Law of the Russian Federation on commodity exchanges. Law on Commodity Exchange and Exchange Trading

General provisions of the exchange's activities

Note 1

Relations that are related to the activities of commodity exchanges and the implementation of exchange trading are regulated by the Law “On the Commodity Exchange and Exchange Trading”, as well as regulatory documents of exchange trading.

A commodity exchange is a legal entity that organizes public trading.

An exchange transaction is a registered exchange agreement that is signed between the parties to the relationship. Registration and execution of transactions is regulated by the exchange. Transactions that were carried out on the exchange, but do not meet the established requirements, are not considered exchange transactions. Exchange transactions cannot be made at the expense of the exchange and on its behalf.

Participants can make transactions:

transfer of ownership of goods;
transfer of ownership of goods with a delay in delivery;
carry out futures transactions;
other operations that do not contradict the rules of exchange trading.

Organization and procedure for suspending exchange trading

To organize exchange activities, you must obtain a license. The license is issued by the Commodity Exchange Commission. To obtain a license you must submit the following documents:

application in the prescribed form;
charter of the commodity exchange;
memorandum of association;
certificate of state registration;
rules for conducting exchange trading;
list of founders and information about their share.

Rules for exchange trading

The rules must stipulate the following conditions:

conditions for conducting exchange trading;
main types of exchange transactions;
structural composition of the exchange;
conditions for informing exchange participants about the start of exchange trading;
conditions for registration and accounting of exchange transactions;
price formation procedure;
informing exchange members about exchange trading conditions;
control over the price formation process;
a list of violations for which the exchange imposes fines;
amounts of deductions and fees.

Organization of exchange trading

Participants in exchange trading can be both exchange members and one-time visitors. Non-resident citizens can take part in exchange trading only through their exchange intermediaries.

Exchange transactions are carried out during exchange trading through exchange brokers.

To carry out futures and options transactions, a broker must obtain a license. The broker must keep records of completed exchange transactions for 5 years from the date of the transaction, and also provide the necessary information that will be of interest to the Commodity Exchange Commission.

State regulation of the commodity exchange

Note 2

State regulation of the activities of the exchange is carried out by the Commission on Exchange Activities. In its activities, the Commission is guided by the regulatory documents of the Russian Federation, decrees and resolutions of the Government of the Russian Federation.

Commission functions:

issues a license to conduct exchange trading;
carries out control over the issuance of a license to carry out futures and options transactions;
exercises control over the execution of exchange trading;
carries out work to study the activities of commodity exchanges;
is developing methodological support for preparing and conducting exchange trading;
develops proposals to improve the conduct of exchange trading.

Interference by local governments and other government officials in the activities of the exchange is prohibited.

Local authorities and management bodies whose actions resulted in non-execution of exchange transactions and caused damage to the parties to the transaction are liable in full and compensate for the damage caused. The amount of damage that was caused is reimbursed from your own income.

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-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, stock 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 an exchange after establishing compliance of its constituent documents and rules of exchange trading with this Law and other legislative acts of the Russian Federation, as well as subject to the 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 in court the decision of the federal executive body 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 exhibition on 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. - Federal Law of 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

General provisions of the exchange's activities

Note 1

A commodity exchange is a legal entity that organizes public trading.

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.

State regulation of the commodity exchange

Note 2

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.

Hello readers! Today's topic is a short excursion into legislation to better understand the mechanisms of trade.

The Law “On Commodity Exchanges and Exchange Trading” No. 2383-1 was adopted on February 20, 1992. The legislation, internal regulations, and rules of trading platforms establish the operating procedure and trading conditions for exchange resources. The document is not related to the functioning of currency, universal, stock exchanges and human resource exchanges.

The work of stock departments on the commodity exchange is regulated by document on securities No. 78 dated December 28, 1991, approved by the Government of the RSFSR. Changes and regulations were added to it from 1993 to 2006.

With the collapse of the USSR and the disruption of economic ties, the need arose to sell products. Exchanges began to be created to sell goods at market prices. Their creation occurred spontaneously. The real exchange of goods for goods - barter - was often used.

