Current legislation. Regulations on the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage activities, dealer activities and securities management activities Regulations on the rules

• Chapter 1. General provisions
• Chapter 2. Internal accounting of transactions
• Chapter 3. Internal accounts
• Chapter 4. Documents related to internal accounting
• Chapter 5. Reconciliation of internal accounting data
• Chapter 6. Records of a professional participant’s clients and contracts with clients
• Chapter 7. Taking into account client instructions and requirements
• Chapter 8: Credential Grouping
• Chapter 9. Reporting of a professional participant to clients
• Chapter 10. Final provisions

Regulation of the Bank of Russia dated January 31, 2017 N 577-P
"On the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage activities, dealer activities and securities management activities"

With changes and additions from:

These Regulations in accordance with paragraphs 3 and 4 of Article 42 of the Federal Law of April 22, 1996 N 39-FZ “On the Securities Market” (Collected Legislation of the Russian Federation, 1996, N 17, Art. 1918; 2001, N 33, Art. 3424; 2002, N 52, Art. 5141; 2004, N 27, Art. 2711; N 31, Art. 3225; 2005, N 11, Art. 900; N 25, Art. 2426; 2006, N 1, Art. 5; N 2, Art. 172; N 17, Art. 1780; N 31, Art. 3437; N 43, Art. 4412; 2007, N 1, Art. 45; N 18, Art. 2117; N 22, Art. 2563; N 41, Art. 4845; N 50, Art. 6247; 2008, N 52, Art. 6221; 2009, N 1, Art. 28; N 18, Art. 2154; N 23, Art. 2770; N 29, Art. 3642; N 48, Art. 5731; N 52, Art. 6428; 2010, N 17, Art. 1988; N 31, Art. 4193; N 41, Art. 5193; 2011, N 7, Art. 905; N 23, Art. 3262; N 29, Art. 4291; N 48, Art. 6728; N 49, Art. 7040; N 50, Art. 7357; 2012, N 25, Art. 3269; N 31, Art. 4334; N 53, article 7607; 2013, N 26, article 3207; N 30, article 4043, article 4082, article 4084; N 51, article 6699; N 52, article 6985; 2014, N 30, Art. 4219; 2015, N 1, Art. 13; N 14, Art. 2022; N 27, Art. 4001; N 29, Art. 4348, Art. 4357; 2016, N 1, art. 50, art. 81; N 27, art. 4225) (hereinafter referred to as the Federal Law “On the Securities Market”) establishes the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage activities, dealer activities and securities management activities (hereinafter referred to as professional participants), and reporting to clients.

Registration N 46772

New rules for maintaining internal accounting by professional participants in the securities market (brokers, dealers and securities managers) are presented.

The list of transactions for which internal accounting is maintained is supplemented by transactions with foreign currency and goods admitted to organized trading.

It is allowed to outsource the function of maintaining internal accounting.

A division of internal accounting accounts into individual and combined (omnibus) accounts has been introduced.

The obligation to record client assets by storage location has been clarified.

Positional accounting has been introduced, stipulating that internal accounting records must provide grouping of data on the planned closing balance for certain assets before each date of expected receipt or disposal of an asset for the corresponding obligations.

The criteria by which the internal accounting system should provide grouping and selection of accounting data reflected in internal accounting are given.

As before, the established requirements do not apply to the accounting procedure and accounting (financial) reporting.

Regulation of the Bank of Russia dated January 31, 2017 N 577-P "On the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage activities, dealer activities and securities management activities"

Registration N 46772

This Regulation comes into force on October 1, 2017.

