The assets of a mutual investment fund must be separated from the assets of the management company and the property of the owners of investment units of the fund. This requirement is met by accounting for mutual fund assets on a separate balance sheet of the management company. For settlements on operations related to the trust management of a mutual investment fund, a separate bank account (accounts) is opened, and to record rights to the securities that make up the mutual investment fund, a separate custody account (accounts) is opened. Such accounts are opened in the name of the management company, indicating that it is acting as trustee and indicating the name of the mutual fund. The names of the owners of investment shares are not indicated. When registering rights to real estate in relation to real estate of a closed mutual fund in Rosreestr, a special entry is made that the owners of the real estate are the owners of investment shares of such and such a mutual fund under the management of such and such a management company.

Independent requirements for special accounting of mutual fund assets within the framework of investment legislation are established, first of all, in relation to register forms and reporting that are provided to the Central Bank of the Russian Federation, daily registration of each transaction with mutual fund property, daily compilation of lists of property constituting a mutual investment fund (see Resolution FCSM of the Russian Federation dated 02.18.2004 No. 04-5/ps "On regulation of the activities of management companies of joint-stock investment funds and mutual funds", Resolution of the FCSM of the Russian Federation dated 10.22.2003 No. 03-41/ps "On the reporting of a joint-stock investment fund and the reporting of a management company mutual fund"). At the same time, accounting of mutual fund property is carried out according to standard rules.

The main rules governing the issues of document flow in a management company are contained in Resolution of the Federal Commission for the Securities Market of the Russian Federation dated 02/18/2004 N 04-5/ps “On regulation of the activities of management companies of joint-stock investment funds and mutual funds” and Resolution of the Federal Commission for the Securities Market of the Russian Federation dated 02/10/2004 N 04-3 /ps "On regulation of the activities of specialized depositories of joint-stock investment funds, mutual investment funds and non-state pension funds."

Peculiarities of accounting of mutual fund property by the management company:

• accounting for each transaction, as well as maintaining and storing a system of documents in this regard in the manner determined by the regulations of the Federal Financial Markets Service of Russia (Central Bank of the Russian Federation);
• preliminary approval of almost all operations performed by the management company during the trust management of the mutual fund, including by signing and exchanging electronic documents between the management company, the specialized depository and the bank.

The management company, along with original copies of primary documents and copies of documents confirming the rights to real estate that constitute a closed-end mutual investment fund, is obliged to store:

• accounting journal (maintained in the context of accounting for the Fund’s operations);
• lists of property (compiled every day);
• documents related to determining the value of the net assets of a mutual investment fund, as well as the estimated value of an investment unit of a mutual investment fund;
• documents confirming the consent of the specialized depository to dispose of the property constituting the mutual investment fund;
• documents confirming the correctness of the calculation and payment of remuneration to the management company, a specialized depository, the person maintaining the register of owners of investment shares of a mutual investment fund, an auditor and an appraiser,
• as well as the actual primary documents that serve as the basis for transactions with the Fund’s property.

FEDERAL SERVICE FOR FINANCIAL MARKETS

ORDER

In accordance with paragraph 21 of Article 13.2 and paragraph 2 of Article 55 of the Federal Law of November 29, 2001 N 156-FZ “On Investment Funds” (Collected Legislation of the Russian Federation, 2001, N 49, Art. 4562; 2004, N 27, Art. 2711; 2006, N 17, art. 1780; 2007, N 50, art. 6247)

I order:

Approve the attached Regulations on the procedure for accounting for property transferred as payment for investment shares of a mutual investment fund.

Supervisor
V.D. Milovidov

Registered
at the Ministry of Justice
Russian Federation
May 26, 2008,
registration N 11753

Regulations on the procedure for accounting for property transferred as payment for investment shares of a mutual investment fund

Application

I. General provisions

1.1. This Regulation on the procedure for accounting for property transferred as payment for investment shares of a mutual investment fund (hereinafter referred to as the Regulations) establishes the procedure for accounting for cash, securities and other property of each person who transferred said property as payment for investment shares of a mutual investment fund (hereinafter referred to as internal accounting ).

1.2. Internal accounting should provide the ability to:

1) formation and generalization of information about funds and other property to be included in the mutual investment fund, including the amount of such funds (the cost of such property);

2) establishing the existence of grounds for including the property transferred as payment for investment shares into the unit investment fund;

3) the formation of an order to the person maintaining the register of owners of investment shares of a mutual investment fund on the issuance of investment shares or, if provided for in an agreement with the specified person, documents confirming the inclusion of funds or other property transferred as payment for investment shares in the composition of the mutual investment fund fund.

