Rus News Journal

The governmental order of the Russian Federation from May, 3rd, 2005 N 278 Moscow About additional restrictions on investment of accumulation for housing maintenance of military men and the maximum shares in a cumulative investment portfolio of separate classes of actives

According to articles 16 and 27 Federal laws About nakopitelno - mortgage system of housing maintenance of military men the Government of the Russian Federation decides :

1. To establish following additional restrictions on investment of accumulation for housing maintenance of the military men transferred by federal enforcement authority, providing functioning nakopitelno - mortgage system of housing maintenance of military men (further the authorised federal body), in trust management to management companies:

the transactions connected with investment of accumulation for housing maintenance of military men, are made through organizers of trade on a securities market on terms of delivery against payment and on the basis of demands for purchase and demands for sale of securities on best of specified in them to the prices provided that demands are addressed all participants of the auctions and the information, allowing to identify the participants who have submitted demand of the auctions, does not reveal during the auctions to other participants, except for the transactions specified in subparagraphs - d the present point;

the transactions connected with investment of accumulation for housing maintenance of military men in the state securities of the Russian Federation during their placing, are made through organizers of trade on a securities market on terms of delivery against payment and under condition of the reference of the state securities of the Russian Federation of the same release on a securities market;

the transactions connected with investment of accumulation for housing maintenance of military men in the state securities of the Russian Federation, specially let out for placing of means of institutional investors, are made in the order defined by conditions of issue and the reference of specified securities;

the transactions connected with investment of accumulation for housing maintenance of military men in shares (actions, shares) the foreign index investment funds placing means in the state securities of the foreign states, the bond and actions of other foreign emitters, are made according to contracts of the management companies which are carrying out trust management by accumulation for housing maintenance of military men, with operating actives of these funds and the legislation of the states in which territory the specified funds are registered;

the transactions connected with investment of accumulation for housing maintenance of military men in the bond of external bonded loans of the Russian Federation, can be made without observance of the requirements provided by the subparagraph and the present point, in the presence of following conditions:

calculations under transactions are carried out through is settlement - the clearing centres;

calculations under transactions are carried out on terms of delivery against payment or an advance payment (predelivery) from the counterpart;

the transaction price on purchase of bonds not above, and the transaction price on sale of bonds not below their last market price defined in an order, established by standard legal certificates of Federal Agency of the financial markets, by the time of transaction fulfilment, more than for 1,5 percent;

accumulation for housing maintenance of military men can be invested in the bonds which have been let out on behalf of the Russian Federation, subjects of the Russian Federation and municipal unions, and in the bond of the Russian economic societies provided that term of repayment of the specified bonds has not come.

2. To establish that the maximum share of following classes of actives in a cumulative investment portfolio of the management companies which are carrying out trust management by accumulation for housing maintenance of military men, makes:

the state securities of subjects of the Russian Federation - 40 percent;

bonds of the Russian emitters (besides the bonds which have been let out on behalf of the Russian Federation and subjects of the Russian Federation):

the bonds which have been let out on behalf of municipal unions, - 40 percent;

bonds of the Russian economic societies:

in 2005 - 60 percent;

in 2006 - 70 percent;

since 2007 - 80 percent;

) actions of the Russian emitters created in the form of open joint-stock companies:

in 2005 - 45 percent;

in 2006 - 55 percent;

since 2007 - 65 percent;

the mortgage securities which have been let out according to the legislation of the Russian Federation about mortgage securities, - 40 percent.

3. Shares of actives in a cumulative investment portfolio of the management companies which are carrying out trust management by accumulation for housing maintenance of military men, are defined in percentage of its cost (in roubles), calculated proceeding from the sum of means on accounts and deposits in the credit organisations and market cost of the securities making a cumulative investment portfolio.

Market cost of the securities making a cumulative investment portfolio of management companies, carrying out trust management by accumulation for housing maintenance of military men, pays off according to subparagraph 7 of point 2 of article 20 of the Federal law About nakopitelno - mortgage system of housing maintenance of military men .

the Chairman

the Governments the Russian Federation

M.Fradkov