This document is amended by the following documents:

(approved by the Central Bank of the Russian Federation on January 31, 2017 N 577-P)

CENTRAL BANK OF THE RUSSIAN FEDERATION

January 31, 2017 N 577-P

POSITION
ON THE RULES FOR INTERNAL ACCOUNTING BY PROFESSIONAL PARTICIPANTS OF THE SECURITIES MARKET CARRYING OUT BROKERAGE ACTIVITIES, DEALER ACTIVITIES AND SECURITIES MANAGEMENT ACTIVITIES

These Regulations are in accordance with paragraphs and Article 42 of the Federal Law of April 22, 1996 N 39-FZ “On the Securities Market” (Collected Legislation of the Russian Federation, 1996, N 17, Art. 1918; 2001, N 33, Art. 3424; 2002, N 52, Art. 5141; 2004, N 27, Art. 2711; N 31, Art. 3225; 2005, N 11, Art. 900; N 25, Art. 2426; 2006, N 1, Art. 5; N 2, Art. 172; N 17, Art. 1780; N 31, Art. 3437; N 43, Art. 4412; 2007, N 1, Art. 45; N 18, Art. 2117; N 22, Art. 2563 ; N 41, Art. 4845; N 50, Art. 6247; 2008, N 52, Art. 6221; 2009, N 1, Art. 28; N 18, Art. 2154; N 23, Art. 2770; N 29, Art. 3642; N 48, Art. 5731; N 52, Art. 6428; 2010, N 17, Art. 1988; N 31, Art. 4193; N 41, Art. 5193; 2011, N 7, Art. 905; N 23, Art. 3262; N 29, Art. 4291; N 48, Art. 6728; N 49, Art. 7040; N 50, Art. 7357; 2012, N 25, Art. 3269; N 31, Art. 4334 ; N 53, Art. 7607; 2013, N 26, Art. 3207; N 30, Art. 4043, Art. 4082, Art. 4084; N 51, Art. 6699; N 52, Art. 6985; 2014, N 30 , Art. 4219; 2015, N 1, Art. 13; N 14, Art. 2022; N 27, Art. 4001; N 29, Art. 4348, Art. 4357; 2016, N 1, art. 50, art. 81; N 27, art. 4225) (hereinafter referred to as the Federal Law “On the Securities Market”) establishes the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage activities, dealer activities and securities management activities (hereinafter referred to as professional participants), and reporting to clients.

Chapter 1. General provisions

1.1. The internal accounting of a professional participant must present an orderly system of records in relation to transactions (including derivative financial instruments) and operations provided for by these Regulations with funds (including foreign currency), securities, foreign financial instruments not qualified as securities, and goods admitted to organized trading (hereinafter referred to as assets), as well as records in relation to other objects of internal accounting, which is formed by collecting, registering, reflecting, summarizing, reconciling and storing information about these transactions, operations and other objects of internal accounting, including by maintaining internal accounting accounts.

1.2. The objects of internal accounting are:

transactions and operations provided for by these Regulations;

assets of clients of a professional participant subject to accounting in internal accounting accounts in accordance with the requirements of these Regulations;

obligations, the fulfillment of which must be carried out at the expense of the assets provided for in paragraph three of this paragraph;

obligations, the requirements for which must be fulfilled as part of the assets provided for in paragraph three of this paragraph;

information about the clients of the professional participant, provided for in Chapter 6 of these Regulations, and about the contracts in accordance with which services are provided to them;

instructions and requirements of clients provided for by these Regulations.

1.3. The receipt or disposal of an asset (hereinafter referred to as transactions with assets) is reflected in internal accounting accounts in accordance with the requirements of Chapter 3 of these Regulations.

1.4. Internal records are maintained in electronic databases, ensuring the storage and protection of records provided for in these Regulations.

Internal accounting data may be contained in other professional participant accounting systems if they can be summarized by automated means of maintaining internal accounting of the professional participant.

1.5. The professional participant ensures compliance of internal accounting with the requirements of these Regulations, including if it is maintained by the person specified in paragraph two of clause 1.6 of these Regulations.

1.6. The organization of internal accounting must provide for the assignment of at least one employee of a professional participant with responsibilities for summarizing and storing information on transactions, operations and other internal accounting objects provided for by these Regulations, reconciling internal accounting data and generating reports based on internal accounting data.