II. Accounting registers

2.1. Registration of information about funds and other property transferred as payment for investment shares of a mutual investment fund is carried out in accounting registers.

2.2. Internal accounting is carried out separately for each mutual investment fund in electronic form. At the same time, it must be possible to display information registered in accounting registers on paper, as well as on optical or magnetic media in MS Excel format.

2.3. To register information about cash, securities or other property transferred as payment for investment shares of a mutual investment fund, a cash register is opened in relation to each person who transferred property as payment for investment shares (hereinafter referred to as the payer), and also, if the rules trust management of a mutual investment fund provides for payment of investment shares with securities or other property, except for cash, a register for recording securities (registers for accounting for each type of other property) transferred in payment for investment shares of a mutual investment fund.

2.4. If funds are received into the transit account of the management company, for which the management company has not received documents allowing the identification of the person who transferred the funds, an accounting register “money of unidentified persons” is opened to account for such funds.

2.5. The payer's cash register takes into account the amount of money transferred by the payer, in respect of which documents have been received that allow him to be identified.

The payer's funds accounting register contains information about the payer, as well as the date of opening of this register.

2.6. The entry in the payer's funds accounting register must contain the date of its entry, as well as the following information about the transaction with the payer's funds under the transit account as of the date of the specified operation:

1) the payer’s incoming cash balance in the transit account;

2) the type of transaction with the payer’s funds on the transit account (credit/debit) and the amount of this transaction;

3) the date and number of the payment order, in accordance with which the operation to credit the payer’s funds to the transit account was completed;

4) the date of the transaction with the payer’s funds on the transit account;

5) the payer’s outgoing cash balance in the transit account.

2.7. The payer's securities (other property) register records the payer's securities (other property) transferred as payment for investment shares, information about the payer, as well as the date of opening of this register.

2.8. The entry in the payer's securities (other property) register must contain the date of its entry, as well as the following information about the transaction with securities (other property) of the payer as of the date of the said transaction for each issuer or other person liable for the payer's securities, and type (category, type) of such securities (for each type of other property):

1) the name of the issuer or other person liable for the payer’s securities, the type (category, type) of such securities (description of other property);

2) the opening balance of securities (other property) of the payer (quantity in pieces or other units of measurement used to determine the quantity of a given type of property, as well as the value of this property);

3) the type of transaction with securities (other property) of the payer, as well as their quantity and value in the transaction;

4) name and details of the document confirming the transfer of securities (other property) in payment for investment shares;

5) the date of the transaction with securities (other property) of the payer;

6) the outgoing balance of securities (other property) of the payer (quantity in pieces or other units of measurement used to determine the quantity of a given type of property, as well as the value of this property).

2.9. Income and payments on securities or other property transferred as payment for investment shares are recorded in the income and payment registers for each owner of these securities or other property. Registration of information on income and payments on securities or other property transferred as payment for investment shares is carried out according to the rules for registering information on funds transferred as payment for investment shares. At the same time, securities or other property on which income (payments) were received are indicated in the income and payment registers.

2.10. Each accounting register is assigned a unique number.

2.11. Accounting registers, in addition to the information provided for by these Regulations, may contain other information provided for by the Rules for maintaining records of property transferred as payment for investment shares specified in these Regulations.

III. Documents for accounting of property transferred as payment for investment shares

3.1. The accounting documents for property transferred as payment for investment shares are:

1) supporting documents for accounting of property transferred as payment for investment shares;

2) other documents provided for by the Rules for maintaining records of property transferred as payment for investment shares specified in these Regulations.

3.2. Supporting documents for accounting for property transferred as payment for investment shares include:

1) acts of acceptance and transfer of property transferred as payment for investment shares;

2) payment documents confirming the transfer of funds to the transit account;

3) reports from the credit institution on the debiting of funds from the transit account;

4) reports of a specialized depository on transactions with securities on a transit securities account;

5) reports from the person maintaining the register of investment unit owners on the possibility of issuing investment units;

6) administrative notes on the inclusion of property in the mutual investment fund;

7) decisions, instructions, orders and other acts of public authorities, as well as judicial acts that are the basis for the emergence, change or termination of civil rights and obligations;

8) documents confirming the fact of state registration of the rights of common shared ownership of owners of investment shares in real estate transferred as payment for investment shares;

9) other documents confirming the fact of transfer of property in payment for investment shares.

