General provisions of the exchange's activities
Note 1
Relations that are related to the activities of commodity exchanges and the implementation of exchange trading are regulated by the Law “On the Commodity Exchange and Exchange Trading”, as well as regulatory documents of exchange trading.
A commodity exchange is a legal entity that organizes public trading.
An exchange transaction is a registered exchange agreement that is signed between the parties to the relationship. Registration and execution of transactions is regulated by the exchange. Transactions that were carried out on the exchange, but do not meet the established requirements, are not considered exchange transactions. Exchange transactions cannot be made at the expense of the exchange and on its behalf.
Participants can make transactions:
- transfer of ownership of goods;
- transfer of ownership of goods with a delay in delivery;
- carry out futures transactions;
- other operations that do not contradict the rules of exchange trading.
Organization and procedure for suspending exchange trading
To organize exchange activities, you must obtain a license. The license is issued by the Commodity Exchange Commission. To obtain a license you must submit the following documents:
- application in the prescribed form;
- charter of the commodity exchange;
- memorandum of association;
- certificate of state registration;
- rules for conducting exchange trading;
- list of founders and information about their share.
Rules for exchange trading
The rules must stipulate the following conditions:
- conditions for conducting exchange trading;
- main types of exchange transactions;
- structural composition of the exchange;
- conditions for informing exchange participants about the start of exchange trading;
- conditions for registration and accounting of exchange transactions;
- price formation procedure;
- informing exchange members about exchange trading conditions;
- control over the price formation process;
- a list of violations for which the exchange imposes fines;
- amounts of deductions and fees.
Organization of exchange trading
Participants in exchange trading can be both exchange members and one-time visitors. Non-resident citizens can take part in exchange trading only through their exchange intermediaries.
Exchange transactions are carried out during exchange trading through exchange brokers.
To carry out futures and options transactions, a broker must obtain a license. The broker must keep records of completed exchange transactions for 5 years from the date of the transaction, and also provide the necessary information that will be of interest to the Commodity Exchange Commission.
State regulation of the commodity exchange
Note 2
State regulation of the activities of the exchange is carried out by the Commission on Exchange Activities. In its activities, the Commission is guided by the regulatory documents of the Russian Federation, decrees and resolutions of the Government of the Russian Federation.
Commission functions:
- issues a license to conduct exchange trading;
- carries out control over the issuance of a license to carry out futures and options transactions;
- exercises control over the execution of exchange trading;
- carries out work to study the activities of commodity exchanges;
- is developing methodological support for preparing and conducting exchange trading;
- develops proposals to improve the conduct of exchange trading.
Interference by local governments and other government officials in the activities of the exchange is prohibited.
Local authorities and management bodies whose actions resulted in non-execution of exchange transactions and caused damage to the parties to the transaction are liable in full and compensate for the damage caused. The amount of damage that was caused is reimbursed from your own income.
Article 1
Introduce into the Law of the Russian Federation of February 20, 1992 N 2383-I “On Commodity Exchanges and Exchange Trading” (Gazette of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1992, N 18, Art. 961; 1993, N 22, Art. 790; Collection of Legislation of the Russian Federation, 2004, N 27, Art. 2711; 2006, N 17, Art. 1776; 2009, N 48, Art. 5731; 2011, N 48, Art. 6728) the following changes:
1) Article 6 shall be supplemented with paragraph 4 as follows:
"4. Parties to over-the-counter transactions with exchange-traded goods, including long-term supply contracts, must provide the commodity exchange with information about such transactions in cases, in the manner, in the volume and within the time frame established by the Government of the Russian Federation.";
2) in article 12:
a) in paragraph 1:
in paragraph one, replace the word “issued” with the word “issued”;
the second paragraph is declared invalid;
b) paragraphs 2 - 5 are declared invalid;
3) in part one of Article 23, replace the word “issued” with the word “issued”;
4) in part two of Article 24, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
5) Article 34 should be stated as follows:
"Article 34. Functions of the Bank of Russia in control and supervision of the activities of commodity exchanges, exchange intermediaries and exchange brokers
Bank of Russia:
monitors compliance with the legislation of the Russian Federation on exchanges;
considers complaints from exchange trading participants about abuses and violations of the legislation of the Russian Federation in exchange trading.";
6) in article 35:
a) in the name, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
"The Bank of Russia has the right:";
c) paragraph two is declared invalid;
d) in paragraph six, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
7) in Article 36:
a) in paragraph 1, replace the words “Federal executive body in the field of financial markets” with the words “Bank of Russia”;
b) in paragraph 2, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
c) in paragraph 4:
in paragraph one, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
in paragraph two, replace the words “Federal executive body in the field of financial markets” with the words “Bank of Russia”;
8) in article 37:
a) in paragraph 2:
in paragraph six, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
in paragraph seven, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
b) in paragraph 3, replace the words “by the Government of the Russian Federation on the proposal of the federal executive body in the field of financial markets” with the words “Bank of Russia”;
9) in paragraph 2 of Article 38:
a) the first paragraph after the word “Decisions” is supplemented with the words “Bank of Russia”;
b) in paragraph two, replace the words “Federal authorities” with the words “Bank of Russia, federal authorities”.
Article 2
Subparagraph 1 of paragraph 2 of Article 27 6 of the Federal Law of April 22, 1996 N 39-FZ “On the Securities Market” (Collected Legislation of the Russian Federation, 1996, N 17, Art. 1918; 2002, N 52, Art. 5141; 2005, N 25, Art. 2426; 2006, N 1, Art. 5; 2007, N 1, Art. 45; N 50, Art. 6247; 2010, N 41, Art. 5193; 2011, N 48, Art. 6728; 2012, N 53, Article 7607) shall be stated in the following wording:
"1) registration of a securities prospectus (prospectus for the issue of securities, a privatization plan registered as a prospectus for the issue of securities), admission of exchange-traded bonds or Russian depositary receipts to organized trading with the submission of a prospectus of the specified securities to the stock exchange, or admission of issue-grade securities to organized trading without their inclusion in quotation lists;".