Before the adoption of legal status, the functioning of such commercial establishments was generally regulated by by-laws. Before the Federal Law, there was a temporary document on the work of commodity exchanges No. 161 in the RSFSR. The act indicated the need to create commodity platforms (it contained 38 points). The document included a definition and work regulations.

According to the Federal Law, the trading platform acquired the status of a legal entity. The main goal was the creation and regulation of wholesale trade. The operation of a commodity exchange is possible subject to obtaining a license. The audit of activities was carried out by the Bank of Russia.

By law, exchange participants had the right to make transactions. Individuals and foreign legal entities could conduct transactions with the intermediary participation of brokerage companies. The founders of trading platforms could be enterprises, government organizations and individuals.

Is it valid now?

In 2011, the Law “On Organized Auctions” No. 325-FZ and the Law on Amendments were adopted. The legislation “On commodity exchanges and exchange trading” was declared invalid. New legal documents came into force at the beginning of 2012.

The new Federal Law establishes the principles for the creation and operation of commodity and financial platforms.

Basic moments:

An amendment on control and regulation of the foreign exchange market has been added to the document. Powers have been transferred to the Federal Financial Markets Service of the Russian Federation. The state body is given the prerogative to temporarily stop the operation of the establishment.
The document included the concepts of the organizers of the trading system and the exchange. Uniform requirements for trading platforms as organizers of wholesale trade have been introduced, and the principles of participation in transactions are described.
The law expanded the list of participants in trading sessions.

Where can I find the current version?

The current version of the Federal Law on organized trading can be found on the legal resource of codes and laws zakonrf.info.

Conclusion

So, a short conclusion. The 1992 law had many by-laws, additions and changes. With the adoption of the new version, uniform requirements for exchange platforms were streamlined and introduced. The powers and the right to stop trading were transferred to the Federal Financial Markets Service. The concept of a trading system was introduced and the list of participants was expanded.

I hope the information was useful to you. If you have anything to add (and federal laws can take a long time to change for them to work correctly), write in the comments. Share the article with your friends. See you again!

LAW OF THE REPUBLIC OF BELARUS

About commodity exchanges

Passed by the House of Representatives on December 12, 2008
Approved by the Council of the Republic on December 19, 2008

Changes and additions:

Law of the Republic of Belarus of July 9, 2012 No. 388-Z (National Legal Internet Portal of the Republic of Belarus, July 17, 2012, 2/1940) ;

Law of the Republic of Belarus of July 1, 2014 No. 174-Z (National Legal Internet Portal of the Republic of Belarus, 07/10/2014, 2/2172) ;

Law of the Republic of Belarus dated July 8, 2015 No. 284-Z (National Legal Internet Portal of the Republic of Belarus, July 14, 2015, 2/2282)

CHAPTER 1
GENERAL PROVISIONS

Article 1. Basic terms and their definitions

For the purposes of this Law, the following basic terms and their definitions apply:

accreditation – granting by a commodity exchange to legal entities of the Republic of Belarus, foreign and international legal entities (organizations that are not legal entities) and individuals the rights to participate in exchange trading and conclude exchange transactions as visitors to exchange trading or exchange brokers on the basis of agreements for exchange services ;

exchange logistics activities - activities of legal entities of the Republic of Belarus, individual entrepreneurs registered in the Republic of Belarus, as well as foreign and international legal entities (organizations that are not legal entities) for storage, transportation and examination of the quality of exchange goods;

exchange transaction - an agreement concluded by exchange trading participants in relation to an exchange commodity based on the results of exchange trading;

exchange trading is the activity of a commodity exchange and exchange trading participants aimed at concluding exchange transactions;

stock broker - a participant in exchange trading who provides intermediary services to the stock broker's clients for concluding stock exchange transactions on behalf of the stock broker's client at his own expense, on behalf of the stock broker's client at his own expense and on his own behalf at the expense of the stock broker's client;

exchange fee - a fee for organizing and conducting exchange trading, collected by a commodity exchange from participants in exchange trading, the amount of which is determined in accordance with the law;

