156 law on investment funds. Law “On Investment Funds. Chapter IV. Issuance, redemption and exchange of investment units

An organization called an investment fund operates through investment schemes in which the assets of small investors are pooled into a single fund. The fund is managed by a special organization – a management company. The functions and responsibilities of these structures are specified in Federal Law No. 156 “On Investment Funds”.

General information

Law No. 156 was adopted in October 2001 (11.10). Its approval took place on November 29, 2001. In December 2017, the law was amended and republished. Its essence can be conveyed by the following theses:

Key principles of Federal Law No. 156;
Definition of the term AIF as an open joint-stock company engaged in investing assets in securities, etc.;
Disclosure of the concept of “registered securities” or “mutual investment fund”;
Stages of issuance, sale and exchange transactions with shares;
Liquidation of registered securities;
List of conditions for AIFs and mutual funds;
Procedures for assessing and calculating the real value of stock property;
Management company in the context of its activities: main aspects;
Methods of control over stock property;
The procedure for conducting the register and audit;
Motives for disclosing information about the activities of the AIF and the company managing the shares;
Rights and competencies of the Bank of Russia.

Ch. II describes in detail the activities of the AIF:

What is a joint stock investment fund?
List of requirements for AIF;
Regulations for the placement of shares and their subsequent redemption;
Legal composition of the AIF regime and declaration;
Procedure for the general meeting of shareholders;
Functions of the supervisory board;
Reformation and termination of the foundation's activities.

The functions of a mutual investment fund (unit investment fund) as a property complex under the trust administration of the company involved in its management are presented in Chapter. III:

Composition and time frame of the trust management agreement;
Transfer and regulations for the inclusion of assets included in the mutual fund;
Organization of mutual funds, attraction of investments;
Determining the scope of responsibility for the management company;
Regulations for the general meeting of shareholders;
Trust management as a provision for registration by the Bank of Russia;
Control over updating of changes in trust management regulations.

In chapter number IX the principles of control over invested property are described. Rules for its storage, as well as accounting, have been drawn up. In ch. X information is provided on how unit owners are required to maintain a register. The audit procedure and transfer of information, responsibility for those involved in the process are indicated. Details of documentation are mentioned.

The powers of the Central Bank of the Russian Federation are recorded in detail in Chapter. XIII. Among others, the following points can be highlighted:

Revocation of a license from an AIF, depositary or management company;
Termination of the activities of the AIF in connection with the above paragraph 1;
Imposing a ban on various types of operations being carried out by a joint-stock investment fund;
The procedure for forming the temporary administration, the range of its responsibilities;
A set of measures that the Central Bank can take in relation to AIF.

Latest changes made to Federal Law 156

The amended version of the law was made public at the end of 2017, 12/31. The document comes into force in February 2018 (February 1). The main motive for publishing changes is correction clause 8.1 in article number 40. Options for limiting transactions are indicated if the Russian Federation is the shareholder or shareholder. Specifically, this refers to the federal government, whose responsibilities include legal and political regulation in a wide variety of industries and areas of economic activity. An important condition is that transactions carried out on the basis of trust management are subject to restrictions.

Other restriction measures given in Art. 40 Federal Law 156

What is prohibited for the management company?

Buy shares and registered securities of funds under its own administration, if this contradicts this Federal Law;
Manipulate assets or property values of funds if there is no consent of the securities market participant conducting depository activities. Such transactions are permitted if the trading is organized by a domestic or foreign exchange;
Operate with securities that are in the account where export proceeds are received. Manipulations with property units are also prohibited unless approved by a specialized depository;
Dispose of fund property for personal gain or to perform their functions or the duties of third parties. Such operations are not prohibited if the stock property was transferred to clearing organizations;
Collect interest for the operation of finances that were allocated as compensation for owners of registered securities.