Article 3
Introduce into the Code of the Russian Federation on Administrative Offenses (Collected Legislation of the Russian Federation, 2002, N 1, Art. 1; N 30, Art. 3029; N 44, Art. 4295; 2003, N 27, Art. 2700, 2708, 2717; N 46, Art. 4434; N 50, Art. 4847, 4855; 2004, N 31, Art. 3229; N 34, Art. 3529, 3533; 2005, N 1, Art. 9, 13, 40, 45; N 10, Art. 763; N 13, Art. 1075, 1077; N 19, Art. 1752; N 27, Art. 2719, 2721; N 30, Art. 3104, 3131; N 50, Art. 5247; 2006, N 1, Art. 4, 10; N 2, Art. 172, 175; N 6, Art. 636; N 10, Art. 1067; N 12, Art. 1234; N 17, Art. 1776; N 18, Art. 1907; N 19, Art. 2066; N 23, Art. 2380; N 31, Art. 3420, 3438, 3452; N 45, Art. 4641; N 50, Art. 5279; N 52, Art. 5498; 2007, N 1, Art. 21, 25, 29; N 7, Art. 840; N 16, Art. 1825; N 26, Art. 3089; N 30, Art. 3755; N 31, Art. 4007, 4008, 4015; N 41, Art. 4845; N 43, Art. 5084; N 46, Art. 5553; 2008, N 18, Art. 1941; N 20, Art. 2251; N 30, Art. 3582, 3604; N 49, Art. 5745; N 52, art. 6235, 6236; 2009, N 1, art. 17; N 7, art. 777; N 23, art. 2759, 2767; N 26, art. 3120, 3122, 3131; N 29, Art. 3597, 3642; N 30, art. 3739; N 48, art. 5711, 5724; N 52, art. 6412; 2010, N 1, art. 1; N 18, art. 2145; N 19, art. 2291; N 21, art. 2525; N 23, art. 2790; N 27, art. 3416; N 28, art. 3553; N 30, art. 4002, 4006, 4007; N 31, Art. 4158, 4164, 4193, 4195, 4206, 4207, 4208; N 41, art. 5192, 5193; N 49, Art. 6409; 2011, N 1, art. 10, 23, 54; N 7, art. 901, 905; N 15, art. 2039; N 17, art. 2310; N 19, art. 2714, 2715; N 23, art. 3260; N 27, art. 3873, 3881; N 29, Art. 4290, 4298; N 30, art. 4573, 4585, 4590, 4598, 4600, 4601, 4605; N 46, art. 6406; N 48, art. 6728, 6730; N 49, Art. 7025, 7061; N 50, art. 7342, 7345, 7346, 7351, 7352, 7355, 7362, 7366; 2012, N 6, art. 621; N 10, art. 1166; N 19, art. 2278, 2281; N 24, art. 3068, 3069, 3082; N 29, Art. 3996; N 31, Art. 4320, 4330; N 47, art. 6402, 6403; N 49, art. 6757; N 53, art. 7577, 7602, 7640, 7641; 2013, N 14, art. 1651, 1657, 1666; N 19, art. 2323, 2325; Rossiyskaya Gazeta, 2013, July 2) the following changes:
1) Part 1 of Article 4.5 after the words “on the securities market,” add the words “insurance legislation, legislation”;
2) Article 13.25 shall be supplemented with part 3 as follows:
"3. Failure by the insurer to fulfill the obligation to store documents, the list of which and the requirements for ensuring the safety of which are provided for by insurance legislation, -
shall entail the imposition of an administrative fine on officials in the amount of twenty thousand to thirty thousand rubles; for legal entities - from one hundred thousand to two hundred thousand rubles.";
3) in article 14.24:
a) in paragraph one of part 4, replace the words “by the federal executive body in the field of financial markets” with the words “Bank of Russia”;
b) in paragraph one of part 6, the word “information -” should be replaced with the words “information, as well as failure to provide such information -”;
4) paragraph one of Article 15.18 should be stated as follows:
“The performance by a professional participant of the securities market of operations related to the transfer of rights to issue-grade securities before registering a report on the results of their issue (additional issue) if the registration of such a report is provided for by law and if these actions do not contain a criminal offense -” ;
5) in paragraph one of part 4 of Article 15.19, replace the words “regulatory legal acts of the federal executive body in the field of financial markets” with the words “regulatory acts of the Bank of Russia”;
6) in article 15.29:
a) in paragraph one of part 8, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
b) in paragraph one of part 9, replace the words “federal executive body in the field of financial markets” in the appropriate case with the words “Bank of Russia” in the appropriate case;
7) in paragraph one of part 3 of Article 15.35, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
8) in paragraph one of part 9 of Article 19.5, replace the words “federal executive body in the field of financial markets or its territorial body” with the words “Bank of Russia”;
9) in article 19.7 3:
a) in the title, replace the words “federal executive body in the field of financial markets” with the words “Bank of Russia”;
b) paragraph one should be stated as follows:
“Failure to submit or violation of the procedure or deadlines for submitting reports, notifications and other information to the Bank of Russia provided for by law and (or) necessary for this body (official) to carry out its legal activities, or submitting information incompletely and (or) unreliable information , except for cases when, in accordance with insurance legislation, the Bank of Russia gives an order to eliminate a violation of insurance legislation, if these actions (inaction) do not contain a criminal offense, - ";
10) Part 1 of Article 23.1 after the numbers “14.49” is supplemented with the words “Part 2 of Article 14.51, articles”;
11) articles 23.47, 23.65, 23.72, 23.73 are declared invalid;
12) Article 23.74 shall be stated as follows:
"Article 23.74. Bank of Russia
1. The Bank of Russia considers cases of administrative offenses provided for in Articles 5.53 - 5.55, parts 1 and 3 of Article 13.25, part 1 of Article 14.4 1, articles 14.24, 14.29, 14.30, 15.17 - 15.22, parts 1 - 10 of Article 15.23 1, articles 15. 24 1, 15.26 1, parts 1 - 3 of article 15.27 (within the limits of their powers), articles 15.28 - 15.31, 15.35, part 9 of article 19.5, article 19.7 3 of this Code.
2. The following have the right to consider cases of administrative offenses on behalf of the Bank of Russia:
1) The Chairman of the Central Bank of the Russian Federation, his deputies, the head of the territorial institution of the Central Bank of the Russian Federation, his deputies - about administrative offenses provided for in Part 1 of this article;
2) heads of structural divisions of the Central Bank of the Russian Federation, their deputies, whose competence includes issues in the field of supervision and control in the field of financial markets (except for banking activities), - about administrative offenses provided for in Articles 5.53 - 5.55, parts 1 and 3 of the article 13.25, part 1 of article 14.4 1, articles 14.24, 14.29, 14.30, 15.17 - 15.22, parts 1 - 10 of article 15.23 1, articles 15.24 1, 15.26 1, parts 1 - 3 of article 15.27 (except for administrative offenses, committed by credit institutions, officials of credit institutions, employees of credit institutions specified in Note 2 to Article 15.27), Articles 15.28 - 15.31, 15.35, Part 9 of Article 19.5, Article 19.7 3 of this Code;
3) heads of territorial divisions of the Central Bank of the Russian Federation, whose competence includes issues in the field of supervision and control in the field of financial markets (except for banking activities), - about administrative offenses provided for in Articles 5.53 - 5.55, parts 1 and 3 of Article 13.25, part 1 Article 14.4 1, Articles 14.24, 14.29, 14.30, 15.17 - 15.22, Parts 1 - 10 Article 15.23 1, Articles 15.24 1, 15.26 1, Parts 1 - 3 Article 15.27 (except for administrative offenses committed by credit institutions, officials credit persons organizations, employees of credit institutions specified in Note 2 to Article 15.27), Articles 15.28 - 15.31, 15.35, Part 9 of Article 19.5, Article 19.7 3 of this Code.";
13) Article 23.75 is declared invalid;
14) in part 2 of article 28.3:
a) paragraph 61 is declared invalid;
b) paragraph 81 should be stated as follows:
"81) officials of the Bank of Russia - about administrative offenses provided for in parts 1 - 3 of Article 14.1, Article 14.36, Part 11 of Article 15.23 1, Article 15.26, Article 15.36 (except for administrative offenses committed by a credit organization), Part 1 of Article 19.4, Part 1 of Article 19.5, Articles 19.6, 19.7, 19.20 of this Code;";
c) paragraph 91 is declared invalid;
d) in paragraph 97, replace the words “part 3” with the words “parts 2 and 3”;
15) Part 1 of Article 28.7 after the words “on the securities market and investment funds,” add the words “insurance legislation.”
Article 4
Introduce the following changes to the Federal Law of December 30, 2012 N 294-FZ “On Amendments to Certain Legislative Acts of the Russian Federation” (Collected Legislation of the Russian Federation, 2012, N 53, Art. 7619):
1) paragraph 4 of Article 4 shall be stated as follows:
"4) add Article 15 2 with the following content:
"Article 15 2. Developer civil liability insurance
1. Fulfillment of the developer’s obligations to transfer residential premises to a participant in shared construction under an agreement can be ensured by insurance of civil liability of the developer for failure to fulfill or improper fulfillment of his obligations to transfer residential premises under the contract by:
1) participation of the developer in the company for mutual insurance of civil liability of developers (hereinafter referred to as the mutual insurance company), which has the appropriate license to carry out mutual insurance and was created exclusively for the implementation of this type of insurance;
2) concluding an insurance contract for civil liability of the developer for failure to fulfill or improper fulfillment of obligations to transfer residential premises under the contract (hereinafter referred to as the insurance contract) with an insurance organization licensed to provide this type of insurance in accordance with the legislation of the Russian Federation on insurance and satisfying the following requirements:
a) carrying out insurance activities for at least five years;
b) availability of own funds in the amount of no less than 400 million rubles, including authorized capital in the amount of no less than 120 million rubles;
c) compliance with the financial stability requirements provided for by the legislation of the Russian Federation on insurance for all reporting dates during the last six months;
d) the absence of grounds for applying measures to prevent bankruptcy of an insurance organization in accordance with Federal Law of October 26, 2002 N 127-FZ “On Insolvency (Bankruptcy)”;
e) absence of a decision of the Central Bank of the Russian Federation (Bank of Russia) on the appointment of a temporary administration of the insurance organization;
f) the absence of a decision of the arbitration court to introduce one of the procedures applied in a bankruptcy case against the insurance company, in accordance with Federal Law of October 26, 2002 N 127-FZ “On Insolvency (Bankruptcy)”.