exchange goods - any things defined by generic characteristics that have not been withdrawn from circulation, as well as property rights, unless otherwise provided by this Law and (or) the President of the Republic of Belarus, admitted by the commodity exchange to exchange trading in accordance with the law. In cases established by the President of the Republic of Belarus or the Council of Ministers of the Republic of Belarus, works and services may be classified as exchange goods;

exchange trading – the procedure for concluding exchange transactions;

over-the-counter transaction - an agreement concluded in relation to an exchange commodity outside of exchange trading;

client of a stock broker - a legal entity of the Republic of Belarus, a foreign, international legal entity (an organization that is not a legal entity) or an individual who has entered into relevant agreements with the stock broker for the provision of intermediary services;

clearing – determination, accounting and offset of obligations arising as a result of the conclusion of exchange transactions;

price quotation - identification by a commodity exchange of prices for exchange-traded goods according to the price quotation methodology approved in the manner determined by the charter of the commodity exchange, taking into account the requirements of the law;

broker - an employee of a commodity exchange authorized to conduct exchange trading and monitor the proper implementation of the rules of exchange trading of a commodity exchange during exchange trading;

visitor to exchange trading - a participant in exchange trading, concluding exchange transactions on his own behalf and at his own expense;

settlement bank - a bank, non-banking credit and financial organization that reflects clearing results in the accounts of exchange trading participants and clients of exchange brokers;

real goods - exchange goods, with the exception of property rights, works and services;

section – a specialized area of activity of a commodity exchange, within the framework of which exchange trading of one or several groups of exchange commodities is carried out;

standard contract - an agreement that corresponds to the form approved in accordance with the legislation by the commodity exchange, and provides for the purchase and sale of exchange-traded goods with certain conditions for its transfer and (or) other conditions for the fulfillment of obligations in the future;

commodity exchange - a legal entity that organizes and regulates exchange trading by conducting open public trading at a predetermined time according to established rules;

trading session – the period during which exchange trading participants enter into exchange transactions;

trading day – the day on which exchange trading is conducted on a commodity exchange;

exchange trading participant - a legal entity of the Republic of Belarus, a foreign, international legal entity (an organization that is not a legal entity) or an individual accredited by the commodity exchange as visitors to exchange trading and (or) exchange brokers.

Article 2. Legislation on commodity exchanges

The legislation on commodity exchanges is based on the Constitution of the Republic of Belarus and consists of this Law, acts of the President of the Republic of Belarus and other acts of legislation regulating relations arising in the process of creating and operating commodity exchanges, as well as exchange trading.

If an international treaty of the Republic of Belarus establishes rules other than those provided for by this Law, then the rules of the international treaty apply.

Article 3. Scope of this Law

This Law regulates relations arising in the process of creation and operation of commodity exchanges, as well as exchange trading.

This Law does not apply to relations arising in connection with the conclusion of contracts for the purchase and sale of securities and currency values, as well as other objects of civil rights, trade in which is carried out in accordance with other legislative acts.

CHAPTER 2
STATE REGULATION OF THE ACTIVITIES OF COMMODITY EXCHANGES

Article 4. Implementation of state regulation of the activities of commodity exchanges

State regulation of the activities of commodity exchanges is carried out by the President of the Republic of Belarus, the Council of Ministers of the Republic of Belarus, the Ministry of Trade of the Republic of Belarus, and other state bodies within their competence determined by law.

Article 5. Powers of the President of the Republic of Belarus in the field of state regulation of the activities of commodity exchanges

The President of the Republic of Belarus in the field of state regulation of the activities of commodity exchanges determines state policy and exercises other powers in accordance with the Constitution of the Republic of Belarus, this Law and other legislative acts.