The requirements of the first paragraph of this paragraph do not apply to a professional participant who has entered into an agreement with another professional participant for the provision of internal accounting services, provided that the latter has approved the documents provided for in Chapter 4 of these Regulations.

The responsibilities specified in paragraph one of this paragraph cannot be assigned to the employee responsible for sending and (or) accepting proposals for transactions subject to internal accounting (including submitting applications for organized trading), and (or) for submitting instructions for such transactions.

1.7. Unless otherwise provided by this paragraph, internal accounting entries, including entries in internal accounting accounts, are made on the day the professional participant receives the documents on the basis of which such entries are made. If the document that is the basis for making internal accounting entries was received by a professional participant after the end of working hours determined by the internal documents of the professional participant, the internal accounting entry can be made on the basis of such a document no later than the business day following the day of receipt of the specified document. Internal accounting entries on transactions and operations may be made before receiving the document on the basis of which such entries are made. If an internal accounting entry about a transaction or operation is made before receipt of the document on the basis of which it is made, a note must be made in relation to such entry that the transaction or operation has not been confirmed. Such a mark is canceled by a record of this upon receipt of the specified document.

1.8. A professional participant stores internal accounting records of transactions and operations with assets, as well as documents on the basis of which such records were made, for at least five years from the date of termination of obligations from transactions and from the date of the transaction, respectively.

1.10. The requirements of these Regulations do not apply to the procedure for maintaining accounting records, drawing up and submitting accounting (financial) statements by professional participants.

Chapter 2. Internal accounting of transactions

2.1. Unless otherwise provided by clause 2.2 of these Regulations, the internal accounting of a professional participant must contain records in relation to the following transactions:

transactions made on behalf of clients, including contracts that are derivative financial instruments;

transactions made at one's own expense with securities, foreign financial instruments not qualified as securities, foreign currency, goods admitted to organized trading, as well as contracts concluded at one's own expense that are derivative financial instruments.

2.2. The requirements of clause 2.1 of these Regulations do not apply to the following transactions.

2.2.1. Transactions involving the transfer or acceptance of securities to secure obligations under a loan agreement.

2.2.2. Transactions with mortgages carried out by a professional participant at his own expense.

2.2.3. Transactions on acceptance of documentary securities for storage.

2.2.4. Transactions involving the placement and repurchase by a professional participant of securities issued by this professional participant.

2.2.5. Transactions with goods admitted to organized trading, carried out by a professional participant at his own expense for his own business needs.

2.2.6. Transactions in foreign currency that are carried out by professional participants at their own expense not at organized auctions.

2.2.7. Foreign currency transactions carried out by credit institutions - professional participants at their own expense.

2.3. Each transaction specified in clause 2.1 of these Regulations is assigned an identifier.

2.4. Internal accounting records about the transaction must contain general information about the transaction in accordance with clause 2.5 of these Regulations and information about the terms of the transaction in accordance with clause 2.7 of these Regulations.

2.5. General information about the transaction includes the following information.

2.5.1. Trade ID assigned by the professional participant.

2.5.2. Transaction identification number based on data from an extract from the register of contracts concluded at organized auctions, if it differs from the transaction identifier assigned by a professional participant.

2.5.3. Identifier of the client's order or other document in pursuance of which the transaction was completed, or an indication of the circumstance provided for by the clearing rules or the terms of another agreement, the occurrence of which is associated with the execution of the transaction.

2.5.4. Information about another transaction (other transactions) completed by a professional participant as a clearing broker, in connection with which this transaction was completed.

2.5.5. Information about the capacity in which the professional participant acted when making a transaction: as a broker (attorney, agent) on behalf of the client and at the expense of the client, or as a broker (commission agent, agent) on his own behalf and at the expense of the client, or as an economic entity on its own behalf and at its own expense, or as a manager.