Types of transactions that a management company cannot conduct:

Purchase of objects that are not provided for by this law, the Bank of Russia or funds;
Free transfer of stock property;
Transfer of property not included in stock assets. The restriction does not apply to transactions at auctions that are conducted on a clearing basis;
Transactions with collateral;
Transactions with loan agreements, transactions for the purchase of securities with envisaged resale after a certain period. Exceptions are allowed if there is an insufficient amount of finance in the fund or funds are received for the purpose of exchanging or redeeming securities;
Purchase of assets held in trust management of the company, unless the contrary is provided for in this article of the Federal Law;
Transactions with securities that were issued by interested parties. The latter include fund registrars, audit organizations, persons conducting depository activities, etc.;
Transactions for the purchase of company assets made by interested parties;
Purchase of investment shares issued by the company itself or the fund whose assets it manages;
Purchasing assets from a depository, auditors or appraisers, purchasing property from funds managed by the company. Alienation transactions are subject to the same conditions.

Also in part five of Art. 40 (items 1 – 9) a list of conditions is determined under which the imposition of restrictions does not apply.

Download the text of the law on investment funds

Federal Law No. 156-FZ of November 29, 2001 “On Investment Funds” has 14 chapters and 64 articles in its structure. This is an impressive text, a detailed study of which may require not only a lot of time, but also sufficient concentration. We recommend downloading the full updated version of the document here.

2) type and category of mutual investment fund;

3) full corporate name of the management company;

4) full corporate name of the specialized depository;

5) the full corporate name of the person maintaining the register of owners of investment shares;

6) full corporate name of the audit organization;

7) investment declaration;

8) the procedure and period for the formation of a mutual investment fund, including the value of the property transferred in payment for investment shares, necessary for the completion (end) of the formation of this fund;

9) rights of owners of investment shares;

10) rights and obligations of the management company;

11) validity period of the trust management agreement;

12) the procedure for submitting applications for acquisition, applications for redemption and applications for exchange of investment units;

13) the procedure and timing of the transfer of property in payment for investment shares, as well as its return, if investment shares cannot be issued in accordance with this Federal Law;

14) the procedure and terms for including property in the mutual investment fund;

15) the procedure and timing of payment of monetary compensation in connection with the redemption of investment shares;

16) 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 to be paid in connection with the redemption of the investment share;

17) the procedure and terms for making entries in the register of owners of investment shares about the acquisition, exchange and redemption of investment shares;

18) the amount of remuneration of the management company and the total amount of remuneration of a specialized depository, the person maintaining the register of owners of investment shares, an audit organization, as well as an appraiser, if the investment declaration of a mutual investment fund provides for the possibility of investing in property, the assessment of which is carried out in accordance with this Federal Law appraiser;

19) the amount of remuneration of the person terminating the mutual investment fund;

20) a list of expenses to be paid from the property constituting the mutual investment fund;

21) basic information about the procedure for taxation of investor income;

22) the procedure for disclosing and (or) providing information about a mutual investment fund;

23) other conditions and (or) information in accordance with this Federal Law.

1.1. The rules for trust management of an exchange-traded mutual investment fund, along with the information specified in paragraph 1 of this article, must also contain the following information:

1) the names of all authorized persons from whom the owners of investment units of an exchange-traded mutual investment fund have the right to demand the purchase of investment units of this fund that they have;

2) the names of Russian exchanges on which investment units are admitted to organized trading and on which market makers of an exchange-traded fund are required to maintain prices, demand, supply and the volume of organized trading in investment units of an exchange-traded mutual fund;

3) the value of the maximum deviation of the purchase (sale) price of investment units, publicly announced by the market maker of an exchange-traded fund at organized trading conducted by the exchange, from the calculated price of one investment unit.

2. The rules for trust management of an interval mutual investment fund, along with the information specified in paragraph 1 of this article, must also contain information:

1) on the deadlines for accepting applications for the acquisition and applications for redemption of investment units, as well as, if the specified rules provide for the exchange of investment units, information about the deadlines for accepting applications for the exchange of investment units;

2) about the appraiser, if the investment declaration of this fund provides for investment in property, the assessment of which in accordance with this Federal Law is carried out by the appraiser.

