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 stock trading*ABOUT)

(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 Russian Federation, as well as the constituent documents of exchanges, exchange trading rules 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 legal entity, which forms the 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 and individual, which is a member of the exchange.

3. The exchange does not have the right to make deposits, acquire shares (shares), shares of organizations, if specified 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 antimonopoly legislation of the Russian Federation and this Law, as well as 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 means a product of a certain type and quality that has not been withdrawn from circulation, admitted to in the prescribed manner exchange to exchange trading (clause as amended, put into effect on January 1, 2010 by Federal Law of November 25, 2009 N 281-FZ. *6.1)

2. Exchange goods cannot be real estate and objects 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 derivative contracts can be concluded financial instruments, the underlying asset of which is a commodity.

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 an organization that has a separate balance sheet and current account (clause as amended, put into effect on May 1, 2006 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. The exchange may be established by legal entities and (or) individuals and is subject to state registration according to established order. *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, in accordance with the established procedure, a license to carry out banking operations;

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 the prescribed manner by the federal executive body in the region 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 authorized capital exchanges or make membership or other targeted contributions to the property of the exchange and have become members of the exchange in the manner prescribed by 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. General meeting members of the exchange is the supreme governing 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;

procedure for informing exchange members and other participants in exchange trading about commodity markets and market conditions of exchange 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 exchange trading participants with decisions government agencies on issues related to the activities of exchanges, the constituent documents of the exchange, the rules of exchange trading, decisions of the general meeting of members of the exchange and other management bodies of the exchange (paragraph as amended by 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 service by creating settlement institutions (clearing centers) established in accordance with the established procedure, or concluding an agreement with a bank or credit institution on the organization of 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.

Working conditions for stock exchange employees are regulated employment contract 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 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

General provisions exchange 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 stock 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.

Law of the Russian Federation of February 20, 1992 N 2383-I
"About commodity exchanges and exchange trading"
(as amended June 24, 1992, April 30, 1993, June 19, 1995, March 21, 2002, June 29, 2004, December 26, 2005, April 15, 2006)

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

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.

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.

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.

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.

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.

Article 5. Restriction on the use of the words “exchange” and “commodity exchange” in the names of organizations

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 or use the words “exchange” or “commodity exchange” in their name.

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, including a standard contract and bill of lading for the specified commodity, admitted in the prescribed manner by the exchange to exchange trading.

2. Exchange goods cannot be real estate and intellectual property.

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

For the purposes of this Law, participants in exchange trading during exchange trading may carry out transactions related to:

mutual transfer of rights and obligations in relation to real goods;

mutual transfer of rights and obligations in relation to real goods with a deferred delivery date (forward transactions);

mutual transfer of rights and obligations in relation to standard contracts for the supply of exchange goods ( futures transactions);

assignment of rights to the future transfer of rights and obligations in relation to a commodity or a contract for the supply of a commodity (option transactions);

as well as other transactions in relation to exchange goods, contracts or rights established in the rules of exchange trading.

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.

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.

4. An independent broker is an individual registered in the prescribed manner as an entrepreneur carrying out his activities without forming a legal entity.

Section II. Establishment, organization and procedure for terminating the activities of a commodity exchange

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.

2. The following cannot participate in the establishment of the exchange:

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;

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 the prescribed manner by the federal executive body in the field of financial markets.

The exchange has the right to submit an application for a license if, at the time of application, the amount of contributions to the authorized capital is at least fifty percent of its declared amount.

2. A license to organize exchange trading is issued to the exchange after establishing compliance of its constituent documents and exchange trading rules with this Law and others legislative acts of the Russian Federation, as well as subject to appropriate execution of documents and their submission to the federal executive body in the field of financial markets no later than two months from the date of filing the application for a license.

3. The federal executive body in the field of financial markets has the right to request from federal executive bodies, executive bodies of constituent entities of the Russian Federation, local government bodies, as well as organizations information confirming the accuracy of the information reported by the applicant.

4. In case of refusal to issue a license, the exchange has the right to re-apply to the federal executive body in the field of financial markets with an application to grant it a license, which is considered within one month from the date of receipt of the repeated application for the license.

The Exchange has the right to appeal the decision in court federal body executive power in the field of financial markets to refuse to issue a license.