Article 6. Powers of the Council of Ministers of the Republic of Belarus in the field of state regulation of the activities of commodity exchanges

The Council of Ministers of the Republic of Belarus in the field of state regulation of the activities of commodity exchanges within its competence:

ensures the implementation of state policy;

determines, in cases established by the President of the Republic of Belarus, a list of goods, transactions with which legal entities and individual entrepreneurs are required to conclude at exchange trading, including foreign trade, and the conditions for concluding such transactions;

establishes cases of classifying works and services as exchange goods;

establishes the cases, terms and procedure for the submission by a party of an over-the-counter transaction to the commodity exchange of information for registration of an over-the-counter transaction, the composition of such information, as well as the procedure for registration of over-the-counter transactions by the commodity exchange, maintaining a register of these transactions and providing interested parties with information from this register;

approves standard rules for exchange trading on commodity exchanges;

establishes the procedure for determining the amount of exchange fees by commodity exchanges;

establishes the procedure for the formation of the guarantee fund of the commodity exchange and the use of its funds;

approves the regulations on the coordination council for exchange trading and its composition;

exercises other powers in accordance with the Constitution of the Republic of Belarus, this Law, other laws and acts of the President of the Republic of Belarus.

Article 7. Powers of the Ministry of Trade of the Republic of Belarus in the field of state regulation of the activities of commodity exchanges

The Ministry of Trade of the Republic of Belarus in the field of state regulation of the activities of commodity exchanges within its competence:

exercises state control over compliance with legislation on commodity exchanges;

develops and submits to the Council of Ministers of the Republic of Belarus proposals to improve legislation on commodity exchanges;

exercises other powers in accordance with the law.

Article 8. Coordination Council for Exchange Trading

The Coordination Council for Exchange Trading is an interdepartmental permanent body that ensures interaction between government agencies and commodity exchanges on issues of organizing exchange trading.

The regulations on the coordination council for exchange trading and its composition are approved by the Council of Ministers of the Republic of Belarus.

CHAPTER 3
CREATION AND ORGANIZATION OF ACTIVITIES OF A COMMODITY EXCHANGE

Article 9. Creation of a commodity exchange. Charter of the Commodity Exchange

A commodity exchange is created in the form of a joint stock company.

In addition to the information required by law, the charter of a commodity exchange must define:

the procedure for adopting the rules of exchange trading of a commodity exchange;

the procedure for the formation of exchange committees and the adoption of regulations on them;

the procedure for approving the price quotation methodology taking into account legal requirements;

the procedure for creating an arbitration commission, approving its regulations and the rules of the arbitration commission.

Article 10. Activities of the commodity exchange. Restrictions for founders (participants) and employees of the commodity exchange

A commodity exchange has the right to carry out activities related to the organization and regulation of exchange trade, as well as other activities provided for by this Law and other legislative acts. In cases determined by the Council of Ministers of the Republic of Belarus, the commodity exchange also has the right to carry out activities to ensure the conduct of electronic trading and procurement procedures in electronic format.

A commodity exchange cannot be a participant in exchange trading and a client of an exchange broker.

The founders (participants) of a commodity exchange, who, by virtue of their predominant participation in its authorized capital, or in accordance with an agreement concluded between them, or otherwise have the opportunity to determine decisions made by the commodity exchange, are prohibited from participating in exchange transactions on this commodity exchange, using own interests, as well as disclose information that is not publicly available about participants in exchange trading, about clients of exchange brokers and their activities.

Employees of a commodity exchange are prohibited from participating in exchange transactions, performing work on the basis of an employment and (or) civil law contract with a participant in exchange trading, using in their own interests, as well as disclosing information that is not publicly available about participants in exchange trading, about clients of exchange brokers and their activities.

Article 11. Main tasks and functions of the commodity exchange

The main objectives of the commodity exchange are:

promoting the development of an organized market for goods (works, services);

increasing the efficiency of exports of goods of Belarusian producers and the sustainability of their material and raw material supply;

simplification of the procedure for searching for sellers (contractors, performers) and buyers (customers) of exchange goods;

creation of a trading mechanism that has the most transparent system for concluding exchange transactions according to established rules.

The main functions of a commodity exchange include:

creating conditions for conducting exchange trading;

conducting exchange trading;

registration of exchange transactions, as well as over-the-counter transactions;

organization of examination of the quality of exchange goods in cases provided for by the rules of exchange trading of a commodity exchange;

identifying demand and supply of goods (works, services);

price quotation;

study of factors influencing the dynamics of commodity prices;

information services for participants in exchange trading, clients of exchange brokers and other interested parties;

organization and development of exchange logistics activities.