2. The developer, in the manner and on the terms established by this Federal Law, prior to the state registration of the agreement concluded with the first participant in shared construction, at its own expense, carries out civil liability insurance for failure to fulfill or improper fulfillment of its obligations to transfer residential premises under the agreement.
3. If the developer has chosen insurance as a way to ensure the fulfillment of his obligations to transfer residential premises under the contract, he is obliged to bring to the attention of the participants in shared construction the terms of insurance, as well as information about the mutual insurance company or the insurance organization (hereinafter referred to as the insurer) who provide civil liability insurance for the developer.
4. Insurance conditions are determined by the insurance rules adopted or approved by the insurer, taking into account the requirements established by this article.
5. Civil liability insurance of the developer for failure to fulfill or improper fulfillment of his obligations to transfer residential premises under the contract is carried out in favor of the beneficiaries - participants in shared construction, specified in part 6 of this article.
6. Beneficiaries under the insurance contract are citizens or legal entities (with the exception of credit institutions), whose funds were raised in accordance with this Federal Law for the construction (creation) of a shared construction project under an agreement providing for the transfer of residential premises. It is allowed to replace the beneficiary specified in the insurance contract with another person in the event of assignment of the right of claim under the contract with notification of this to the insurer in writing.
7. The object of insurance is the property interests of the developer related to his liability to participants in shared construction in connection with his failure to fulfill or improper fulfillment of his obligations to transfer residential premises under the contract.
8. An insured event is the failure or improper fulfillment by the developer of obligations to transfer residential premises under the contract, confirmed by:
1) a court decision to foreclose on the subject of the pledge in accordance with Article 14 of this Federal Law;
2) the decision of the arbitration court to declare the debtor bankrupt and to open bankruptcy proceedings in accordance with Federal Law of October 26, 2002 N 127-FZ “On Insolvency (Bankruptcy)”, as well as an extract from the register of creditors’ claims on the amount, composition and priority meet requirements.
9. The insurance contract is considered concluded from the date of state registration of the agreement for participation in shared construction and is valid until the deadline stipulated by such agreement for the transfer of residential premises by the developer to the participant in shared construction. In this case, the beneficiary retains the right to receive insurance compensation for an insured event that occurs within two years after the expiration of the period for transferring the residential premises provided for in the agreement for participation in shared construction.
10. The minimum insured amount under an insurance contract, within which, upon the occurrence of an insured event, the insurer will have to provide insurance compensation, is calculated based on the price of the contract and cannot be less than the amount calculated based on the total area of the residential premises to be transferred to the participant in shared construction, and indicator of the average market value of one square meter of total housing area in the constituent entities of the Russian Federation, which is determined by the federal executive body exercising the functions of developing and (or) implementing state policy and legal regulation in the field of construction, and is subject to use for calculating the amount of social payments for all categories of citizens to whom the specified social benefits are provided for the purchase and construction of residential premises at the expense of the federal budget, on the date of conclusion of the insurance contract.
11. The insurance contract may provide for the right of the policyholder to pay the insurance premium in installments in the manner established by the insurance rules. The obligation to pay the insurance premium (part of the insurance premium) is considered fulfilled by the policyholder from the date of receipt of funds in the bank account or cash desk of the insurer.
12. An insurance contract cannot establish a deductible (a portion of losses caused to a participant in shared construction that is not subject to compensation under the insurance contract).
13. The insurance contract must establish the insurer’s obligation to send the bankruptcy trustee information about the amount of insurance compensation paid to the participants in shared construction.
14. The insurer has the right to claim against the developer in the amount of the paid insurance compensation in the event that the developer is held liable in a bankruptcy case in accordance with Article 10 of the Federal Law of October 26, 2002 N 127-FZ “On Insolvency (Bankruptcy)”.
15. Termination or early termination of the insurance contract does not relieve the insurer from the obligation to pay insurance compensation for insured events that occurred during the validity period of the insurance contract. In the event of termination or early termination of the insurance contract, the insurer is obliged to notify the participants in shared construction within seven working days.
16. The specifics of the creation and procedure for the activities of a mutual insurance company provided for in this article are established by Federal Law of November 29, 2007 N 286-FZ “On Mutual Insurance”.";";
2) part 3 of article 7 after the words “articles 4, 12 1, 15 1, 15 2 and” add the words “clause 3 of part 7 of the article”.
Article 5
1. The following shall be declared invalid from the date of official publication of this Federal Law:
1) subparagraph “a” of Article 1 of the Law of the Russian Federation of April 30, 1993 N 4919-I “On Amendments to the Law of the Russian Federation “On Commodity Exchanges and Exchange Trading” (Gazette of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1993 , N 22, Art. 790);
2) paragraphs eighteen - twenty-second of part four of Article 24 10 of the Federal Law of July 29, 1998 N 135-FZ “On Valuation Activities in the Russian Federation” (Collected Legislation of the Russian Federation, 1998, N 31, Art. 3813; 2006, N 31 , article 3456; 2011, N 1, article 43);
3) subparagraphs “b” - “d” of paragraph 5 of Article 1 of the Federal Law of April 15, 2006 N 47-FZ “On Amendments to the Law of the Russian Federation “On Commodity Exchanges and Exchange Trading” and the Code of the Russian Federation on Administrative Offenses” ( Collection of Legislation of the Russian Federation, 2006, No. 17, Article 1776);
4) paragraphs five - nine of paragraph 18 of Article 1 of the Federal Law of December 28, 2010 N 431-FZ "On Amendments to the Federal Law "On Valuation Activities in the Russian Federation" and Article 5 of the Federal Law "On Amendments to the Federal Law "On appraisal activities in the Russian Federation" and certain legislative acts of the Russian Federation" (Collection of Legislation of the Russian Federation, 2011, No. 1, Art. 43).
1) subparagraph "b" of paragraph 3 of Article 4 of the Federal Law of December 30, 2004 N 219-FZ "On amendments to certain legislative acts of the Russian Federation in connection with the adoption of the Federal Law "On Credit Histories" (Collection of Legislation of the Russian Federation, 2005, N 1, Art. 45);
2) paragraphs three - seven of paragraph 2 of the Federal Law of March 21, 2005 N 17-FZ "On Amendments to Article 4 of the Federal Law "On Amendments to Certain Legislative Acts of the Russian Federation in Connection with the Adoption of the Federal Law "On Credit Histories" ( Collection of Legislation of the Russian Federation, 2005, No. 13, Article 1075);
3) paragraph 2 and subparagraph "a" of paragraph 3 of Article 2 of the Federal Law of April 15, 2006 N 47-FZ "On Amendments to the Law of the Russian Federation "On Commodity Exchanges and Exchange Trading" and the Code of the Russian Federation on Administrative Offenses" (Meeting Legislation of the Russian Federation, 2006, No. 17, Article 1776);
4) paragraph 16 and subparagraph "b" of paragraph 17 of Article 1 of the Federal Law of February 9, 2009 N 9-FZ "On Amendments to the Code of the Russian Federation on Administrative Offenses in terms of strengthening administrative liability for violation of the legislation of the Russian Federation on joint stock companies, on limited liability companies, on the securities market and on investment funds and the Federal Law “On the Securities Market” in terms of clarifying the definition and specifying the signs of price manipulation on the securities market” (Collected Legislation of the Russian Federation, 2009, No. 7, Art. 777 );
5) subparagraph “a” of paragraph 4 of Article 9 of the Federal Law of July 19, 2009 N 205-FZ “On Amendments to Certain Legislative Acts of the Russian Federation” (Collected Legislation of the Russian Federation, 2009, N 29, Art. 3642);
6) paragraph 79, paragraphs fifty-six and fifty-seven of subparagraph “a” of paragraph 80 of Article 1 of the Federal Law of December 28, 2009 N 380-FZ “On Amendments to the Code of the Russian Federation on Administrative Offenses” (Collection of Legislation of the Russian Federation, 2010, N 1, art. 1);
7) paragraph 2 of Article 3 of the Federal Law of July 5, 2010 N 153-FZ “On amendments to certain legislative acts of the Russian Federation in connection with the adoption of the Federal Law “On microfinance activities and microfinance organizations” (Collected Legislation of the Russian Federation, 2010, N 28, Art. 3553);
8) paragraph 4, paragraphs two - eleven of paragraph 7 of Article 2 of the Federal Law of July 23, 2010 N 176-FZ "On Amendments to the Federal Law "On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism" and the Code Russian Federation on administrative offenses" (Collection of Legislation of the Russian Federation, 2010, No. 30, Art. 4007);
9) paragraph 8 of Article 24 of the Federal Law of July 27, 2010 N 224-FZ “On combating the misuse of insider information and market manipulation and on introducing amendments to certain legislative acts of the Russian Federation” (Collected Legislation of the Russian Federation, 2010, N 31, Art. .4193);
10) paragraph 7 of Article 28 of the Federal Law of July 1, 2011 N 170-FZ “On technical inspection of vehicles and on amendments to certain legislative acts of the Russian Federation” (Collected Legislation of the Russian Federation, 2011, N 27, Art. 3881);
11) paragraphs 4, 7, 8 and 10 of Article 2 of the Federal Law of November 8, 2011 N 308-FZ “On Amendments to the Federal Law “On Combating the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism” and the Code Russian Federation on administrative offenses" (Collection of Legislation of the Russian Federation, 2011, No. 46, Art. 6406);
12) paragraph 2 of Article 3 of the Federal Law of May 3, 2012 N 47-FZ “On Amendments to the Federal Law “On the Fundamentals of Tourism Activities in the Russian Federation” and certain legislative acts of the Russian Federation” (Collected Legislation of the Russian Federation, 2012, N 19 , Art. 2281).
