and issue qualification certificates to them;
take disciplinary measures against members of this self-regulatory organization in accordance with the rules and standards of a self-regulatory organization and impose fines if they violate the rules and standards of a self-regulatory organization;
to send to the federal executive body for the securities market a petition for issuing a license to members of a self-regulatory organization.
Article 59. Requirements for self-regulatory organizations
1. To obtain the status of a self-regulatory organization, an organization created by management companies shall submit an application and other documents to the federal executive body for the securities market in accordance with the requirements of regulatory legal acts of the federal executive body for the securities market.
2. The rules and standards established by the self-regulatory organization and binding on all members of the self-regulatory organization must contain:
requirements for the professional qualifications of personnel;
rules and standards for the implementation of professional activities, criteria for assessing the results of investment activities;
professional ethics standards;
rules of accounting and reporting by members of a self-regulatory organization;
the procedure for calculating the amount of equity capital of members of a self-regulatory organization, taking into account the risks of carrying out activities;
rules for the entry of management companies into a self-regulatory organization and exit or exclusion from it;
procedures for determining the norms of representation in elections to the governing bodies of a self-regulatory organization and participation in the management of a self-regulatory organization;
the procedure for the distribution of costs, payments and fees among the members of the self-regulatory organization;
provisions on the protection of the rights of clients of members of a self-regulatory organization, including the procedure for considering their claims and complaints, as well as the procedure for executing decisions taken as a result of such consideration;
the procedure for consideration by a self-regulatory organization of claims and complaints of members of the organization;
procedures for conducting inspections of compliance by members of a self-regulatory organization with the rules and standards established by a self-regulatory organization, including the procedure for the creation and operation of the control body of a self-regulatory organization and the procedure for familiarizing with the results of inspections carried out by other members of the self-regulatory organization;
the procedure for applying sanctions and other measures in relation to members of a self-regulatory organization, their officials and (or) personnel;
requirements for the provision of information for audits initiated by a self-regulatory organization;
provisions on control over the execution of sanctions and other measures applied to members of a self-regulatory organization, and the procedure for their accounting;
other requirements stipulated by regulatory legal acts of the federal executive body for the securities market.
Article 60. Orders of the federal executive body for the securities market to eliminate violations
The federal executive body for the securities market, in the event of violations of this Federal Law, the legislation of the Russian Federation on securities and regulatory legal acts of the federal executive body for the securities market, by a joint-stock investment fund, a management company, a specialized depository, shall send to the violator a binding order on elimination of violations.
Article 61. Measures applied by the federal executive body for the securities market
1. In the event of a violation by a joint-stock investment fund, a management company, a specialized depository of this Federal Law, the legislation of the Russian Federation on securities, regulatory legal acts of the federal executive body for the securities market, failure to comply with the orders of the federal executive body for the securities market, refusal to the provision of information, the provision of incomplete or inaccurate information, as well as false and misleading information, the federal executive body for the securities market has the right to demand from these persons the elimination of detected violations, to collect a fine in accordance with the procedure established by the legislation of the Russian Federation on administrative offenses.
2. In the event of failure to fulfill, within the time period established by the federal executive body for the securities market, the instructions to eliminate violations, as well as if these violations have created a real threat to the interests of the holders of investment shares, the federal executive body for the securities market shall have the right to suspend the issuance of investment shares. for up to six months.
Chapter XIV. Final provisions
Article 62. Entry into force of this Federal Law
This Federal Law shall enter into force on the day of its official publication.
Article 63. Protection of interests of shareholders of joint-stock investment funds and holders of investment shares
1. Pending the entry into force of the federal law establishing the conditions and procedure for the payment of compensation to citizens for the damage caused to them as a result of non-performance or improper performance by joint-stock investment funds, management companies, specialized depositories, as well as by persons maintaining registers of investment share holders entrusted to them by law or contract of obligations, the procedure for protecting the property rights of citizens established by this article is applied.
2. Losses in terms of real damage caused to citizens - shareholders of joint-stock investment funds, citizens - holders of investment shares, are compensated at the expense of the federal compensation fund (hereinafter - the compensation fund), the creation of which is provided for by the legislation of the Russian Federation on the protection of the rights and legitimate interests of investors on the securities market.
Compensations are paid to citizens to whom property damage has been caused by joint-stock investment funds, management companies, specialized depositories of joint-stock investment funds and mutual investment funds, persons maintaining registers of investment share holders who have appropriate licenses (hereinafter referred to as debtors), as a result of non-performance or improper performance by them the obligations imposed on them, if the debtor's license has been revoked and there is no property sufficient to compensate for real damage, in the cases provided for in paragraph 3 of this article.