Article 12. Restriction on the use of the words “commodity exchange”

Only legal entities that are commodity exchanges have the right to use the words “commodity exchange” in their name (company name).

Article 13. Members of the Commodity Exchange

Members of a commodity exchange are participants in exchange trading who have been accepted as members of the commodity exchange in the manner established by the rules of exchange trading of the commodity exchange.

Members of a commodity exchange have the right to join exchange committees created by a commodity exchange in accordance with the regulations on exchange committees.

Members of a commodity exchange may have other rights in accordance with the legislation and rules of exchange trading of a commodity exchange.

Members of the commodity exchange perform duties in accordance with the legislation and rules of exchange trading of the commodity exchange.

The procedure for termination of membership is established by the rules of exchange trading of the commodity exchange.

Violation of the rights of members of a commodity exchange, the unlawful assignment of responsibilities to them, the refusal of a commodity exchange to admit them to membership in a commodity exchange, or the decision to exclude them from membership of a commodity exchange can be appealed in court.

Article 14. Exchange committees

Exchange committees are advisory bodies of the commodity exchange and act in accordance with the regulations on exchange committees, adopted in the manner prescribed by the charter of the commodity exchange.

Exchange committees can be created by the commodity exchange in sections to analyze and summarize the results of exchange trading, prepare proposals for improving the methods and forms of exchange trading.

Exchange committees may include employees of the commodity exchange, members of the commodity exchange and their representatives, manufacturers, sellers (contractors, performers) and buyers (customers) of exchange goods and their representatives, representatives of government bodies and other organizations in accordance with the provisions on exchange committees.

Article 15. Arbitration commission

In order to consider disputes regarding exchange transactions, with the exception of disputes to which the commodity exchange or its employees are a party, the commodity exchange creates an arbitration commission, which is a permanent arbitration body.

The regulations on the arbitration commission and the rules of the arbitration commission, after their approval by the Supreme Court of the Republic of Belarus, are approved in the manner prescribed by the charter of the commodity exchange.

Article 16. Commodity Exchange Guarantee Fund

A commodity exchange may create, at the expense of its own funds and other sources not prohibited by law, a guarantee fund to provide guarantees (guarantees) for the fulfillment of obligations of exchange trading participants and clients of exchange brokers on exchange transactions.

The procedure for the formation of the commodity exchange guarantee fund and the use of its funds is established by the Council of Ministers of the Republic of Belarus.

Article 16 1. Organization and development of exchange logistics activities

The Commodity Exchange organizes and develops exchange logistics activities, including through:

participation in the creation of logistics centers and a network of exchange warehouses;

cooperation with freight forwarding organizations and carriers;

providing assistance to participants in exchange trading, clients of exchange brokers and other interested parties in storing, transporting and conducting examination of the quality of exchange goods.

CHAPTER 4
ORGANIZATION OF EXCHANGE TRADING

Article 17. Rules for exchange trading of a commodity exchange

The commodity exchange, in the manner prescribed by its charter, adopts the rules for exchange trading of the commodity exchange.

The rules of exchange trading of a commodity exchange must define:

the procedure for accreditation of legal entities of the Republic of Belarus, foreign and international legal entities (organizations that are not legal entities) and individuals as visitors to exchange trading or exchange brokers, including the procedure for concluding agreements for exchange services;

procedure for registering clients of stock brokers;

the procedure for accepting exchange trading participants as members of a commodity exchange, termination of membership, as well as the rights and obligations of members of a commodity exchange;

types of exchange transactions;

names of sections;

procedure for conducting exchange trading;

the procedure for informing exchange trading participants about upcoming exchange trading;

the procedure for participation in exchange trading by exchange trading participants;

the procedure for concluding, registering, processing and recording exchange transactions;

measures taken by a commodity exchange to prevent a sharp increase or decrease in price levels during a trading day, trading session, artificial inflation or understatement of prices (price manipulation);

measures aimed at ensuring compliance by participants in exchange trading and clients of exchange brokers with the legislation on commodity exchanges, the rules of exchange trading of a commodity exchange, implementation of decisions of the management bodies of the commodity exchange taken to regulate exchange trading in accordance with the law;

the procedure for the commodity exchange to control the execution of exchange transactions;

a list of measures applied by a commodity exchange for violation of the rules of exchange trading of a commodity exchange, a list of violations for which they are applied, as well as the procedure for applying such measures;

other provisions regulating exchange trading.