2.5.6. Date and time of the transaction.

2.5.7. Information about the Russian or foreign trade organizer at whose auction the transaction was made, indicating, if applicable, the section of the trade organizer and (or) the trading mode in which the transaction was made, and if the transaction was not made at an organized auction - an indication of this circumstance.

2.5.8. Information about the counterparty(s) in the transaction, allowing him/her to be uniquely identified.

2.5.9. Information about the person to whom the professional participant has given instructions to complete the transaction.

2.6. The information provided for in subclause 2.5.2 of clause 2.5 of these Regulations is included in the general information about the transaction if the transaction was completed at an organized auction by a professional participant in person, without authorizing a third party to complete it.

The information provided for in subclause 2.5.3 of clause 2.5 of these Regulations is included in the general information about the transaction if the transaction was completed at the expense of the client of a professional participant.

The information provided for in subclause 2.5.4 of clause 2.5 of these Regulations is included in the general information about the transaction if such a transaction was made by a professional participant in connection with the execution of another transaction (other transactions) as a clearing broker.

Information about the time of the transaction, provided for in subclause 2.5.6 of clause 2.5 of these Regulations, is included in the general information about the transaction: in relation to transactions made at organized auctions - with the accuracy specified in the extract from the register of contracts concluded at organized auctions; in relation to transactions concluded not at organized auctions, the moment of completion of which is recorded automatically using special software and hardware tools of a professional participant - with an accuracy of at least up to a second; in relation to other transactions not concluded at organized auctions - with an accuracy of at least to the minute.

The information provided for in subclauses 2.5.7 and 2.5.8 of clause 2.5 of these Regulations is included in the general information about the transaction if the transaction was carried out by a professional participant personally, without authorizing a third party to carry it out.

The information provided for in subclause 2.5.8 of clause 2.5 of these Regulations is included in the general information about the transaction, with the exception of cases in which the transaction was completed at an auction of a Russian or foreign trade organizer on the basis of an application addressed to all bidders, and information allowing the identification of submitters bids of trading participants are not disclosed during trading to other participants, as well as cases in which a party to the transaction is the central counterparty. Moreover, if a transaction is made on the basis of an application submitted by a professional participant in the trading of a Russian or foreign trade organizer, indicating a clearing broker, the general information about the transaction includes only information that the clearing broker is a party to this transaction.

The information provided for in subclause 2.5.9 of clause 2.5 of these Regulations is included in the general information about the transaction if a professional participant has given an instruction to another person to complete the transaction.

2.7. Information about the terms of the transaction includes information about the subject of the transaction, the identifier of the asset (if it is transferred under the transaction) in accordance with subclause 3.13.1 of clause 3.13 of these Regulations, the type of transaction (purchase and sale, loan, repo, etc.), direction of the transaction (indicate “purchase”, “sale” or other result arising from the essence of the transaction for the person at whose expense it was completed by a professional participant), about the procedure and method of fulfilling obligations, including the form of settlements for the transaction, as well as about all its parameters (term, price, interest rate, quantity of the transferred asset, suspensive or suspensive condition, and so on). If settlements for a transaction are made from client accounts, information about this is also included in the information about the terms of the transaction. Information about all or individual transaction parameters can be indicated in the form of a code that allows you to identify such parameters.

For derivative financial instruments, information about the terms of the transaction additionally includes information about the type of derivative financial instrument.

For contracts that provide for the transfer by one party of the contract, at the choice of the other party, of any asset from among the assets provided for in the specified contract (hereinafter referred to as the basket of assets), information about the terms of the transaction can be indicated in the form of a code that allows the basket of assets to be identified.

If a transaction is made by a professional participant within the framework of a general agreement (single contract), information about the terms of the transaction must also contain identifying features of the general agreement (single contract).

Information about the terms of a transaction must reflect both information about its existing conditions and information that allows for the restoration of previous conditions if there has been a change or termination of such conditions.