3.3. Directive notes on the inclusion of property in a mutual investment fund (hereinafter referred to as administrative notes) are drawn up in relation to property, the inclusion of which in a mutual investment fund does not require action on the part of third parties.

3.4. The administrative note is drawn up by an authorized employee of the management company of the mutual investment fund and must contain:

1) unique number of the administrative note;

2) the number of the accounting register, which contains information about the property included in the mutual investment fund;

3) date and time (indicating hours and minutes) of drawing up the administrative note;

4) a description of the unit of property that is included in the mutual investment fund, as well as the value of this property.

3.5. The administrative note may also contain other information in addition to that provided for in paragraph 3.4 of these Regulations.

IV. Operations in accounting registers

4.1. Operations in accounting registers are carried out by making entries in them in accordance with these Regulations and the rules for maintaining internal accounting approved by the management company of the mutual investment fund.

4.2. The rules for maintaining internal accounting should include:

1) rules of internal document flow, including a description of the procedure for processing documents that are important for maintaining records of funds, securities and other property transferred as payment for investment shares of a mutual investment fund, including determining the form of maintaining such records (paper and/or electronic) ;

2) the procedure for determining the time zone when drawing up and processing documents for accounting for funds, securities and other property transferred as payment for investment shares;

3) standard forms of administrative notes, requirements for their design (including the number of copies and content);

4) the procedure for opening accounting registers and conducting transactions in them;

5) the procedure for assigning individual unique numbers to accounting registers;

6) list and standard forms of accounting registers, requirements for their design and content;

7) requirements for the composition of information in the accounting registers about the payer, as well as a list of documents on the basis of which the specified information is entered into the accounting registers;

8) the procedure for archiving and storing accounting documents of property transferred as payment for investment shares;

9) the procedure for making changes and additions to the rules for maintaining internal accounting.

4.3. The rules for maintaining internal accounting may contain other requirements necessary for maintaining records of funds, securities or other property transferred as payment for investment shares.

4.4. Operations in accounting registers are carried out on the day of receipt of supporting documents for accounting of property transferred as payment for investment shares, except for the cases provided for in clause 4.5 of these Regulations.

4.5. If the inclusion of property in a mutual investment fund does not require the actions of third parties, operations in the accounting registers are carried out on the basis of administrative notes on the day of their preparation.

4.6. If the issuance of investment units of a mutual investment fund is carried out on the basis of documents confirming the inclusion of funds, securities or other property transferred as payment for investment shares in the composition of the mutual investment fund, such documents are drawn up based on the results of operations in the accounting registers no later than the day of inclusion of the specified property in a mutual investment fund.

4.7. A document confirming the inclusion of funds, securities or other property transferred as payment for investment units in a mutual investment fund must contain information about each application for the acquisition of investment units, as well as the amount of funds, the cost of securities and the value of other property, included in the mutual investment fund, in accordance with each of the specified applications.



Electronic document text
prepared by Kodeks JSC and verified against.

Units of mutual funds are an underdeveloped type of financial instrument on the Russian securities market, which prompted regulatory actions aimed at returning the funds to their original investment functions. Let's consider the features of accounting for shares of investment funds and the inclusion of such investments in the calculation of the capital of credit institutions, as well as the features of reserving shares, which serves as a kind of protective mechanism against banks using mutual funds as a way to get rid of low-quality assets.

Units of mutual investment funds are by no means the most common type of investment found in the investment and trading portfolios of credit institutions. This is primarily due to the weak development of this type of financial instruments on the Russian securities market. At the same time, most mutual funds are not listed on the stock exchange and represent one of the forms, again not the most common, of asset management for a relatively limited group of investors.

To outline the topic of the article, let us recall the definitions given in the Federal Law of November 29, 2001 N 156-FZ “On Investment Funds”.

A mutual investment fund (UIF) is a separate property complex consisting of property transferred by its founder (founders) into trust management of a management company, and property received in the process of such management; the share in the ownership of the property is certified by a security issued by the management company.

An investment share is a registered security that certifies its owner’s share in the ownership of the property that makes up the mutual fund. Each investment share certifies the same rights and the same share in the right of common ownership of the property that makes up the mutual investment fund.

Depending on the order of redemption of shares at the request of the owner, mutual funds can be open, exchange-traded, interval, or closed.