The rules of exchange trading of a commodity exchange must comply with the standard rules of exchange trading on commodity exchanges, approved by the Council of Ministers of the Republic of Belarus.

Article 18. Exchange goods

Goods (work, services) for which fixed prices are established by law, as well as property rights to intellectual property, are not allowed for exchange trading.

The list of exchange goods allowed for exchange trading on a commodity exchange is determined by the commodity exchange in accordance with the law.

Article 19. Exchange transactions

Transactions can be concluded on a commodity exchange that are the basis for:

the emergence of rights and obligations in relation to the actual product;

emergence of rights and obligations to perform work (provide services);

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

emergence of rights and obligations associated with the conclusion of standard contracts (futures transactions);

assignments of rights to the future transfer of rights and obligations in relation to a commodity, including under standard contracts (option transactions).

However, standard contracts concluded on a commodity exchange and containing the terms of futures or options transactions are not securities.

On a commodity exchange, in accordance with the law, other transactions may also be concluded in relation to exchange-traded goods, provided for by the rules of exchange trading of the commodity exchange.

An exchange transaction is considered concluded from the moment of its registration by a commodity exchange, unless otherwise provided by the rules of exchange trading of a commodity exchange.

Transactions concluded on a commodity exchange, but not complying with the requirements of this Law, are not exchange transactions.

Article 19 1. Registration of over-the-counter transactions

In cases, terms and procedures established by the Council of Ministers of the Republic of Belarus, the party to an over-the-counter transaction is obliged to provide the commodity exchange with the relevant information for registration of the over-the-counter transaction.

The composition of the information submitted for registration of an over-the-counter transaction in accordance with part one of this article is established by the Council of Ministers of the Republic of Belarus. Such information cannot constitute a trade secret.

The commodity exchange registers over-the-counter transactions, maintains a register of these transactions and provides interested parties with information from this register in the manner established by the Council of Ministers of the Republic of Belarus.

Article 20. Visitors to exchange trading

Visitors to exchange trading can be:

individuals, including foreign citizens and stateless persons.

Visitors to exchange trading have the right to:

Visitors to exchange trading have other rights in accordance with this Law, other legislation and the rules of exchange trading of a commodity exchange.

Visitors to exchange trading are obliged to:

submit, in the manner established by the commodity exchange, information on the fulfillment of obligations under concluded exchange transactions;

provide, in cases established by law, security for the fulfillment of obligations under exchange transactions in the manner established by the rules of exchange trading of a commodity exchange;

perform other duties in accordance with the law.

Article 21. Stock brokers

Stock brokers can be:

legal entities of the Republic of Belarus, foreign and international legal entities (organizations that are not legal entities);

individual entrepreneurs registered in the Republic of Belarus.

Stock brokers have the right:

mediate in concluding stock exchange transactions;

submit applications to the commodity exchange for the sale and (or) purchase of exchange goods;

participate in exchange trading, enter into exchange transactions;

obtain the necessary information from the commodity exchange in the manner established by the rules of exchange trading of the commodity exchange.

Stock brokers have other rights in accordance with this Law, other legislation and the rules of exchange trading of a commodity exchange.

Stock brokers are required to:

comply with the legislation on commodity exchanges, the rules of exchange trading of a commodity exchange, comply with the decisions of the management bodies of the commodity exchange taken in order to regulate exchange trading in accordance with the law;

register a stock broker's client on a commodity exchange before submitting an application for the sale and (or) acquisition of a stock exchange commodity in the interests of such a client;

advise clients of stock brokers on issues related to stock exchange transactions concluded in their interests, including on issues of quality and properties of stock products;

carry out documentation of exchange transactions;

register, keep records and store documents related to their activities as a stock broker, and also present these documents to the commodity exchange upon its request;

provide, at the request of a commodity exchange, additional information on exchange-traded goods put up for exchange trading;

pay the exchange fee on time;

perform other duties in accordance with this Law and other legislation.