3. Compensation is paid in the following cases:
if citizens cannot receive compensation under executive documents due to the impossibility of establishing the address of the debtor, the location of the debtor's property, or to obtain information about the availability of monetary funds and other valuables belonging to him that are on accounts and in deposits or stored in banks or other credit organizations, or due to the lack of property or income from the debtor, on which a claim can be levied, if all the measures allowed by law to find his property or income, taken by the bailiff, were unsuccessful;
if the debtor has not timely complied with the order of the federal executive body for the securities market on compensation for damage caused to citizens in connection with the violation of the procedure for determining the estimated value of investment shares;
if the damage was caused by the actions of the debtor's employees, which contain signs of a criminal offense;
in other cases provided for by regulatory legal acts of the Government of the Russian Federation.
4. The sources of the compensation fund spent on the payment of compensation in accordance with paragraph 2 of this article are determined by the charter of the compensation fund in accordance with the legislation of the Russian Federation.
5. Prior to the payment of compensation, the compensation fund is obliged to publish a message on the payment of compensation, on the procedure for filing claims to the compensation fund by citizens who are entitled to receive compensation, and the deadline for submitting such claims, which cannot be less than two months from the date of publication of such a message.
The maximum amount and procedure for payment of compensation are established by the Government of the Russian Federation.
6. The compensation fund acquires the right to claim the citizen who has received compensation against the debtor in full.
The Compensation Fund has the right to represent and defend the property interests of citizens who applied to the fund in court and in the course of enforcement proceedings, to file claims for the protection of the rights and legitimate interests of an indefinite circle of investors - individuals.
The compensation fund shall be obliged to notify the federal executive body for the securities market about each case of committing offenses by debtors against citizens-investors.
The Compensation Fund has the right to apply to the federal executive body for the securities market to suspend the licenses issued to these persons, to take measures to revoke such licenses, or to take decisions to suspend the issuance, redemption and exchange of investment shares.
Article 64. Transitional Provisions
1. Within three years from the date of entry into force of this Federal Law, joint-stock companies that, as of January 1, 1997, had a license to operate as investment funds, specialized investment privatization funds, accumulating privatization checks of citizens, including those having on the date of entry into By virtue of this Federal Law, a license to carry out the activities of investment funds is entitled, by decision of the general meeting of shareholders, to create unit investment funds out of its property. In this case, by a decision of the general meetings of shareholders, the conditions for the creation of mutual investment funds and the procedure for the acquisition of investment shares of these mutual investment funds by shareholders must be determined. At the same time, all shareholders should be provided with the opportunity to purchase investment shares of all mutual investment funds created from the property of this joint-stock company, in proportion to the number of shares they own.
Payment for investment shares of mutual investment funds created from the property of these joint-stock companies is possible in cash and other property of these joint-stock companies, provided for by the investment declaration of the corresponding mutual investment fund.
For the purposes of creating a mutual investment fund, the management company of a joint-stock investment fund, from the property of which it is created, shall have the right to acquire the investment shares of this mutual investment fund, issued by it, into the property of the joint-stock investment fund for the period specified by the federal executive body for the securities market.
Additional requirements to the procedure for creating unit investment funds from the property of joint-stock companies to those established by this Federal Law are established by regulatory legal acts of the federal executive body for the securities market.
2. Management companies and specialized depositories of mutual investment funds created prior to the entry into force of this Federal Law must bring their constituent and other documents into compliance with this Federal Law within one year from the date of entry into force of this Federal Law.
Joint-stock companies licensed to carry out the activities of investment funds at the time this Federal Law enters into force must bring their activities into compliance with this Federal Law within one year from the date this Federal Law enters into force. This requirement does not apply to joint-stock companies, the decisions of the general meetings of shareholders of which provide for the creation of mutual investment funds from their property and the termination of the activities of investment funds by them.
3. From the date of entry into force of this Federal Law, other federal laws and regulatory legal acts of the Russian Federation, as well as the standard rules of mutual investment funds approved by the federal executive body for the securities market, operate in the part that does not contradict this Federal Law.
4. Propose to the President of the Russian Federation and instruct the Government of the Russian Federation to bring their normative legal acts in line with this Federal Law.
The president
Russian Federation
V. Putin
An investment fund is a type of collective investment. Its definition is given in the Federal Law on Investment Funds.
Federal Law 156 on investment funds defines the regulatory framework on the basis of which investment funds operate.
Unit investment fund - an investment in the future
The law tells about investment funds in great detail.
Structurally, the document consists of fourteen chapters, the main of which for the investor are:
- joint stock investment fund;
- mutual investment fund;
- issue, redemption and exchange of investment units;
- termination of a mutual investment fund;
- the activities of the management company;
- control over the disposal of property owned by a joint stock investment fund, and property constituting a mutual investment fund.