According to the Regulations on the composition and structure of assets of joint-stock investment funds and assets of mutual investment funds, approved by Order of the Federal Financial Markets Service of Russia dated December 28, 2010 N 10-79/pz-n, depending on the composition and structure of assets, mutual funds belong to one of the following categories:

1) money market fund;

2) bond fund;

3) stock fund;

4) mixed investment fund;

5) direct investment fund;

6) fund for especially risky (venture) investments;

7) fund of funds;

8) rental fund;

9) real estate fund;

10) mortgage fund;

12) credit fund;

13) commodity market fund;

14) hedge fund;

15) fund of artistic values;

16) long-term direct investment fund.

Accounting for investment fund units

A share, certifying a share in the property of a mutual fund, is an equity security and in accordance with the requirements of Bank of Russia Regulation No. 385-P dated July 16, 2012 “On the Rules for Maintaining Accounting in Credit Institutions Located on the Territory of the Russian Federation” (hereinafter referred to as Regulation No. 385 -P) is reflected in accounting on the personal account of one of two balance sheet accounts:

506 “Equity securities measured at fair value through profit or loss”;

507 "Equity securities available for sale."

Accounting for shares is carried out in a manner similar to accounting for other equity securities. The acquisition of shares using cash is reflected as follows:

Dt 506 "Equity securities measured at fair value through profit or loss" (507 "Equity securities available for sale")

Kt 30602 "Settlements of credit institutions - principals (principal principals) for brokerage transactions with securities and other financial assets" (20202 "Cash desk of credit institutions", 47407 "Settlements for conversion transactions, derivative financial instruments and other agreements (transactions) for which settlements and delivery is carried out no earlier than the next day after the day of concluding the agreement (transaction)", 47408 "Settlements for conversion transactions, derivative financial instruments and other agreements (transactions), under which settlements and delivery are carried out no earlier than the next day after the day of concluding the agreement (transaction) ").

Since the acquisition of shares can be carried out through the transfer of property (real estate, securities) to the mutual fund, transactions for the acquisition of shares should be reflected in parallel with the disposal of this property. Using the example of real estate not used in the main activity, it should look like this:

Dt 61209 "Disposal (sale) of property"

Kt 60408 “Real estate (except land) temporarily not used in the main activity”;

Dt 60602 "Depreciation of real estate (except land) temporarily not used in core activities"

Kt 61209 “Disposal (sale) of property”;

Dt 50708 "Equity securities available for sale to other non-residents"

Kt 61209 "Disposal (sale) of property."

Similarly, transactions for the acquisition of shares on account of securities should be reflected through balance sheet account 61210 “Disposal (sale) of securities,” and for the acquisition of rights of claim - through balance sheet account 61212 “Disposal (sale) and repayment of acquired rights of claim.”

When determining for itself the method of accounting for mutual fund shares at fair value, a credit institution should select the relevant revaluation model and approve it in its accounting policy. Sources of information for revaluation may include:

Current market quotations for shares listed on the exchange;

Information about over-the-counter transactions;

The value of the property constituting the mutual fund, determined on the basis of the management company’s report.

Revaluation of mutual fund units accounted for at fair value through profit or loss is reflected in accounts 50620 "Revaluation of securities - negative differences", 50621 "Revaluation of securities - positive differences" in correspondence with accounts 70602 "Income from revaluation of securities" and 70607 " Expenses from revaluation of securities."

The revaluation of mutual fund units available for sale is reflected in accounts 50720, 50721 in correspondence with accounts 10603 “Positive revaluation of securities available for sale” and 10605 “Negative revaluation of securities available for sale”.

The disposal of shares is reflected similarly to transactions on the disposal of other securities - on balance sheet account 61210 “Disposal (sale) of securities”. In a simplified form - in the absence of revaluation or reserves for possible losses - this will be reflected in accounting as follows:

Dt 61210 "Disposal (sale) of securities"

Kt 50708 “Equity securities available for sale to other non-residents” (another account for accounting for investments in shares);

Dt 20202 "Cash desk of credit organizations" (other account for cash accounting)

Kt 61210 "Disposal (sale) of securities."

Reservation of mutual fund units

According to clause 1.1 of Bank of Russia Regulation No. 283-P dated March 20, 2006 “On the procedure for the formation of reserves for possible losses by credit institutions” (hereinafter referred to as Regulation No. 283-P), its requirements do not apply to assets accounted for at current (fair) value, just as the norms of Regulation N 385-P do not provide for the creation of reserves for possible losses on securities accounted for at fair value. Thus, shares quoted on the securities market are not subject to reservation.