5. The procedure for issuing, canceling and suspending a license is determined by the Regulations on Licensing of Commodity Exchanges, which is approved by the Government of the Russian Federation.

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;

state bodies and local governments;

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.

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.

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 to 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;

measures to ensure the safety of exchange goods sold at exchange trading, subject to mandatory certification in accordance with the laws of the Russian Federation 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 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;

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

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 number of regular visitors should not exceed thirty percent of the total number of exchange members.

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.

Article 23. Licensing of exchange intermediaries, stock brokers

Futures and options transactions in exchange trading are 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.

The regulations on the license to carry out futures and options transactions in exchange trading by exchange intermediaries and stock brokers are approved by the Government of the Russian Federation.

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 at the request of the federal executive body in the field of financial markets.

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.

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).

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.

Article 28. Guarantees in exchange trading when making forward, futures and options transactions

1. In order to ensure the execution of forward, futures and option transactions carried out on it, 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 the organization of settlement (clearing) services.

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 forward, futures and options transactions and compensation for damage resulting from complete or partial failure to fulfill obligations under these transactions, as well as determine other financial obligations of the participants in these transactions;

carry out, in accordance with the established procedure, lending and insurance for participants in forward, futures and options transactions to the extent necessary to guarantee these transactions, as well as compensation for damage in the event of their non-fulfillment.

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. Excluded. - 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 putting up for exchange trading are 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 proprietary information in their own interests.

Section IV. State regulation of the activities of commodity exchanges

Article 33. Lost force. - the federal law dated April 15, 2006 N 47-FZ.

Article 34. Functions of the federal executive body in the field of financial markets for control and supervision of the activities of commodity exchanges, exchange intermediaries and exchange brokers

1. Federal executive body in the field of financial markets:

issues licenses to organize exchange trading;

carries out or controls the licensing of stock exchange intermediaries, stock brokers;

monitors compliance with legislation on exchanges;

considers complaints from exchange trading participants about abuses and violations of legislation in exchange trading.

2. The federal executive body in the field of financial markets develops and submits to the Government of the Russian Federation proposals for improving legislation on commodity exchanges.

Article 35. Powers of the federal executive body in the field of financial markets to control and supervise the activities of commodity exchanges, exchange intermediaries and exchange brokers

The federal executive body in the field of financial markets has the right to:

refuse the exchange to issue a license to organize exchange trading if its constituent documents and rules of exchange trading do not comply with the requirements established by paragraph 2 of Article 12 of this Law, and also postpone the issuance of this license in case of violation of the Regulations on Licensing of Commodity Exchanges;

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 exchange management bodies, or to terminate 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 instructions of the federal executive body in the field of financial markets;

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 federal executive body in the field of financial markets 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 cases 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.

2. If the exchange continues to violate the provisions of this Law listed in paragraph 1 of this article, the federal executive body in the field of financial markets has the right to cancel the license issued to the exchange to organize exchange trading.

3. Lost power. - Federal Law of April 15, 2006 N 47-FZ.

4. Data received by the federal executive body in the field of financial markets, 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.

The federal executive body in the field of financial markets, 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.

5 - 6. Lost power. - 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 federal executive body in the field of financial markets;

exercise control over the implementation of decisions of the federal executive body in the field of financial markets.

3. The rights and obligations of the state commissioner are determined by this Law and the regulations on the state commissioner, approved by the Government of the Russian Federation on the proposal of the federal executive body in the field of financial markets.

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.

2. Decisions of federal executive authorities, executive authorities of constituent entities of the Russian Federation and local self-government bodies, resulting in non-fulfillment and (or) damage to the parties to exchange transactions, are recognized as illegal in court.

Federal executive authorities, executive authorities of constituent entities of the Russian Federation, local governments, 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 in full, including lost profits. Damage is compensated from the appropriate budgets.