Article 6
1) The Bank of Russia acts as an interested party in cases of administrative liability brought by officials of the federal executive body in the field of financial markets and its territorial bodies, when challenging the actions of officials of the federal executive body in the field of financial markets and its territorial bodies related to bringing to administrative responsibility, when challenging resolutions and decisions of the federal executive body in the field of financial markets and its territorial bodies on bringing the perpetrators to administrative responsibility;
2) The Bank of Russia considers cases of administrative offenses that were initiated before September 1, 2013 by authorized officials of the Federal Service for Financial Markets or its territorial bodies and based on the results of the consideration of which no decisions have been made since the date of completion of consideration of these cases by the Federal Service for Financial Markets.
2. Resolutions in cases of administrative offenses made by officials of the Federal Service for Financial Markets or its territorial bodies, after September 1, 2013, can be appealed to the Bank of Russia in accordance with paragraph 3 of part 1 of Article 30.1 of the Code of the Russian Federation on Administrative Offenses.
3. Judges (magistrates) consider cases of administrative offenses within the competence established by the Code of the Russian Federation on Administrative Offences, for which, as of September 1, 2013, authorized officials of the Federal Service for Financial Markets or its territorial bodies drew up protocols, rulings on initiation cases of administrative offenses, if the consideration of such cases has not been completed by the specified date.
4. From September 1, 2013, the Bank of Russia initiates cases of administrative offenses for failure to pay within the time limit established by the Code of the Russian Federation on Administrative Offenses, an administrative fine imposed in cases of administrative offenses initiated by the Federal Service for Financial Markets or its territorial bodies.
Article 7
1. This Federal Law comes into force on the date of its official publication, with the exception of provisions for which this article establishes a different date for their entry into force.
2. Article 3, part 2 of article 5, article 6 of this Federal Law come into force on September 1, 2013.
President of Russian Federation
Inactive
| Document's name: | |
| Document Number: | 2383-1 |
| Document type: | Law of the Russian Federation |
| Receiving authority: | Supreme Council of the Russian Federation |
| Status: | Inactive |
| Published: | |
| Acceptance date: | February 20, 1992 |
| Start date: | 01 March 1992 |
| Expiration date: | January 01, 2014 |
| Revision date: | July 23, 2013 |
About commodity exchanges and exchange trading
RUSSIAN FEDERATION
About commodity exchanges and exchange trading *O)
(as amended as of July 23, 2013)
Lost force on January 1, 2014 on the basis
Federal Law of November 21, 2011 N 327-FZ
____________________________________________________________________
____________________________________________________________________
Document with changes made:
(Russian newspaper N 197, 04.09.92);
(Russian newspaper N 100, 05.27.93);
(Russian newspaper N 119, 06.22.95);
(Rossiyskaya Gazeta, No. 53, 03/26/2002) (came into force on July 1, 2002);
(Rossiyskaya Gazeta, N 138, 07/01/2004);
Federal Law of December 26, 2005 N 189-FZ (Rossiyskaya Gazeta, N 294, 12/29/2005 (beginning), Rossiyskaya Gazeta, N 296, 12/30/2005 (end)) (came into force on January 1, 2006);
(Parliamentary newspaper, N 61, 04/20/2006);
Federal Law of July 17, 2009 N 164-FZ (Rossiyskaya Gazeta, N 134, 07/23/2009) (for the procedure for entry into force, see);
(Rossiyskaya Gazeta, No. 227, November 30, 2009) (for the procedure for entry into force, see);
(Rossiyskaya Gazeta, No. 168, 07/30/2010) (for the procedure for entry into force, see);
Federal Law of July 19, 2011 N 248-FZ (Rossiyskaya Gazeta, N 159, 07/22/2011) (for the procedure for entry into force, see);
(Official Internet portal of legal information www.pravo.gov.ru, 07/24/2013).
____________________________________________________________________
This Law is aimed at regulating relations regarding the creation and operation of commodity exchanges, exchange trading and providing legal guarantees for activities on commodity exchanges.
Section I. General provisions (Articles 1 - 10)
Article 1. Legislation on commodity exchanges and exchange trading
Relations related to the activities of commodity exchanges (their branches and other separate divisions) and exchange trading are regulated by this Law and other acts of legislation of the Russian Federation, as well as the constituent documents of exchanges, rules of exchange trading and other internal documents of exchanges adopted in accordance with the law.
Relations related to the activities of labor exchanges, stock and currency exchanges, as well as stock and currency sections (departments, branches) of commodity, commodity-stock and universal exchanges are not regulated by this Law. *1.2)
Article 2. Concept of a commodity exchange
1. For the purposes of this Law, a commodity exchange is understood as an organization with the rights of a legal entity that forms a wholesale market by organizing and regulating exchange trading, carried out in the form of open public trading, held in a predetermined place and at a certain time according to the rules established by it.
2. A commodity exchange may have branches and other separate divisions established in accordance with the law.
A commodity exchange is also referred to as an “exchange” in the following text.
Article 3. Scope of activity of the commodity exchange
1. The exchange has the right to carry out activities directly related to the organization and regulation of exchange trading, with the exception of the activities provided for in paragraphs 2 and 3 of this article.
2. The exchange cannot carry out trading, trade-intermediary and other activities not directly related to the organization of exchange trading. This restriction does not apply to legal entities and individuals who are members of the exchange.
3. The Exchange does not have the right to make deposits, acquire shares (shares), shares of organizations if these organizations do not aim to carry out the activities provided for in paragraph 1 of this article by Federal Law of April 15, 2006 N 47-FZ.
Article 4. Exchange unions, associations and other associations
1. Exchanges may create unions, associations and other associations to coordinate their activities, protect the interests of their members and implement joint programs, including organizing joint trading. *4.1)
2. The creation of exchange unions, associations and other associations is prohibited if their formation contradicts the requirements of the antimonopoly legislation of the Russian Federation and this Law, and agreements and actions of exchanges aimed at or entailing the elimination or restriction of competition in exchange trading are invalid. *4.2)
Article 5. Restriction on the use of the words “exchange” and “commodity exchange” in the names of organizations
Federal Law of April 15, 2006 N 47-FZ
Organizations that do not meet the requirements established by Articles 2 and 3 of this Law, as well as their branches and other separate divisions, do not have the right to organize exchange trading, use the words “exchange” or “commodity exchange” in their name (article as amended, introduced in effective from July 1, 2002 by Federal Law of March 21, 2002 N 31-FZ Federal Law of April 15, 2006 N 47-FZ.
Article 6. Exchange goods
1. For the purposes of this Law, an exchange commodity is understood as a commodity of a certain type and quality that has not been withdrawn from circulation and is admitted in the prescribed manner by the exchange to exchange trading (clause as amended, entered into force on January 1, 2010 by Federal Law of November 25, 2009 N 281 -FZ *6.1)
2. Exchange goods cannot be real estate and intellectual property. *6.2)
3. In cases and in the manner established by the Government of the Russian Federation, the commodity exchange registers over-the-counter transactions with exchange-traded goods, including long-term supply contracts, maintains a register of these transactions and ensures the provision of information from the relevant register (item additionally included from January 1, 2010 Federal Law of November 25, 2009 N 281-FZ).*6.3)
4. Parties to over-the-counter transactions with exchange-traded goods, including long-term supply contracts, must provide the commodity exchange with information about such transactions in the cases, in the manner, in the volume and within the time frame established by the Government of the Russian Federation.