Agreements for the provision of intermediary services concluded by stock brokers with their clients, in addition to the conditions specified by law, must contain the following essential conditions:

the amount and procedure for depositing funds;

deadline for fulfilling the obligation;

grounds for termination of the contract;

the procedure for returning funds in the event of failure to fulfill an obligation or termination of the contract;

liability for failure to fulfill an obligation.

Article 22. Conducting exchange trading. Rights and obligations of a broker

Exchange trading is carried out in the manner determined by the rules of exchange trading of the commodity exchange.

The broker has the right:

make official announcements and communications on issues related to the procedure for conducting exchange trading;

demand that participants in exchange trading comply with the legislation on commodity exchanges, the rules of exchange trading of a commodity exchange, and the implementation of decisions of the management bodies of the commodity exchange adopted for the purpose of regulating exchange trading in accordance with the law;

suspend participation in a trading session of a participant in exchange trading in case of violation of the legislation on commodity exchanges, the rules of exchange trading of a commodity exchange, failure to comply with decisions of the management bodies of a commodity exchange taken to regulate exchange trading in accordance with the law;

sign documents necessary for maintaining records of exchange transactions in accordance with the rules of exchange trading of the commodity exchange.

The broker may have other rights in accordance with the laws and rules of exchange trading of the commodity exchange.

The broker is obliged:

manage the process of conducting exchange trading in accordance with the rules of exchange trading of the commodity exchange;

exercise control over the compliance of the amount of security for the fulfillment of obligations provided by a participant in exchange trading with the amount of concluded exchange transactions;

take measures to prevent the occurrence of circumstances that impede the normal course of exchange trading;

during exchange trading, bring to the attention of participants in exchange trading the decisions of the management bodies of the commodity exchange, adopted for the purpose of regulating exchange trading in accordance with the law, and other information related to the procedure for conducting exchange trading;

perform other duties in accordance with the legislation and rules of exchange trading of the commodity exchange.

Article 23. Accounting for exchange transactions

A commodity exchange is obliged to keep records of exchange transactions concluded on this commodity exchange in the manner prescribed by the rules of exchange trading of the commodity exchange. A commodity exchange is obliged to provide information on exchange transactions concluded on this commodity exchange at the request of the Ministry of Trade of the Republic of Belarus, and in cases established by legislative acts - other government bodies.

Stock brokers are required to keep records of exchange transactions they enter into for each client of the stock broker and store information about these transactions (including originals of contracts with the stock broker’s clients, documents relating to the conclusion and execution of stock transactions, instructions from the stock broker’s clients, as well as documents confirming their fulfillment or non-fulfillment) within five years from the date of conclusion of the exchange transaction.

Stock brokers are required to provide information on exchange transactions concluded by them at the request of the Ministry of Trade of the Republic of Belarus, and in cases established by legislative acts - other government bodies, as well as the commodity exchange on which such exchange transactions are concluded, in the manner established by this commodity exchange.

Article 24. Commercial secret of a commodity exchange

Relations arising in connection with the establishment, change and abolition of the trade secret regime of a commodity exchange, as well as in connection with the legal protection of trade secrets of a commodity exchange, are regulated by the legislation on trade secrets.

Article 25. Examination of the quality of real goods on the commodity exchange. Participation of the commodity exchange in the acceptance of real goods in terms of quantity and quality

A commodity exchange, at the request of a participant in exchange trading in cases provided for by the rules of exchange trading of a commodity exchange, is obliged to organize an examination of the quality of real goods put up for exchange trading and (or) sold at exchange trading.

The commodity exchange has the right to take part in the acceptance of real goods sold at exchange auctions in terms of quantity and quality.

Article 26. Ensuring the fulfillment of obligations under exchange transactions

On a commodity exchange, exchange transactions can be concluded with the provision of security for the fulfillment of obligations under exchange transactions and without the provision of such security.

Methods for ensuring the fulfillment of obligations under exchange transactions are determined by the commodity exchange in accordance with the law.