3. The rules for trust management of a closed-end mutual investment fund, along with the information specified in paragraph 1 of this article, must also contain:

1) information on the number of issued investment units of a mutual investment fund;

2) regulations on the procedure for convening and holding a general meeting of owners of investment shares;

3) information about the appraiser, if the investment declaration of this fund provides for investment in property, the assessment of which in accordance with this Federal Law is carried out by the appraiser;

5) deadlines for accepting applications for the purchase and applications for redemption of investment shares in accordance with the regulations of the Bank of Russia;

6) the provision on the preemptive right of owners of investment shares, with the exception of the management company of this fund, to acquire investment shares of this fund issued after the completion of its formation, as well as the procedure for exercising this right.

4. Standard rules for trust management of each type of mutual investment fund are approved by the Bank of Russia. The Bank of Russia has the right to establish conditions and (or) information additional to those provided for by this Federal Law that must be contained in the rules of trust management of a mutual investment fund. The rules for trust management of a mutual investment fund must comply with the standard rules.

5. The rules of trust management of a mutual investment fund may provide for the right of the management company to split the investment shares of the mutual investment fund. The conditions and procedure for splitting investment shares are established by regulations of the Bank of Russia.

6. The rules of trust management of a closed-end mutual investment fund may provide for the following provisions:

1) on the number of investment units that the management company has the right to issue after the completion (end) of the formation of a mutual investment fund in addition to the number of issued investment units specified in the rules of trust management of this mutual investment fund (hereinafter referred to as additional investment units);

2) on the possibility of paying for investment units issued after the completion (completion) of the formation of a closed-end mutual investment fund in non-monetary funds in cases established by regulations of the Bank of Russia;

3) on the possibility of partial redemption of investment shares without the owner of the investment shares filing a demand for their redemption in cases and in the manner established by regulations of the Bank of Russia;

4) on the restrictions of the management company on the disposal of real estate constituting a mutual investment fund;

5) other provisions provided for by this Federal Law and the standard rules for trust management of a closed-end mutual investment fund.

6.1. The rules of trust management of an exchange-traded mutual investment fund may include the following provisions:

1) on the payment of income from the trust management of the property constituting this fund, in accordance with the requirements of the regulations of the Bank of Russia;

2) on the allocation of a share with securities or other property in connection with the redemption of investment shares in accordance with this Federal Law;

3) on the volume of transactions with investment units in organized trading conducted by the exchange, carried out by the market maker of the exchange-traded fund during the trading day, upon reaching which his duty as a market maker on that day ceases;

4) on the period during which the market maker of the exchange-traded fund performs the duties of a market maker during the trading day;

5) on the admission of investment shares of this fund to organized trading conducted by a foreign exchange, indicating the name of this exchange.

7. The management company has the right to make changes and additions to the rules of trust management of a mutual investment fund. In cases provided for by this Federal Law, changes and additions to the rules of trust management of a closed-end mutual investment fund are approved by the general meeting of owners of investment shares of this fund.

8. Inclusion in the rules of trust management of a mutual investment fund or exclusion from them of an indication that the investment shares of this fund are intended for qualified investors is not allowed.

9. The management company is obliged to make changes and additions to the rules of trust management of a closed-end mutual investment fund in terms of the number of issued investment units within six months from the date of redemption of part of the investment units of this fund, if at the end of the specified period the number of issued investment units does not correspond information contained in the rules.

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.

Mutual fund - investment in the future

The law talks about investment funds in great detail.

Structurally, the document consists of fourteen chapters, the main ones for the investor are:

joint stock investment fund;
mutual investment fund;
issuance, redemption and exchange of investment units;
termination of a mutual fund;
activities of the management company;
control over the disposal of property belonging to 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 answer any question that arises. The most important sections are those that are 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 controversial situation with a mutual fund, if one arises.