The table below shows MICEX data on shares of mutual funds listed on the exchange as of December 1, 2013. As you can see, only 11 shares are included in quotation lists A, and in total the quotation lists contain information on 68 shares.

Table

MICEX data on shares of mutual funds listed on the exchange, as of December 1, 2013.

But the value of most mutual fund shares cannot be determined based on market quotes.

If the fair value of shares cannot be reliably determined by any of the possible methods, they are subject to reservation in accordance with clause 2.6 of Regulation N 283-P. The emergence of this norm is associated with the practice of using mutual funds for purposes other than investment.

When in paragraph 2 of Art. 170 of the Tax Code of the Russian Federation did not yet exist. 5, mutual funds allowed credit institutions to get rid of double taxation of VAT when selling real estate (and not only) property. The transfer of compensation is subject to VAT taxation, and upon further sale, until recently, the bank was obliged to charge the tax a second time. This was especially painful in relation to commercial real estate, which accounted for the lion's share of non-current inventories, so the transfer of this property to a real estate mutual fund (an operation not subject to VAT) seemed to be a reasonable way out of this situation. During the crisis years 2008 - 2010. this problem has become especially relevant, as well as the risk of a decrease in capital from an excess of inventories in accordance with clause 5.2 of Bank of Russia Regulation No. 215-P dated February 10, 2003 “On the methodology for determining the own funds (capital) of credit institutions.” Thus, the transfer of real estate to a mutual fund has become a popular way to remove these assets from the balance sheet of a credit institution.

Currently, according to clause 2.7 of Regulation N 283-P, when real estate not used in banking activities is transferred to the property of a mutual fund, these assets remain elements of the calculation base in proportion to their share in the property of the mutual fund and the bank’s share in this fund. Reserves are created using the coefficients given in clause 2.7.3 of Regulation N 283-P:

For assets accounted for on the balance sheet from 1 to 2 years - at least 10%;

For assets recorded on the balance sheet for 2 to 3 years - at least 20%;

For assets recorded on the balance sheet for 3 to 4 years - at least 35%;

For assets recorded on the balance sheet for 4 to 5 years - at least 50%;

For assets recorded on the balance sheet for 5 years or more - at least 75%.

The starting point for the period should be the date of acceptance of real estate not used in banking activities on the balance sheet of the credit institution.

Another reason for the regulator’s close attention to the problem of reserving shares of mutual funds was the practice of transferring low-quality loans to their assets. The response to this problem was Letter of the Bank of Russia dated 09/04/2009 N 106-T “On the specifics of assessing the risks of banks in relation to investments in shares of closed-end mutual investment funds” (hereinafter referred to as Letter N 106-T). Subsequently, the position set out in this Letter, with minor additions, was officially enshrined in clause 2.6 of Regulations N 283-P and boils down to the following:

1. The transfer of loans to the assets of a mutual fund does not relieve the credit institution from assessing risks and creating reserves for them.

2. If a reserve was previously formed for loans transferred to the assets of the mutual fund in accordance with the requirements of Bank of Russia Regulation No. 254-P dated March 26, 2004 “On the procedure for credit institutions to form reserves for possible losses on loans, on loan and equivalent debt” , then in the future the assessment of this asset should be carried out in a similar way.

3. The minimum reserve for loans as part of the assets of the mutual fund must be 21%.

The value of the elements of the calculation base for the assets considered should be calculated based on the ratio of various types of assets in the mutual fund’s property, as well as the share of participation of the credit institution in the mutual fund.

Capital and regulations

Since mutual funds are a property complex consisting of various types of assets, this determines a number of nuances, disclosed in detail in the Regulation of the Bank of Russia dated December 28, 2012 N 395-P “On the methodology for determining the value and assessing the adequacy of own funds (capital) of credit institutions (Basel III )" (hereinafter referred to as Regulation No. 395-P).

1. The amount of basic (fixed) capital in accordance with clause 2.2.4 of Regulation N 395-P is reduced not only by investments in own shares, but also by investments in shares of mutual funds, including those transferred into trust management, if the property constituting the funds is shares (stakes) ) and other source of equity capital of the credit institution. The portion of shares that belongs to the credit institution in the right of common shared ownership of the property constituting the mutual fund is taken into account.