Article 27. Pricing in exchange trading

The price of an exchange commodity is established by agreement between the parties to an exchange transaction, unless otherwise provided by legislative acts.

The commodity exchange takes measures to prevent artificially inflating or understating prices for commodity goods (price manipulation).

Artificially inflating or understating prices for exchange-traded goods (price manipulation) may include actions of participants in exchange trading aimed at changing the price of a exchange-traded commodity in order to make a profit from transactions with this exchange-traded commodity or obtain other benefits by:

simultaneous submission by the same participant of exchange trading of applications for the sale and purchase of exchange-traded goods at prices that have a significant deviation from the current market prices for similar exchange-traded goods;

dissemination of false information about the state of the market for goods (works, services) and its participants;

using other methods of price manipulation specified in the rules of exchange trading of a commodity exchange.

Article 28. Price quotation on the commodity exchange. Stock quotes

Price quotation on a commodity exchange is carried out in order to obtain information about the prices of exchange-traded goods sold on a commodity exchange.

Price quotation is carried out by a commodity exchange taking into account supply and demand for exchange-traded goods for a certain period or on a certain date by analyzing exchange transactions, prices offered by exchange trading participants, pricing factors depending on the conditions for the execution of exchange transactions.

For participants in exchange trading, clients of exchange brokers and other persons, exchange quotes are for reference purposes, unless otherwise provided by law.

At the request of interested parties, the commodity exchange has the right to provide information on exchange quotations in the manner established by it.

Article 29. Clearing and settlements based on clearing results

Clearing based on the results of concluding exchange transactions is carried out by a commodity exchange or other organization on the basis of an agreement concluded with a commodity exchange in the manner prescribed by law.

Settlements based on clearing results are carried out by the settlement bank in accordance with the law.

Article 30. Consideration of disputes regarding exchange transactions

Disputes regarding exchange transactions are considered by a court or an arbitration commission in accordance with the agreement of the parties to the exchange transaction, unless, in accordance with the law, the parties have chosen a different procedure for resolving disputes.

The procedure for considering disputes by the arbitration commission is determined by the rules of the arbitration commission.

An appeal against the decision of the arbitration commission can be made by filing a petition with the economic court of the region (the city of Minsk) at the location of the arbitration commission for its cancellation in the manner and on the grounds provided for by economic procedural legislation.

The decisions of the arbitration commission are executed in the manner established by economic procedural legislation.

CHAPTER 5
FINAL PROVISIONS

Article 31. Revocation of legislative acts and their individual provisions

In connection with the adoption of this Law, the following shall be declared invalid:

Law of the Republic of Belarus of March 13, 1992 “On Commodity Exchanges” (Vedamastsi Vyarkhonaga Saveta Republic of Belarus, 1992, No. 11, Art. 196);

paragraph 3 of Article 2 of the Law of the Republic of Belarus of July 30, 2004 “On invalidation of legislative acts and amendments to certain legislative acts of the Republic of Belarus” (National Register of Legal Acts of the Republic of Belarus, 2004, No. 122, 2/1056);

Resolution of the Supreme Council of the Republic of Belarus dated March 13, 1992 “On the implementation of the Law of the Republic of Belarus “On Commodity Exchanges” (Vedamastsi Vyarkhoonaga Saveta Respubliki Belarus, 1992, No. 11, Art. 197).

Article 32. Transitional provisions

Commodity exchanges registered before the entry into force of this Law are required to bring their constituent documents and decisions of governing bodies into compliance with this Law within one year from the date of its entry into force.

Until they are brought into compliance with this Law, the constituent documents and decisions of the management bodies of commodity exchanges are valid to the extent that they do not contradict this Law.

Article 33. Bringing legislative acts into compliance with this Law

The Council of Ministers of the Republic of Belarus, within six months from the date of official publication of this Law:

ensure that legislative acts are brought into compliance with this Law;

take other measures necessary to implement the provisions of this Law.

Article 34. Entry into force of this Law

This Law comes into force six months after its official publication, with the exception of this article and Article 33, which come into force from the date of official publication of this Law.