(The paragraph was additionally included on July 24, 2013 by Federal Law of July 23, 2013 N 249-FZ)
Article 7. Exchange transaction
1. An exchange transaction is a contract (agreement) registered by an exchange, concluded by exchange trading participants in relation to an exchange commodity during exchange trading. The procedure for registration and execution of exchange transactions is established by the exchange.
2. Transactions made on the exchange, but not meeting the requirements provided for in paragraph 1 of this article, are not exchange transactions. Exchange guarantees do not apply to such transactions.
The exchange has the right to apply sanctions to participants in exchange trading who make non-exchange transactions on this exchange.
3. Exchange transactions cannot be made on behalf and at the expense of the exchange.
Article 8. Types of exchange transactions
1. During exchange trading organized by a commodity exchange, transactions for the purchase and sale of exchange-traded goods can be made, as well as contracts that are derivative financial instruments, the underlying asset of which is the exchange-traded commodity, can be concluded.
2. The provisions of Article 51_4 of the Federal Law of April 22, 1996 No. 39-FZ “On the Securities Market” apply to contracts that are derivative financial instruments concluded at exchange trading, unless this contradicts the essence of the relations arising from such contracts.
(Article as amended, put into effect on January 1, 2010 by Federal Law of November 25, 2009 N 281-FZ. - See previous edition)
Article 9. Exchange intermediation on commodity exchanges
1. Exchange trading is carried out by:
carrying out exchange transactions by an exchange intermediary on behalf of the client and at his expense, on behalf of the client and at his own expense, or on his own behalf and at the expense of the client (brokerage activities);
carrying out exchange transactions by an exchange intermediary on his own behalf and at his own expense for the purpose of subsequent resale on the exchange (dealer activity).
2. Exchange intermediation in exchange trading is carried out exclusively by exchange intermediaries.
Article 10. Exchange intermediaries
1. For the purposes of this Law, exchange intermediaries mean brokerage firms, brokerage houses and independent brokers.
2. A brokerage firm is an organization created in accordance with the legislation of the Russian Federation (clause as amended, put into effect on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ. *10.2)
3. For the purposes of this Law, a brokerage office is a branch or other separate division of an organization that has a separate balance sheet and current account (clause as amended by Federal Law of April 15, 2006 N 47-FZ. *10.3)
4. An independent broker is an individual registered in the prescribed manner as an entrepreneur carrying out his activities without forming a legal entity. *10.4)
Section II. Establishment, organization and procedure for terminating the activities of a commodity exchange (Articles 11 - 18)
Article 11. Establishment of a commodity exchange
1. An exchange may be established by legal entities and (or) individuals and is subject to state registration in the prescribed manner. *11.1)
2. The following cannot participate in the establishment of the exchange:
state bodies and local governments Federal Law of April 15, 2006 N 47-FZ;
banks and credit institutions that have received a license to carry out banking operations in accordance with the established procedure;
insurance and investment companies and funds;
individuals who, by force of law, cannot carry out entrepreneurial activities. *11.2.6)
3. The share of each founder or member of the exchange in its authorized capital cannot exceed ten percent.
Article 12. License to organize exchange trading
1. Exchange trading can be carried out on exchanges only on the basis of a license issued in accordance with the established procedure by the federal executive body in the field of financial markets. *12.1.1)
(Paragraph as amended by Federal Law of June 29, 2004 No. 58-FZ; as amended by Federal Law of April 15, 2006 No. 47-FZ; as amended by Federal Law of April 15, 2006 No. 47-FZ July 23, 2013 N 249-FZ.
The paragraph has become invalid since July 24, 2013 - ..
2-5. The clauses have lost force since July 24, 2013 - Federal Law of July 23, 2013 N 249-FZ ..
Article 13. Liquidation of a commodity exchange
Liquidation of the exchange can be carried out by decision of the supreme management body of the exchange, as well as by a court or arbitration court in the manner and under the conditions provided for by the legislative acts of the Russian Federation.
Article 14. Members of the Commodity Exchange
1. For the purposes of this Law, members of the exchange may be legal entities or individuals (except for those listed in paragraph 2 of this article) who participate in the formation of the authorized capital of the exchange or make membership or other targeted contributions to the property of the exchange and have become members of the exchange in the manner prescribed its constituent documents.
2. Members of a commodity exchange cannot be:
employees of this or any other commodity exchange;
organizations, if their heads (deputies of their heads or heads of their branches and other separate divisions) are employees of this exchange (paragraph as amended, put into effect on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ;
Federal Law of April 15, 2006 N 47-FZ;
banks and credit institutions that have received a license to carry out banking operations in accordance with the established procedure, insurance and investment companies and funds. In this case, these institutions may be members of stock and currency sections (departments, branches) of commodity exchanges;
public, religious and charitable associations (organizations) and foundations;
individuals who, by force of law, cannot carry out entrepreneurial activities.
the paragraph was deleted from January 1, 2010 by Federal Law of November 25, 2009 N 281-FZ.
2_1. Members of a commodity exchange who occupy a dominant position in the market for a certain product and sell exchange-traded goods on this exchange, as well as their authorized representatives, do not have the right to participate in decision-making at general meetings of exchange members and other exchange management bodies on the approval of exchange trading rules and other documents regulating the procedure for exchange trading of this product (the clause was additionally included from January 1, 2010 by Federal Law of November 25, 2009 N 281-FZ).
3. Membership on the exchange gives the right:
participate in exchange trading in accordance with this Law;
participate in decision-making at general meetings of exchange members, as well as in the work of other exchange management bodies - in accordance with the provisions established in the constituent documents and other rules in force on the exchange;
receive dividends, if they are provided for by the constituent documents of the exchange, and other rights provided for by the constituent documents of the exchange.
4. Membership on the exchange arises in the manner and under the conditions established by the constituent documents of the exchange, and is confirmed by the appropriate certificate issued by the exchange.
5. The procedure for termination of membership, as well as full or partial assignment of the rights of an exchange member, is determined by the exchange taking into account the requirements provided for in paragraphs 6 and 7 of this article.
6. Assignment of the right to participate in exchange trading without transfer or sale of certificates (titles) of ownership of a share of the authorized capital and rights to participate in the management of the exchange is not permitted, except for the cases provided for by this Law.
7. For the purposes of this Law, exchange members have the right to lease (assign for a period specified in the agreement) their right to participate in exchange trading to only one legal entity or individual. The agreement is subject to registration on the stock exchange. Sublease (assignment) of rights to participate in exchange trading is not permitted.
8. The exchange’s refusal to approve membership, as well as its decision to expel an exchange member or suspend membership on grounds not provided for by the exchange’s charter, can be appealed to the court.
9. Members of the exchange who are the founders of the exchange may have special rights and obligations on the exchange outside the scope of exchange trading, provided that these rights and obligations are defined in the charter of the exchange and do not violate the equality of rights of the founders and other members of the exchange in exchange trading. These rights are granted to the founders for no more than three years from the date of state registration of the exchange.
Article 15. Categories of commodity exchange members
The exchange may have the following categories of exchange members:
full members - with the right to participate in exchange trading in all sections (divisions, branches) of the exchange and the number of votes determined by the constituent documents of the exchange at the general meeting of members of the exchange and at general meetings of members of sections (divisions, branches) of the exchange;
partial members - with the right to participate in exchange trading in the relevant section (division, division) and the number of votes determined by the constituent documents of the exchange at the general meeting of exchange members and the general meeting of members of the section (division, division) of the exchange.
Article 16. General meeting of members of the commodity exchange
1. The general meeting of exchange members is the supreme management body of the exchange.
2. The general meeting of exchange members ensures the implementation of all rights and obligations of the exchange and its members.
Article 17. Charter of the Commodity Exchange
The charter of the exchange must define:
management structure and control bodies of the exchange, their functions and powers, decision-making procedure;
size of the authorized capital;
list and procedure for the formation of permanent funds;
maximum number of exchange members;
procedure for admission to exchange membership, suspension and termination of membership;
rights and obligations of exchange members and other participants in exchange trading;
the procedure for resolving disputes between exchange trading participants regarding exchange transactions, the activities of the exchange, its branches and other separate divisions.