Chapter 3. Internal accounts

3.1. If the agreement for the provision of services specified in clause 6.3 of these Regulations provides for the opening and maintenance of individual investment accounts and (or) the transfer of client assets to a professional participant, and (or) granting the latter the right and corresponding powers to dispose of the client’s assets without transferring them professional participant, the professional participant opens an internal accounting account for the client with whom he has concluded such an agreement. One internal accounting account can be opened on the basis of only one such agreement. The number of internal accounting accounts that can be opened for one client on the basis of one agreement is not limited, unless otherwise provided by such agreement.

3.2. In the cases provided for by these Regulations, a joint (hereinafter referred to as omnibus) or individual internal accounting account is opened for the client.

3.3. The rules for opening and maintaining an individual internal accounting account provided for by these Regulations apply to the opening and maintenance of individual investment accounts provided for in Article 10.2-1 of the Federal Law “On the Securities Market”.

3.4. An individual internal accounting account is opened for the client for separate accounting:

assets at the disposal of a professional participant belonging to this client, or held by this client for other reasons, including under management (trust management);

obligations from transactions made at the expense of the assets specified in paragraph two of this paragraph;

obligations of a professional participant to the client, including obligations of a professional participant to return assets specified in paragraph two of this paragraph;

the client’s obligations to the professional participant, including the client’s obligations to pay remuneration, reimburse expenses, pay fines, penalties, and return the client’s assets to the professional participant.

3.5. An omnibus internal accounting account is opened by a broker (primary broker) to another broker or foreign legal entity that has the right, in accordance with personal law, to carry out brokerage activities (hereinafter referred to collectively as subsequent brokers), for accounting on it:

assets at the disposal of the primary broker, belonging to clients of the subsequent broker, under management (trust management) of these clients or held by them for other reasons;

obligations from transactions concluded at the expense of assets specified in paragraph two of this paragraph;

obligations of the primary broker to the subsequent broker, including the obligations of the primary broker to return assets specified in paragraph two of this paragraph;

obligations of the subsequent broker to the primary broker, if such obligations are subject to fulfillment at the expense of the assets specified in paragraph two of this paragraph.

3.6. If this is provided for in the brokerage service agreement, the primary broker may open an individual internal accounting account for the subsequent broker for separate accounting of the assets of the client of the subsequent broker, as well as obligations to be fulfilled at the expense of these assets.

3.7. Internal accounting accounts may additionally reflect other accounting data provided for by these Regulations or the internal document of a professional participant specified in clause 4.1 of these Regulations.

3.8. Internal accounting accounts may consist of sections in which assets and (or) liabilities grouped according to one characteristic are accounted for separately from assets and (or) liabilities grouped according to another characteristic. In cases where an agreement with a client provides for separate accounting of property and liabilities included in the client’s portfolio, internal accounting must contain information about internal accounting accounts and (or) sections of these accounts in which these property and liabilities are separately accounted for.

3.9. If, under an agreement between the primary broker and a subsequent broker, obligations performed for the account or in favor of one client of the subsequent broker must be accounted for separately from obligations performed for the account or in favor of another client of the subsequent broker, to account for such obligations, an opening is opened for each client of the subsequent broker. a separate section of the omnibus account of internal accounting (hereinafter referred to as accounting of obligations on a gross basis). If the agreement between the primary broker and the subsequent broker does not provide for separate accounting of client obligations, then all obligations performed at the expense or in favor of different clients of the subsequent broker are taken into account jointly in the omnibus internal accounting account or in a section of this account (hereinafter referred to as net accounting of obligations). basis). The section of the internal accounting omnibus account in which obligations are accounted for on a gross basis must contain a unique code.

3.10. In the case of accounting for assets and liabilities in a separate account or section of an internal accounting account, including as part of a specific client portfolio, accounting for such assets and liabilities in another internal accounting account or sections of an internal accounting account, including as part of another client portfolio, not allowed.