The law considers 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 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 making a decision to purchase 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 the phrase “joint-stock investment fund” or “investment fund” in the name of the 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 organize the repurchase of shares;
contents 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 has the right to place only ordinary registered shares.

Mutual investment fund

In accordance with Article 10, a mutual fund is a separate consolidated property complex under the trust management of a management company. The name of the fund must contain information on the basis of which the investor can understand the composition and structure of its assets. Mutual funds can be open-ended or interval funds and must consist of cash only.

There are two types of mutual funds:

open (see);
closed (see).

It is important to remember that a share of an open-end 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 and 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;
validity period of the trust management agreement;
type of property transferred to the mutual fund;
composition of the investment share;
features of funds intended for qualified investors;
requirements for keeping records of separate property of a mutual fund;
responsibility of the management company;
features of mutual fund management;
powers of the general meeting of shareholders;
rules for registering mutual funds and making changes to management rules.

From the law, an investor can find out his rights arising as a result of investing financial assets.

Advice! Before deciding to contribute a share to an open or closed (interval) fund, be sure to read the legislation related to this financial instrument. This will save you from unexpected problems in the future.

Payment of funds upon an application for redemption of a share in accordance with the law must be made no later than ten days from the date of submission of the application for redemption. If the fund is interval, the period increases to one month.

Redemption of shares can only be carried out 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 its sale is usually carried out 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, appraising its property, payments to the depository and the exchange, as well as other expenses.

Advice! It is necessary to monitor the fund's reports, since a significant deterioration in its financial position may lead to its closure and, most likely, 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 direction of their owners.

Investment funds may 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 ensure an annual audit, information about the results of which must be publicly available.

The Federal Investment Fund is required by law to open a website on the Internet, the rights to the domain name of which must belong to the fund. The website should contain all information about the activities of the fund.

The legislative framework for investment funds is almost completely formed and makes it possible to resolve any controversial situation. In the Russian Federation today there are many by-laws that introduce clarifications and clarifications into the regulatory framework, but the main legislative act for mutual funds is the law on investment funds.

Advice! Make it a habit to review changes in legislation related to your financial investments. This will allow you to quickly make decisions if investment conditions worsen.

During its operation, changes to 156-FZ were not significant and all adjustments were mainly related to changes in financial legislation.

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. Dating from November 29, 2001, the law has undergone numerous amendments, the most recent of which were those introduced on January 1, 2017. Let's look at what this law is and how it regulates collective investment relations.

Any collective investment represents a certain business scheme in which a small investor, ready to allocate his capital to the production of a certain fund, receives an increase in capital in the future from interaction with such a society. Investment in collective form meets several postulates:

the property is formed through the circulation of issue-grade securities or by concluding a transaction with the main manager of the fund;
The fund's activities are based on investing the money raised in securities or other property;
The main income of collective investments is generated from the profitability of the organization, which grows from interest on sales and 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 AIF (joint-stock investment fund) stands out, which is given Chapter II. The activities of a mutual fund (mutual investment fund) as the second form of public investment are regulated by Chapter III. The law applies only to investment funds, which in an economic sense are defined as a mechanism for interaction between individuals and professional managers. For private investors this has its own priorities:

Professional money management leads to freeing up your time and simplifying your knowledge in the field of the stock market;
Costs are significantly reduced, since with large-scale management of small investments as a single 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, an investment attraction fund is the total capital located in an organization through the shared ownership of those who are ready to become shareholders of the company and give up their funds to receive financial benefits. An investment fund 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 scope of activity of two forms of public investment, other types of funds are removed from legal relations: investment banking organizations, credit unions, non-budgetary Pension Funds, OFBU and other funds.