As can be seen from the content, the federal law on investment funds will help to answer any question that may arise. The most important sections are those directly related to the functioning of the funds. An investor should also study the chapter on the powers of the Bank of Russia, since this knowledge will make it possible to understand whether the Central Bank can help in a disputable situation with a mutual fund, if such a thing arises.
The law deals with two types of funds:
- joint stock investment fund;
- mutual investment fund.
It is important to remember that an investor has the right to exchange a share of one investment fund for another.
Advice! Since changes to the legislation in the Russian Federation are made quite often, it is necessary to study the law in the latest version, which is best viewed on a specialized website with the current regulatory framework and immediately before deciding on the purchase of a share.
Joint Stock Investment Fund
In accordance with the Federal Law, a joint-stock investment fund is a joint-stock company, the main purpose of which is investment activities related to the conversion of property into securities, as well as other objects permitted by the legislation of the Russian Federation. An important condition is the requirement to indicate in the name of the fund the phrases "joint-stock investment fund" or "investment fund".
The Federal Law of the Russian Federation on Investment Funds describes in detail the requirements for:
- to the creation of funds;
- placement of shares in investment funds;
- to the organization of the buyback of shares;
- the content of the investment declaration;
- organizing and holding a general meeting of shareholders;
- powers of the board of directors;
- reorganization and liquidation of the fund.
A joint stock investment fund is entitled to place only ordinary registered shares.
Mutual investment fund
In accordance with Article 10, a mutual fund is a separate united property complex, which is in the trust management of a management company. The name of the fund should contain information on the basis of which the investor can understand the composition and structure of his assets. Mutual funds can be open-ended and interval funds, and must consist only of cash.
There are two types of mutual funds:
- open (see);
- closed (see).
It is important to remember that a share of an open-ended mutual fund can be sold or exchanged at any time, while a share of a closed-end fund is subject to exchange at strictly specified periods-intervals.
After reading the law, the investor will be able to find in it the following information about the requirements for mutual funds:
- terms of the mutual fund trust management agreement;
- the term of the trust agreement;
- type of property transferred to the mutual fund;
- the composition of the investment unit;
- features of funds intended for qualified investors;
- requirements for keeping records of the separate property of the mutual fund;
- the responsibility of the management company;
- features of managing mutual funds;
- powers of the general meeting of shareholders;
- rules for registration of mutual funds and amendments to the rules of management.
From the law, an investor can find out his rights arising from the investment of financial resources
Advice! Before deciding to deposit a share in an open-ended or closed (interval) fund, be sure to read the legislation related to this financial instrument. This will save you from unforeseen problems in the future.
Payment of funds upon application for the repayment of a share in accordance with the law must be carried out no later than ten days from the date of submission of the application for repayment. In the event that the fund is interval, the term is increased to one month.
Units can only be redeemed by specialized depositories and companies licensed to carry out this type of activity. It is important to check the availability of a license before purchasing a share, since it is usually sold in the same organization as the purchase.
A specialized organization has the right to stop issuing shares only together with a ban on their purchase and sending a corresponding notification to the Central Bank of the Russian Federation. In this case, the investor receives the value of the share minus the costs of closing the fund, evaluating its property, payments to the depository and the stock exchange, as well as other costs.
Advice! It is necessary to follow the fund's reports, as a significant deterioration in its financial position may lead to its closure and, most likely, the loss of invested funds.
General requirements for investment funds and changes in legislation
Investment funds are managed by a management company. The sale of shares is possible through agents who can issue, exchange and redeem shares at the order of their holders.
Investment funds can have in their assets:
- shares of Russian issuers;
- shares of foreign issuers;
- municipal bonds;
- investment units of other funds;
- mortgage bonds;
- Russian depositary receipts.
Advice! You can find out about the securities included in the share by reading the investment declaration, which is located on the fund's website or in the office of the management company.
The investment fund must provide an annual audit, the information on the results of which must be made publicly available.
The Federal Investment Fund by law obliges to open a website on the Internet, the rights to the domain name of which must belong to the fund. The site should contain all information about the activities of the fund.
The legal framework of investment funds is almost completely formed and allows you to resolve any controversial situation. In the Russian Federation today there are many bylaws that clarify and clarify the regulatory framework, but the main legislative act for unit investment funds is the law on investment funds.
Advice! Make it a rule to review changes in legislation related to existing financial investments. This will allow you to quickly make decisions if investment conditions deteriorate.
During the operation, amendments 156 - FZ were not significant and all adjustments were mainly associated with changes in financial legislation.