Article 18. Exchange trading rules
The rules of exchange trading must define:
procedure for conducting exchange trading;
types of exchange transactions;
names of product sections;
list of the main structural divisions of the exchange;
the procedure for informing exchange trading participants about upcoming exchange trading;
procedure for registration and accounting of exchange transactions;
procedure for quoting prices of exchange goods;
the procedure for informing exchange trading participants about exchange transactions at previous exchange trading, including the prices of exchange transactions and the quotation of exchange prices;
the procedure for informing exchange members and other participants in exchange trading about commodity markets and market conditions for exchange-traded goods;
the procedure for mutual settlements between exchange members and other participants in exchange trading when concluding exchange transactions;
the paragraph was additionally included on June 22, 1995 by Federal Law of June 19, 1995 N 89-FZ, repealed from October 21, 2011 - Federal Law of July 19, 2011 N 248-FZ;
measures to control the pricing process on the stock exchange in order to prevent sharp daily increases or decreases in price levels, artificially inflating or decreasing prices, collusion or the spread of false rumors in order to influence prices;
measures to ensure order and discipline at exchange trading, as well as the procedure and conditions for the application of these measures;
measures to ensure compliance by exchange members and other participants in exchange trading with decisions of government bodies on issues related to the activities of exchanges, constituent documents of the exchange, rules of exchange trading, decisions of the general meeting of exchange members and other exchange management bodies (paragraph as amended, entered into force on 1 May 2006 Federal Law of April 15, 2006 N 47-FZ;
a list of violations for which the exchange collects fines from exchange trading participants, as well as the amount of fines and the procedure for their collection;
the amount of deductions, fees, tariffs and other payments and the procedure for collecting them by the exchange.
Section III. Organization of exchange trading and its participants (Articles 19 - 32)
Article 19. Exchange trading participants
1. Participants in exchange trading for the purposes of this Law are members of the exchange, regular and one-time visitors.
2. Visitors to exchange trading participate in exchange trading, taking into account the restrictions provided for in Article 21 of this Law.
3. Foreign legal entities and individuals who are not members of exchanges may participate in exchange trading exclusively through exchange intermediaries.
Article 20. Participation of commodity exchange members in exchange trading
1. Members of the exchange, which are brokerage firms or independent brokers, carry out exchange trading directly on their own behalf and at their own expense, or on behalf of the client and at his expense, or on their own behalf at the expense of the client, or on behalf of the client at their own expense.
2. Exchange members who are not brokerage firms or independent brokers participate in exchange trading:
directly on your own behalf - only when trading real goods, exclusively at your own expense, without the right to exchange intermediation;
through brokerage houses organized by them;
on a contractual basis with brokerage firms, brokerage houses and independent brokers operating on this exchange.
Article 21. Visitors to exchange trading
1. For the purposes of this Law, visitors to exchange trading are understood as legal entities and individuals who are not members of the exchange and who, in accordance with the constituent documents of the exchange, have the right to carry out exchange transactions. Visitors to exchange trading can be regular or one-time.
2. Regular visitors who are brokerage firms, brokerage houses or independent brokers have the right to carry out exchange intermediation in the manner and under the conditions established by this Law for exchange members, taking into account the features provided for in paragraphs 3 and 4 of this article.
3. Regular visitors do not participate in the formation of the authorized capital and management of the exchange.
Regular visitors use the services of the exchange and are required to pay a fee for the right to participate in exchange trading in the amount determined by the relevant management body of the exchange.
Granting a permanent visitor the right to participate in exchange trading for a period of more than three years is not permitted.
4. The clause became invalid on January 1, 2010 - Federal Law of November 25, 2009 N 281-FZ ..
5. One-time visitors to exchange trading have the right to make transactions only for real goods, on their own behalf and at their own expense.
Article 22. Stock brokers
Exchange transactions are carried out during exchange trading through stock brokers.
Stock brokers are employees or representatives of organizations - members of the exchange and exchange intermediaries, as well as independent brokers, Federal Law No. 47-FZ of April 15, 2006.
Article 23. Licensing of exchange intermediaries, stock brokers
The conclusion of contracts in exchange trading that are derivative financial instruments, the underlying asset of which is a commodity, is carried out by exchange intermediaries and stock brokers on the basis of licenses issued by the federal executive body in the field of financial markets.
(Part as amended by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of November 25, 2009 N 281-FZ; as amended by Federal Law of November 25, 2009 N 281-FZ; as amended by , put into effect on July 24, 2013 by Federal Law of July 23, 2013 N 249-FZ.
The regulation on licensing the activities of exchange intermediaries and stock brokers entering into exchange trading contracts that are derivative financial instruments, the underlying asset of which is an exchange commodity, is approved by the Government of the Russian Federation (as amended, entered into force on January 1, 2010 by the Federal Law of November 25 2009 N 281-FZ. *23.2)
Part became invalid on May 1, 2006 - ..
Article 24. Accounting of exchange transactions by exchange intermediaries
Brokerage firms, brokerage houses and independent brokers are required to keep records of stock exchange transactions made in exchange trading for each client and store information about these transactions for five years from the date of the transaction.
Brokerage firms, brokerage houses and independent brokers are required to provide the specified information upon request of the Bank of Russia.
(Part as amended by Federal Law of April 15, 2006 No. 47-FZ; as amended by Federal Law of July 23, 2013 No. 249-FZ.
Article 25. Relations between exchange intermediaries and their clients
1. Relations between exchange intermediaries and their clients are determined on the basis of the relevant agreement. *25.1)
2. The exchange, within the limits of its powers, may regulate the relationship between exchange intermediaries and their clients, apply sanctions in the prescribed manner to exchange intermediaries who violate the rules established by it for the relationship of exchange intermediaries with their clients.
3. Exchange intermediaries have the right to demand from their clients the payment of guarantee contributions to their current accounts opened in settlement institutions (clearing centers), as well as the right to dispose of them on behalf of the exchange intermediary in accordance with the instructions given to him.
Article 26. Brokerage guilds and their associations
1. Exchange intermediaries and stock brokers have the right to create brokerage guilds, in particular at stock exchanges. Brokerage guilds can form associations.
2. Brokerage guilds and their associations are created in the manner and under the conditions established by law for public associations (organizations). *26.2)
Article 27. Commodity examination at the commodity exchange
The exchange, at the request of a participant in exchange trading, is obliged to organize an examination of the quality of real goods sold through exchange trading. *27)
Article 28. Guarantees in exchange trading when concluding contracts that are derivative financial instruments
(name of the article as amended, put into effect on January 1, 2010 by Federal Law of November 25, 2009 N 281-FZ
1. In order to ensure the execution of contracts concluded on it, which are derivative financial instruments, the exchange is obliged to organize settlement services by creating settlement institutions (clearing centers) created in the prescribed manner, or concluding an agreement with a bank or credit institution on organizing settlement (clearing) services (clause as amended, put into effect on January 1, 2010 by Federal Law of November 25, 2009 N 281-FZ.
2. Clearing centers can be created as organizations of exchange intermediaries independent from the exchange.
3. Clearing centers have the right:
establish the types, amounts and procedure for collecting contributions guaranteeing the execution of contracts that are derivative financial instruments and compensation for damage resulting from complete or partial failure to fulfill obligations under these contracts, as well as determine other financial obligations of the participants in these contracts (paragraph as amended by effective from January 1, 2010 by Federal Law of November 25, 2009 N 281-FZ;
carry out, in the prescribed manner, lending and insurance of participants in contracts that are derivative financial instruments, to the extent necessary to guarantee these contracts, as well as compensation for damage in case of non-fulfillment (paragraph as amended, entered into force on January 1, 2010 by the Federal Law of November 25 2009 N 281-FZ.
Article 29. Guarantees of free prices in exchange trading
1. The Exchange has the right to independently and freely establish:
deductions to the exchange from commissions received by exchange intermediaries as remuneration for intermediary operations on the exchange;
fees, tariffs and other payments levied in favor of the exchange from its members and other participants in exchange trading for services provided by the exchange and its divisions;
fines levied for violation of the exchange charter, exchange trading rules and other rules established by the internal documents of the exchange.
2. The Exchange is prohibited from establishing:
levels and limits of prices for exchange goods in exchange trading;
the amount of remuneration charged by exchange intermediaries for intermediation in exchange transactions.