3.11. The assets of a client who has requested their storage and (or) accounting in organizations determined by this client are accounted for by the broker, indicating the organizations to which such assets were transferred, and the accounts and (or) corresponding accounting registers in which they are accounted for.

3.12. Each internal accounting account, as well as a section of the account, is assigned a unique number, and a unique code of the agreement for the provision of services provided for in clause 6.3 of these Regulations, on the basis of which the account was opened, is indicated.

3.13. Internal accounting records for internal accounting accounts must contain the following information.

3.13.1. Identifiers of each asset recorded in the internal accounting account:

in relation to securities - state registration number, identification number, international security identification code (number) (ISIN) in the event that the financial instrument (including the issue of equity securities) is assigned the appropriate numbers (codes), and in the absence of the specified numbers (codes) - other information identifying the security;

in relation to currency - the letter code of the All-Russian Currency Classifier (OKV);

in relation to goods admitted to organized trading - the name (code) of the instrument being traded and the name of the Russian or foreign trade organizer to whom this code is assigned.

3.13.2. The quantity of each asset (in pieces or other units of measurement used to determine the quantity of a given asset) before each receipt or disposal of the same assets in the client’s internal accounting account (hereinafter referred to as the opening balance of assets).

3.13.3. Information about each receipt and disposal of assets in the client’s internal accounting account (in pieces or other units of measurement used to determine the quantity of a given asset) in accordance with clause 3.15 of these Regulations.

3.13.5. Information about liabilities subject to accounting in the client’s internal accounting account, which must contain the quantity of the asset that is the subject of the liability (in pieces or other units of measurement used to determine the quantity of this asset), in accordance with clause 3.16 of these Regulations.

3.13.6. The quantity of each asset (in pieces or other units of measurement used to determine the quantity of a given asset) after all planned receipts and disposals of the same assets as a result of the fulfillment of obligations for their transfer (hereinafter referred to as the planned closing balance), determined in accordance with clause 3.17 of these Regulations , after each receipt or disposal of the same assets on the client’s account and (or) each occurrence, change or termination of an obligation the subject of which are such assets.

3.14. The requirements of subclauses 3.13.2 - 3.13.4 and 3.13.6 of clause 3.13 of these Regulations do not apply to client assets in respect of which, under an agreement with the client, a professional participant, making transactions at the client’s expense, does not accept obligations to third parties for their transfer, and also does not receive the said assets at disposal, including by acquiring rights to dispose of such assets.

The requirements of subclause 3.13.6 of clause 3.13 of these Regulations also do not apply to assets that are subject to transfer in the counter-fulfillment of obligations under transactions with assets provided for in paragraph one of this clause.

3.15. Information about the receipt and disposal of an asset according to the client’s internal accounting account must contain information (details, identifiers) that allows one to identify the reasons for the receipt or disposal of an asset (transaction, client’s claim, court decision, etc.), and an indication of the amount of the received or disposed asset according to the specified basis. If the receipt or disposal of an asset in the client’s internal accounting account was the result of the termination of obligations from several transactions made at the client’s expense (including as a result of clearing), information about the receipt and disposal of the asset in the client’s internal accounting account must contain the identifiers of all these transactions or an indication of a report on clearing results or other report of a clearing organization sent to clearing participants for these transactions.

The receipt of assets is reflected by making a credit entry in the client's internal accounting account, and the disposal is reflected by making an expense entry in the client's internal accounting account. Each movement of assets in the client's internal accounting account is reflected in chronological order.

3.16. The client's internal accounting account reflects only those obligations whose amount is determined. Information about obligations must contain information about the deadline for fulfilling each obligation (if the period is determined by a calendar date or the expiration of a period of time), the identifier of the transaction or other basis from which it arose, an indication of the expected receipt or disposal of an asset for such an obligation and its quantity, and in case of termination, change or violation of the obligation - an indication of this circumstance.