Joint-stock investment fund

According to Art. 2 of this Federal Law, an AIF is defined as a corporate investment company formed on the basis of the activities of an OJSC. This type of collective investment support is most common in the practice of the world economy. The shareholders of this community conduct an investment policy, being managers of the organization, and the organization’s income comes from dividends received from the sale of documents and property.

The cash capital of the AOOT is constantly growing, as shares are issued and sold to new buyers. If a corporate investment fund operates closed, the buyer of shares will be forced to purchase shares of the organization from the previous owners.

As indicated by Federal Law 156 on investment funds, a joint-stock investment fund can be created in the open form of a joint-stock company. A joint stock company in the form of an investment community should not carry out other activities related to generating income other than the sale of investments through property. It turns out that renting, for example, office space in the AIF building, as well as cases of distributing specialized literature, will be considered a violation of activity.

The formation of a joint-stock collective investment company can only be carried out on the basis of a license agreement, which has no validity period. In order for a new AIF to undergo licensing, it must comply with the requirements of Federal Law No. 156 in terms of:

organizational form of activity;
the amount of funds sold;
existence of a charter;
signing declarations;
compliance with the conditions for obtaining the position of manager.

Conditions for the formation of a joint stock investment fund

Based on Art. 3 of the Federal Law on IFs, it is possible to analyze the conditions related to the formation of AIFs, which must be strictly observed. So, a legal entity in the form of an AOOT, first of all, is required 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 minimum statutory unit is 100,000 rubles. At the same time, for an OJSC as a public organization, the capital indicator is very important, since this indicates the ability to attract an unlimited number of investors.

Anyone who was able to acquire a share can become a shareholder of a public community. The only obstacle to joining the ranks of shareholders may be a limitation on the total number of shares owned by one person.

The property of the company for attracting open investments 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 governed and other bodies of society.

Shares are a registered document that AOOT can place through public subscription among an unlimited number of investors. An exception may be qualified investors who do not have the right to acquire a part 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 company, when purchasing documents of this investment fund, is obliged to pay their full cost, otherwise is not allowed.

Termination of AIF activities

There are two ways to terminate an open-end investment fund: reorganization and liquidation. If an AIF is reorganized, it is necessary to notify the regulatory authorities of this within up to 5 working days and submit the necessary documents. In the future, the fund will need to decide on the issue of shares in the reorganized company. The decision to liquidate an AIF is made through a voluntary vote of shareholders. If the decision is positive, a liquidation commission is assembled, which represents the interests of society.

Mutual 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 mutual funds and AIFs?

The formation of a mutual investment company is carried out by a management company. The founders, when 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 securities or money, as well as real estate, assets and other significant property.

Any holder of investment shares owns the company’s property in equal part and disposes of it by right of share, but division of the property or its partial sale in kind is impossible. It can be considered that a mutual fund is a closed company, since there is a prohibition provided for by Federal Law No. 156, which establishes restrictions on the transfer of funds or other property to other persons.

The fund is not considered a legal entity and allows founders to avoid double taxes, unlike shareholders who are forced to spend money. For the same reason, a mutual fund cannot be considered an organization in the legal sense, and shares must be purchased only from investment funds.

Property owned by mutual funds

The list of expected property directly depends on the type of investment fund. It happens:

closed;
open;
interval.

In accordance with Article 13 of the Federal Law of November 29, 2001 on investment funds, an interval or open investment fund has the right to contain only money in its property. A closed-end fund has the opportunity to hold other property, for example, securities, shares in the authorized capital of an LLC, real estate.

Termination of activities of mutual funds

A mutual fund can stop its activities to attract collective investments by:

implementation of all the values of the fund;
satisfaction of creditors' claims;
redistribution of all types of property between shareholders.

If a positive decision is made to terminate the activities of the foundation, property can only be disposed of if it is sold or distributed among the founders. The law prohibits the use of other means of disposal. If it is necessary to satisfy the demands 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.