Article 30. Resolution of disputes on the commodity exchange
1. Disputes related to the conclusion of exchange transactions are considered in the exchange arbitration commission, in court, in arbitration court.
2. The Exchange Arbitration Commission is created as a body that carries out reconciliation of the parties or performs other functions of the arbitration court.
3. The provisions on the exchange arbitration commission and the procedure for considering disputes are approved by the exchange in accordance with the law.
4. The clause was excluded from September 15, 1992 by the Law of the Russian Federation of June 24, 1992 N 3119-1..
Article 31. Foreign economic activity of commodity exchanges
1. The exchange has the right to enter into cooperation agreements on its behalf with foreign legal entities and individuals within the limits of the rights granted to it by this Law and other acts of legislation, including entering into agreements on the import of goods intended for the implementation of the activities of the exchange in accordance with Article 2 of this Law, without the right to put these goods up for exchange trading.
The exchange does not have the right to import goods intended for exhibiting at exchange trading or for use for purposes not provided for in this article.
2. Export and import of goods intended for auctioning on exchanges is carried out by exchange intermediaries or their clients in the manner established by law and this Law.
Article 32. Commodity Exchange Employees
1. Employees of a commodity exchange are individuals participating in its activities on the basis of an employment agreement in the form of a contract.
The working conditions of exchange employees are regulated by an employment agreement in the form of a contract in accordance with this Law and other legislative acts.
2. Exchange employees are prohibited from participating in exchange transactions and creating their own brokerage firms, as well as using insider information in their own interests (clause as amended by Federal Law of July 27, 2010 N 224-FZ.
Section IV. State regulation of the activities of commodity exchanges (Articles 33 - 38)
Article 33. Commodity Exchange Commission
Article 34. Functions of the Bank of Russia in control and supervision of the activities of commodity exchanges, exchange intermediaries and exchange brokers
Bank of Russia:
monitors compliance with the legislation of the Russian Federation on exchanges;
considers complaints from exchange trading participants about abuses and violations of the legislation of the Russian Federation in exchange trading."
(Article as amended, put into effect on July 24, 2013 by Federal Law of July 23, 2013 N 249-FZ.
Article 35. Powers of the Bank of Russia to control and supervise the activities of commodity exchanges, exchange intermediaries and exchange brokers
(name as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
The Bank of Russia has the right:
(Paragraph as amended, put into effect on July 24, 2013 by Federal Law of July 23, 2013 N 249-FZ.
the paragraph became invalid on July 24, 2013 - Federal Law of July 23, 2013 N 249-FZ;
cancel the license issued to the exchange or suspend its validity if the exchange violates the law;
send to the exchange a binding order to cancel or amend the provisions of the constituent documents, exchange trading rules, decisions of the general meeting of exchange members and other management bodies of the exchange, or to terminate its activities that are contrary to the law;
send the exchange intermediary a binding order to cease activities that are contrary to the law;
apply appropriate sanctions to the exchange or exchange intermediary in case of violation of the law, failure to comply or untimely execution of the instructions of the Bank of Russia;
(Paragraph as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
appoint a state commissioner to the stock exchange;
organize, in agreement with the financial control authorities of the Russian Federation, audits of the activities of exchanges and exchange intermediaries;
require exchanges, settlement institutions (clearing centers) and exchange intermediaries to submit accounting documentation;
send materials to a court or arbitration court to apply sanctions provided for by law to exchanges and their members who have violated the law, and if signs of a crime are detected, transfer materials to the relevant law enforcement agencies.
Article 36. Sanctions for violation of this law
1. The Bank of Russia has the right to apply a sanction to the exchange in the form of suspension of the license issued to the exchange for a period of up to three months in case of violation of the provisions provided for in paragraphs 2, 3 of Article 3; paragraph 2 of article 4; paragraph 3 of article 7; paragraph 3 of article 11; paragraphs 2 (paragraphs three, four and five) and 7 of Article 14; paragraph 2 (first paragraph) of Article 20; paragraph 1 of Article 28; paragraph 2 of Article 29; paragraph 1 of Article 31 of this Law.
(Clause as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
2. If the exchange continues to violate the provisions of this Law listed in paragraph 1 of this article, the Bank of Russia has the right to cancel the license issued to the exchange to organize exchange trading.
(Clause as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
3. The clause has lost force since May 1, 2006 - Federal Law of April 15, 2006 N 47-FZ ..
4. Data received by the Bank of Russia, its officials and employees from the exchange and (or) exchange broker, exchange intermediary and other participants in exchange trading are considered confidential and not subject to disclosure without the consent of the latter.
(Paragraph as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
The Bank of Russia, its officials and employees are prohibited from disclosing information about commodity exchanges and (or) exchange brokers, exchange intermediaries and other participants in exchange trading that contain their trade secrets. *36.4.2)
(Paragraph as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
5. The clause has lost force since May 1, 2006 - Federal Law of April 15, 2006 N 47-FZ ..
6. The clause has lost force since May 1, 2006 - Federal Law of April 15, 2006 N 47-FZ ..
Article 37. State Commissioner at the Commodity Exchange
1. The state commissioner at the exchange exercises direct control over compliance by the exchange and exchange intermediaries with the legislation.
2. The state commissioner at the stock exchange has the right:
attend exchange trading;
participate in general meetings of exchange members and in general meetings of members of sections (divisions, departments) of the exchange with the right of advisory vote;
get acquainted with information about the activities of the exchange, including all minutes of meetings of the exchange’s governing bodies and their decisions, including those of a confidential nature;
make proposals and make representations to the management of the exchange;
make proposals to the Bank of Russia;
(Paragraph as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
exercise control over the implementation of decisions of the Bank of Russia.
(Paragraph as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
3. The rights and obligations of the state commissioner are determined by this Law and the regulations on the state commissioner, approved by the Bank of Russia. *37.3)
(Clause as amended, entered into force on May 27, 1993 by Federal Law of April 30, 1993 N 4919-1; as amended by Federal Law of April 15, 2006 N 47-FZ; as amended , put into effect on July 24, 2013 by Federal Law of July 23, 2013 N 249-FZ.
4. The State Commissioner does not have the right to make independent decisions that are binding.
Article 38. Guarantee of self-government of commodity exchanges
1. Intervention of state bodies, except for cases of violation of this Law and other acts of legislation, and local government bodies in the activities of exchanges is not allowed (clause as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ .
2. Decisions of the Bank of Russia, federal executive authorities, executive authorities of constituent entities of the Russian Federation and local governments, resulting in non-fulfillment and (or) damage to the parties to exchange transactions, are recognized as illegal in court. *38.2.1)
(Paragraph as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
The Bank of Russia, federal executive authorities, executive authorities of constituent entities of the Russian Federation, local self-government bodies, as well as their officials, whose actions resulted in non-execution of exchange transactions and (or) damage to the parties to the transaction, bear full responsibility and compensate for the damage caused. in full, including lost profits. Damage is compensated from the appropriate budgets.
(Paragraph as amended, entered into force on May 1, 2006 by Federal Law of April 15, 2006 N 47-FZ; as amended by Federal Law of July 23, 2013 N 249-FZ.
The president
Russian Federation
B. Yeltsin
The text of the resolution of the Supreme Council of the Russian Federation dated February 20, 1992 N 2384-1 “On the implementation of the Law of the Russian Federation “On Commodity Exchanges and Exchange Trading”, see the link.
Revision of the document taking into account
changes and additions prepared
CJSC "Kodeks"
On commodity exchanges and exchange trading (as amended on July 23, 2013) (repealed from January 1, 2014 on the basis of Federal Law dated November 21, 2011 N 327-FZ)
| Document's name: | On commodity exchanges and exchange trading (as amended on July 23, 2013) (repealed from January 1, 2014 on the basis of Federal Law dated November 21, 2011 N 327-FZ) |
| Document Number: | 2383-1 |
| Document type: | Law of the Russian Federation |
| Receiving authority: | Supreme Council of the Russian Federation |
| Status: | Inactive |
| Published: | Russian newspaper, N 103, 05/06/92 Gazette of the Congress of the ND of the Russian Federation and the Armed Forces of the Russian Federation, N 18, 05/07/1992, art. 961 |
| Acceptance date: | February 20, 1992 |
| Start date: | 01 March 1992 |
| Expiration date: | January 01, 2014 |
| Revision date: | July 23, 2013 |
Hello readers! Today's topic is a short excursion into legislation to better understand the mechanisms of trade.