2. The amount of base capital in accordance with clause 2.2.9 of Regulation N 395-P is reduced by the credit institution’s investments in ordinary shares (shares) of financial organizations (including non-resident financial organizations), including investments in shares of mutual funds, including those transferred to trust management, if the property constituting the funds is shares (shares) or other source of capital of a financial organization, and (or) the funds’ funds, in accordance with the reports of trustees, are invested in shares (shares) or other sources of capital of a financial organization (in terms of sources capital of a financial organization attributable to the credit organization's share in the right of common shared ownership of the property constituting the fund).

3. According to clause 4.2.2 of Regulation N 395-P, the amount of equity capital is reduced by the credit institution’s investments exceeding the sum of the sources of fixed and additional capital:

In the construction, creation and acquisition of fixed assets (less accrued depreciation), as well as inventories, including those transferred to trust management;

Shares of real estate mutual funds, including those transferred into trust management, if the property of the funds consists of buildings, structures, unfinished construction projects, land plots (lease rights for these objects) and (or) the funds of which, in accordance with the reports of the trustees, are invested in the construction, creation and acquisition of similar objects (in terms of investments attributable to the credit institution's share in the right of common shared ownership of property constituting a mutual investment fund).

Investments in mutual fund units are not included in the calculation of market risk.

Investments in mutual fund units are included in the calculation of codes 8823 and 8824, which are involved in the calculation of the bank's own funds (capital) adequacy ratio (N1).

In Letter No. 106-T, the regulator also expressed an opinion on several aspects of accounting for investments in mutual fund shares for the purposes of calculating standards:

1. When including in the calculation of the bank’s own funds (capital) adequacy ratio (N1) shares of closed-end mutual funds, the risk coefficients established for loans are applied to them, the rights of claim for which are transferred to the assets of the closed-end mutual fund.

2. Calculation of the standards for the maximum amount of risk per borrower or group of related borrowers (N6), as well as the maximum size of large credit risks (N7), the maximum size of loans, bank guarantees and guarantees provided by the bank to its participants (shareholders) (N9.1) , and the total amount of risk for bank insiders (N10.1) is made in relation to the rights of claim on loans constituting the property of the closed mutual fund.

3. The N6 standard is not calculated for the management company of a credit closed-end mutual fund. In the case under consideration, the calculation of the standard for using the bank’s own funds (capital) for the acquisition of shares (shares) of other legal entities (N12) does not include shares of a closed-end mutual fund.

conclusions

The regulator’s efforts regarding the rules for reserving shares of mutual funds, as well as their participation in the calculation of capital and standards, are aimed primarily at countering the use of mutual funds as a tool for getting rid of low-quality assets. Almost all restrictions enshrined in the legislative framework relate to mutual funds used by credit institutions to remove non-core real estate, low-quality loans, and their own repurchased shares from their balance sheets. Thanks to this, attempts to disguise the risks that have arisen have lost their meaning, and the purpose of mutual funds to perform primarily investment functions has thus acquired legislative prerequisites.

In modern economic conditions, such forms of collective investment as mutual investment funds (hereinafter referred to as mutual funds), which represent a separate property complex, or, more simply put, a “money bag”, where individuals and legal entities contribute their funds in order to receive income.
In exchange for a cash contribution, the management company issues an investment share, which is why investors in mutual funds are called shareholders.
Investment instruments of mutual funds can be securities, real estate, projects, and even startups.
The initiator of the creation of the fund is the management company, which carries out trust management of the funds of shareholders.
The presence of a trust management agreement cannot but affect the accounting and tax accounting of the management company, and, consequently, the accounting policies it applies for accounting and tax accounting purposes.

If an organization receives the property of a mutual investment fund for management, then the relations of the parties are built on the basis of the norms of Chapter 53 “Trust management of property” of the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation), as well as the provisions of Federal Law dated November 29, 2001 N 156-FZ “On Investment Funds” (hereinafter referred to as Law No. 156-FZ).
Thus, in accordance with paragraph 1 of Article 10 of Law N 156-FZ, a mutual fund is a separate property complex consisting of property transferred into trust management of a management company by the founder (founders) of trust management (hereinafter referred to as the shareholder) with the condition of combining this property with the property of other founders of trust management, and from the property received in the process of such management, the share in the ownership of which is certified by a security issued by the management company.
At the same time, the law directly stipulates that a mutual investment fund is not a legal entity.