President of the Russian Federation B. Yeltsin
Moscow, House of Soviets of Russia
February 20, 1992
N 2383-I

Law of the Russian Federation of February 20, 1992 N 2383-I “On commodity exchanges and exchange trading” (as amended on June 24, 1992, April 30, 1993, June 19, 1995, March 21, 2002, June 29 2004, December 26, 2005, April 15, 2006) 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 Article 1. Legislation on commodity exchanges and exchange trading Article 2. The concept of a commodity exchange Article 3. Scope of activity of a commodity exchange Article 4. Exchange unions, associations and other associations Article 5. Limitation of the use of the words “exchange” and “commodity” exchange" in the names of organizations Article 6. Exchange goods Article 7. Exchange transaction Article 8. Types of exchange transactions Article 9. Exchange intermediation on commodity exchanges Article 10. Exchange intermediaries Section II. Establishment, organization and procedure for terminating the activities of a commodity exchange Article 11. Establishment of a commodity exchange Article 12. License to organize exchange trading Article 13. Liquidation of a commodity exchange Article 14. Members of a commodity exchange Article 15. Categories of members of a commodity exchange Article 16. General meeting of members of a commodity exchange Article 17. Charter of the Commodity Exchange Article 18. Rules of exchange trading Section III. Organization of exchange trading and its participants Article 19. Participants in exchange trading Article 20. Participation of commodity exchange members in exchange trading Article 21. Visitors to exchange trading Article 22. Exchange brokers Article 23. Licensing of exchange intermediaries, exchange brokers Article 24. Accounting for exchange transactions by exchange intermediaries Article 25. Relations between exchange intermediaries and their clients Article 26. Brokerage guilds and their associations Article 27. Commodity examination on a commodity exchange Article 28. Guarantees in exchange trading when making forward, futures and options transactions Article 29. Guarantees of free prices in exchange trading Article 30. Resolution of disputes on the commodity exchange Article 31. Foreign economic activity of commodity exchanges Article 32. Employees of the commodity exchange Section IV. State regulation of the activities of commodity exchanges Article 33. Lost force. Article 34. Functions of the federal executive body in the field of financial markets for control and supervision of the activities of commodity exchanges, exchange intermediaries and stock brokers Article 35. Powers of the federal executive body in the field of financial markets for control and supervision of the activities of commodity exchanges, exchange intermediaries and stock brokers Article 36. Sanctions for violation of this Law Article 37. State Commissioner at the Commodity Exchange Article 38. Guarantee of self-government of commodity exchanges

Law of the Russian Federation of February 20, 1992 N 2383-I
"About commodity exchanges and exchange trading"
(as amended June 24, 1992 and April 30, 1993,
June 19, 1995, March 21, 2002)

Section II. Establishment, organization and procedure for terminating the activities of a commodity exchange (Articles 11-18)
Section III. Organization of exchange trading and its participants (Articles 19-32)
Section IV. State regulation of the activities of commodity exchanges (Articles 33-38)

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

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.

Article 2. Commodity exchange concept
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 enterprises, institutions and organizations, if these enterprises, institutions and organizations do not aim to carry out the activities provided for in paragraph 1 of this article.

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.
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.

Article 5. Restriction on the use of the words “exchange” and “commodity exchange” in the names of enterprises, institutions and organizations
Enterprises, institutions and 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 or use the words “exchange” or “commodity exchange” in their name.

Article 6. Exchange commodity
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, including a standard contract and bill of lading for the specified commodity, admitted in the prescribed manner by the exchange to exchange trading.
2. Exchange goods cannot be real estate and intellectual property.

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
For the purposes of this Law, participants in exchange trading during exchange trading may carry out transactions related to:
mutual transfer of rights and obligations in relation to real goods;
mutual transfer of rights and obligations in relation to real goods with a deferred delivery date (forward transactions);
mutual transfer of rights and obligations in relation to standard contracts for the supply of exchange-traded goods (futures transactions);
assignment of rights to the future transfer of rights and obligations in relation to a commodity or a contract for the supply of a commodity (option transactions);
as well as other transactions in relation to exchange goods, contracts or rights established in the rules of exchange trading.

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 enterprise created in accordance with the Law of the Russian Federation “On Enterprises and Entrepreneurial Activities”.
3. For the purposes of this Law, a brokerage office is a branch or other separate division of an enterprise, institution, or organization that has a separate balance sheet and current account.
4. An independent broker is an individual registered in the prescribed manner as an entrepreneur carrying out his activities without forming a legal entity.