The Law “On Commodity Exchanges and Exchange Trading” No. 2383-1 was adopted on February 20, 1992. The legislation, internal regulations, and rules of trading platforms establish the operating procedure and trading conditions for exchange resources. The document is not related to the functioning of currency, universal, stock exchanges and human resource exchanges.
The work of stock departments on the commodity exchange is regulated by document on securities No. 78 dated December 28, 1991, approved by the Government of the RSFSR. Changes and norms were added to it from 1993 to 2006.
With the collapse of the USSR and the disruption of economic ties, the need arose to sell products. Exchanges began to be created to sell goods at market prices. Their creation occurred spontaneously. The real exchange of goods for goods - barter - was often used.
Before the adoption of legal status, the functioning of such commercial establishments was generally regulated by by-laws. Before the Federal Law, there was a temporary document on the work of commodity exchanges No. 161 in the RSFSR. The act indicated the need to create commodity platforms (it contained 38 points). The document included a definition and work regulations.
According to the Federal Law, the trading platform acquired the status of a legal entity. The main goal was the creation and regulation of wholesale trade. The operation of a commodity exchange is possible subject to obtaining a license. The Bank of Russia conducted an audit of its activities.
By law, exchange participants had the right to make transactions. Individuals and foreign legal entities could conduct transactions with the intermediary participation of brokerage companies. The founders of trading platforms could be enterprises, government organizations and individuals.
Is it valid now?
In 2011, the Law “On Organized Auctions” No. 325-FZ and the Law on Amendments were adopted. The legislation “On commodity exchanges and exchange trading” was declared invalid. New legal documents came into force at the beginning of 2012.
The new Federal Law establishes the principles for the creation and operation of commodity and financial platforms.
Basic moments:
- An amendment on control and regulation of the foreign exchange market has been added to the document. Powers have been transferred to the Federal Financial Markets Service of the Russian Federation. The state body is given the prerogative to temporarily stop the operation of the establishment.
- The document includes the concepts of the organizers of the trading system and the exchange. Uniform requirements for trading platforms as organizers of wholesale trade have been introduced, and the principles of participation in transactions are described.
- The law expanded the list of participants in trading sessions.
Where to find the current version
The current version of the Federal Law on organized trading can be found on the legal resource of codes and laws zakonrf.info.
Conclusion
So, a short conclusion. The 1992 law had many by-laws, additions and changes. With the adoption of the new version, uniform requirements for exchange platforms were streamlined and introduced. The powers and the right to stop trading were transferred to the Federal Financial Markets Service. The concept of a trading system was introduced and the list of participants was expanded.
I hope the information was useful to you. If you have anything to add (and the Federal Laws can take a long time to change for them to work correctly), write in the comments. Share the article with your friends. See you again!
The Law “On Commodity Exchanges and Exchange Trading” is aimed at regulating relations regarding the creation and operation of commodity exchanges, exchange trading and providing legal guarantees for activities on commodity exchanges.
Relations related to the activities of commodity exchanges (their branches and other separate divisions) and exchange trading are regulated by the Law “On Commodity Exchanges and Exchange Trading” and other acts of legislation of the Russian Federation, as well as constituent documents of exchanges, rules of exchange trading and other internal documents of exchanges adopted in accordance with the law.
A commodity exchange is understood as an organization with the rights of a legal entity that forms a wholesale market by organizing and regulating exchange trading, carried out in the form of open public trading, held in a predetermined place and at a certain time according to the rules established by it.
A commodity exchange may have branches and other separate divisions established in accordance with the law.
The exchange has the right to carry out activities directly related to the organization and regulation of exchange trading. However, the exchange cannot carry out trading, trade-intermediary and other activities not directly related to the organization of exchange trading. This restriction does not apply to legal entities and individuals who are members of the exchange. The exchange does not have the right to make deposits, acquire shares (shares), shares of enterprises, institutions and organizations, if these enterprises, institutions and organizations do not aim to carry out activities directly related to the organization and regulation of exchange trading.
The rules of exchange trading must define:
· procedure for conducting exchange trading;
· types of exchange transactions;
· names of product sections;
· list of the main structural divisions of the exchange;
· the procedure for informing exchange trading participants about upcoming exchange trading;
· procedure for registration and accounting of exchange transactions;
· procedure for quoting prices of exchange goods;
· the procedure for informing exchange trading participants about exchange transactions at previous exchange trading, including the prices of exchange transactions and the quotation of exchange prices;
· the procedure for informing exchange members and other participants in exchange trading about commodity markets and market conditions for exchange-traded goods;
· the procedure for mutual settlements between exchange members and other participants in exchange trading when concluding exchange transactions;
· measures to ensure the safety of exchange goods sold at exchange trading, subject, in accordance with the laws of the Russian Federation, to mandatory certification and intended for sale on the territory of the Russian Federation, in the presence of a certificate and mark of conformity issued or recognized by an authorized body;
· measures to control the pricing process on the stock exchange in order to prevent a sharp daily increase or decrease in price levels, artificial inflation or understatement of prices, collusion or the spread of false rumors in order to influence prices;
· measures to ensure order and discipline at exchange trading, as well as the procedure and conditions for the application of these measures;
· measures to ensure compliance by exchange members and other participants in exchange trading with decisions of government and management bodies on issues related to the activities of exchanges, constituent documents of the exchange, rules of exchange trading, decisions of the general meeting of exchange members and other exchange management bodies;
· a list of violations for which the exchange collects fines from exchange trading participants, as well as the amount of fines and the procedure for their collection;
· the amount of deductions, fees, tariffs and other payments and the procedure for collecting them by the exchange.
Conclusion
In conclusion, it is necessary to draw a conclusion, somehow summarize all of the above, and most importantly, correlate the current situation of the Russian economy with the activities of exchanges.
Russia is now in a difficult economic situation. Many scientists and political figures, both foreign and domestic, are vying with each other to propose programs to overcome the crisis. Huge research apparatuses of the world are struggling with plans to improve the Russian economy. The recommendations given are impeccable from an economic point of view, arguing with Marx’s “Capital” in their logic and persuasiveness.
None of these programs are applicable to the modern realities of Russia. For the creation (as well as restoration) of the economy is a creative act that combines many human efforts and super-efforts aimed at one common goal. One program, one constitution is not enough. It is necessary that the whole people, if possible every person, make their contribution. And all kinds of borrowing will not help, no matter how good they are. But in the technical and organizational areas, adopting experience is simply necessary and vitally important.
Exchanges should be attributed specifically to the organizational and technical area of human culture.
Borrowing in this area (if done wisely; unfortunately, no one is safe from the opposite) is useful. So it is necessary to carefully study the experience of Western exchange trading, as well as our own pre-EP experience, and implement this knowledge in life. Just don’t hamper people’s economic creativity with scientific cliches and adjust the results to fit other people’s models.
The role of exchange trading in the world economy and in the national economies of individual countries cannot be overestimated. Some Western economists consider the emergence of the modern commodity exchange not as a market that sells goods, but as a financial institution that facilitates trade and makes it cheaper, equal in significance to the industrial revolution of the late 18th century, and see in it an organizing and planning force capable of imparting dynamism to the entire economy.
Our economy is already ripe for integration into global exchange trading and for the development of market mechanisms within the country. There are means and energy for this. All that remains is to transfer all this from the realm of the potentially possible to the realm of the actually implemented.
List of used literature
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Babin, E. and Gradobitova, L. New trends in modern international economic relations of developed countries / E. Babin. M., 2002. P. 321.
Babin, E. and Gradobitova, L. Ibid. P. 326.
Babin, E. and Gradobitova, L. Ibid. P. 328.
Dolan, E., Lindsay, D. Macroeconomics / E. Dolan. St. Petersburg, 2004. P. 453.
Dolan, E., Lindsay, D. Ibid. P. 453.
Dolan, E., Lindsay, D. Ibid. P. 457.
Dolan, E., Lindsay, D. Ibid. P. 465.
Course of economic theory / ed. ed. M.N. Chepurina, E.A. Kiseleva. Kirov, 2003. P. 265.
Zimenkov, R. Russia: integration into the world economy / R. Zimenkov. M.: Finance and Statistics. 2002. P. 126.