In other words, a mutual investment fund is a separate property complex without forming a legal entity, consisting of the property of shareholders transferred to the trust management of a management company.
As mentioned above, the general rules of a property trust management agreement are regulated by Chapter 53 of the Civil Code of the Russian Federation, and the specifics of a trust management agreement for mutual investment funds are established by Article 11 of Law No. 156-FZ.
By virtue of Article 11 of Law N 156-FZ, the terms of the mutual fund trust management agreement are determined by the management company in standard forms and can be accepted by the shareholder only by acceding to the specified agreement as a whole. Joining the agreement is carried out by purchasing investment shares issued by the management company that carries out the trust management of this mutual fund.
Shareholders transfer property to the management company to include it in the mutual fund under the condition of combining this property with the property of other shareholders. The property that makes up the mutual fund is the common property of the owners of investment shares and belongs to them under the right of common shared ownership. In this case, in the general case, the division of property constituting a mutual fund and the allocation of shares in kind from it are not allowed. Otherwise, this is possible only in cases expressly provided for by Law No. 156-FZ itself.
The management company carries out trust management of the mutual fund by performing any legal and actual actions in relation to its constituent property, and also exercises all rights certified by the securities constituting the mutual fund, including the right to vote on voting securities (clause 3 of article 11 of Federal Law N 156-FZ ).
The management company makes transactions with the property constituting the mutual fund on its own behalf, but is obliged to indicate that it is acting as a trustee. This condition is considered fulfilled if:
- when performing actions that do not require written documentation, the other party is informed about their commission by the trustee in this capacity;
- in written documents after the name of the trustee there is a note “D.U.” and the name of the mutual fund is indicated.

We remind you that by virtue of paragraph 3 of Article 10 of Law N 156-FZ, the name (individual designation) of a mutual fund must contain an indication of the composition and structure of its assets in accordance with the regulations of the Bank of Russia and cannot contain unfair, unethical, knowingly false, hidden or misleading misleading information.

For reference: the composition and structure of assets of mutual investment funds must comply with the requirements contained in the Directive of the Bank of Russia

Tasks: 1. Development of regulations and provisions within the framework of mutual fund management 2. Development of annual accounting policies for each mutual fund 3. Daily monitoring of legislation 4. Drawing up and sending monthly, quarterly and annual company reports as part of professional activities in the Federal Financial Markets Service 5. Setting up technical tasks for 1C-rarus developers to implement new internal accounting systems for each non-standard operation and bring the internal accounting system into compliance with regulatory legal acts 6. Disclosure of information (notifications, reporting, messages) in the time and place established by law 7. Checking the correctness of reporting Mutual fund based on internal accounting data (monthly, quarterly, annual) 8. Participation in the execution of transactions within the framework of the trust and own transactions 9. Analysis of all contracts and transactions transferred to the mutual fund 10. Coordination of all contracts and transactions with the special depository 11. Drawing up and maintaining registers of a mutual investment fund 12. drawing up instructions, conducting and supporting all transactions within the framework of non-resident counterparties 13. provision of market maker reports to the MICEX exchange 14. interaction with all counterparties of the company on any issues 15. preparation of documents for the courts (on transferred overdue assets in a credit closed mutual fund) 16. preparation of various documentation for counterparties (certificates, reports, questionnaires and other unlimited volume) upon request (banks, stock exchange, special depository, potential and current shareholders) 17. drawing up company regulations for maintaining personnel records and bringing personnel records in order (personnel records were not kept at all) 18. consulting employees/departments on various issues within the framework of the management company’s activities 19. the daily process of agreeing with the special depository of various schemes and mechanisms for transferring assets to the fund, as well as agreeing and bringing the fund’s expenses into compliance with the law 20. carrying out instructions from senior management Achievements: - bringing securities to organized trading (shares, shares) - creating a department for accounting and securities management, including the streamlined process of interaction with other departments of the company (accounting, legal) - working with large volumes information on completely different tasks - studying, developing a description of the endowment process and placing it in trust management - resolving general issues (representative during an on-site tax audit, on-site labor inspection, concluding agreements with contractors, recruiting and interviewing employees, organizing and participating in meetings and appointments etc. ) - registration of all mutual funds of the company with the Central Bank of the Russian Federation (formerly the Federal Financial Markets Service) - launch of a credit mutual fund with complex assets. Development of a systematic table for the daily valuation of the above assets