The termination of the fund's activities is handled by a management company or a specialized depository. In some cases, a temporary administration can terminate the activities of a PAF, which acts in the event of cancellation of the license of previous authorized participants. The creation of a temporary administration is regulated by Art. 61.4 Federal Law No. 156-FZ, which indicates its powers.

In order to terminate the operation of a mutual fund, the appointed person must notify the supervisory authority of the decision agreed upon with all the founders within five working days. Next, the notice of termination of the mutual fund is disclosed, which contains additional information about the procedure for presenting claims of creditors, the reasons for termination and the time of decision-making, as well as the price of shares and the value of the share. Participants involved in terminating the functioning of a mutual fund must draw up a balance sheet of existing property and send the data to the supervisory authority.

It is important to note that the activities of an authorized person are carried out for a fee. The remuneration is determined by Art. 31 Federal Law No. 156, and its size is determined by the rules of the mutual fund.

The law, regulating the provisions on AIFs and mutual funds, 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 AIFs and mutual funds is maintained openly and corresponds to the will of the legislator expressed in the law.

Before being responsible for the activities of a management company, it is necessary to know the constituent and structural conditions of the assets, as well as the requirements for those applying for the position of 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 through the conclusion of trust management agreements.

An investment fund means a property complex that is owned by a joint-stock company or in common shared ownership of individuals and legal entities. The use of this complex should be aimed solely at protecting 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 to it, aimed at updating the provisions and bringing their status 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;
procedure for issuing, redeeming and exchanging shares;
termination of activity;
requirements for the composition and structure of assets of investment and mutual funds;
determination of net asset value;
activities of the management company;
ensuring control over property;
procedure for maintaining the register of owners of investment shares;
audit procedure and disclosure of information about 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 relations regulated by this law. Chapter about joint stock investment fund includes the following provisions:

the concept of such;
requirements for the organization;
procedure for 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, it 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 investment;
responsibility of the management company;
rules of trust management 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 issuance, exchange and redemption of investments, and termination of mutual fund. Requirements for the composition and structure of assets, and determining their value is regulated by narrowly focused provisions of the document that define the main aspects of these issues.

Activities of the management company is 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 remunerations and expenses associated with the management of the property complex.

Control over the disposal of investment property is regulated by provisions on its recording and storage. The requirements and obligations for the specialized depository are prescribed, as well as the termination of the contract concluded with it.

Reporting in accordance with Federal Law 156 is determined by the chapters on maintenance of the register by shareholders, and audit and procedure for providing information. The reporting of officials, the annual audit and the requirements for the information provided are taken into account.

Chapter 13 regulates issues related to powers of the Bank of Russia in the field of investment, as well as the role of self-regulatory organizations. The following aspects are taken into account:

powers and responsibilities of the Bank of Russia;
definition of a self-regulatory organization in the financial market, its rights;
procedure for licensing the activities of investment funds and specialized depositories;
measures that may be taken by the Bank of Russia;
complete or partial ban on transactions;
procedure for revoking a license and liquidating a joint-stock investment fund;
procedure for appointing a temporary administration.

IN final provisions The document specifies the procedure for its entry into force on the day of official publication on November 29, 2001. The protection of the interests of shareholders and the procedure for appealing decisions of the Bank of Russia are also taken into account.

Changes to Federal Law 156

The latest changes to Federal Law 156 have been made May 1, 2017. Amendments were introduced to a number of documents in order to bring them into uniform interaction. One of the legal acts was the Law “On Investment Funds”.

The 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 Fund for Consolidation of the Banking Sector”. These, according to the new edition, are determined by Federal laws. The amendments came into force on June 16, 2017. No other changes were made to this document in 2017.

Law “On Investment Funds” in the latest edition

Download Federal Law “On Investment Funds” Can . The document is presented in the latest edition with current changes. Its edition will be equally useful for participants in the financial market - individuals and legal entities, as well as for lawyers studying legislation in the field of finance.