The expected receipt or disposal of assets is reflected by making a credit or expense entry in the internal accounting account, respectively. If an obligation changes (including due to partial termination), its accounting is carried out in a modified form. If an obligation is violated, it is taken into account in the form in which it exists as a result of its violation.

If the transaction is a derivative financial instrument or an agreement providing for the transfer to a party to the agreement at the choice of the other party of any asset from a basket of assets, liabilities from such transactions are not reflected in the internal accounts of clients.

3.17. The planned closing balance of assets is calculated for each asset as the sum of the closing balance of the asset and the difference between its quantity expected for receipt and the quantity expected for disposal at the time of calculating the planned closing balance.

3.18. Internal accounting records must provide the ability to group data on the planned closing balance of the i-th asset, which is determined in the manner prescribed by paragraph 3.17 of these Regulations, before each date of the expected receipt or disposal of the i-th asset for the corresponding obligations.

3.19. A professional participant that is not a credit institution carries out internal accounting of clients’ funds held in accounts with other organizations, as well as accounting for the use of these funds in their own interests, including by providing loans to other clients. For these purposes, such a professional participant opens, respectively, an account (accounts) for internal accounting of client funds and an account (accounts) for internal accounting of the use of client funds.

3.20. The internal accounting account for clients' funds is maintained in the context of an account opened for a professional participant in another organization (hereinafter referred to as the account for the location of funds), and must contain the following information.

3.20.1. Account number of the location of the funds.

3.20.2. Type of account for the location of funds (special brokerage account, internal accounting account of another professional participant, trading account, special trading account of the clearing member, separate bank account for settlements for activities related to trust management, account in a credit institution for accounting of client funds for brokerage transactions with securities and other financial assets or other).

3.20.3. Name of the organization that opened the account for the location of the funds.

3.20.4. An indication of the professional participant’s right to use funds in the account at the location of the funds, or the absence of such a right.

3.20.5. The amount of funds in the account where the funds are located (in the currency in which the amount is expressed).

3.21. The amount of funds reflected in the internal accounting accounts of clients’ funds, which contain an indication that the professional participant does not have the right to use these funds in his own interests, must be no less than the amount of the outgoing cash balances reflected in the internal accounting accounts opened to the clients of the professional participant, who did not grant him such a right.

3.22. The difference between the amount of outgoing cash balances in the internal accounting accounts of clients who have granted the professional participant the right to use their funds in their own interests, and the amount of funds reflected in the internal accounting accounts of clients’ funds containing an indication of the professional participant’s right to use funds, located in these accounts, in their own interests, is reflected in the internal accounting account for the use of client funds.

Chapter 4. Documents related to internal accounting

4.1. Internal accounting of a professional participant must be carried out on the basis of an internal document, which is approved by the authorized management body of the professional participant (hereinafter referred to as the Internal Accounting Regulations). Regulations for maintaining internal records may be contained in one or more documents of a professional participant.

The requirements of this chapter do not apply to a professional participant who has entered into an agreement for the provision of internal accounting services with another professional participant. In this case, a professional participant who has entered into an agreement for the provision of internal accounting services must have an internal document establishing the procedure for interaction between the structural units (employees) of such a professional participant when using internal accounting information received from the professional participant providing it with maintenance services. internal accounting.

4.2. The internal accounting regulations should include:

a list of documents on the basis of which internal accounting records are made as provided for in these Regulations, including records on internal accounting accounts (hereinafter referred to as internal accounting documents);

requirements for the content and execution of internal documents used in the internal accounting of a professional participant;

the procedure for organizing document flow and information exchange in order to ensure the implementation of the requirements of these Regulations;

the procedure for opening, maintaining and closing internal accounting accounts;

the procedure and timing for collecting, registering, summarizing and storing internal accounting information, as well as its systematization for reporting to clients based on internal accounting data;

the procedure for assigning and using identifiers (numbers, symbols, codes, abbreviations, indices, code names) in the internal accounting of a professional participant;

the procedure and timing of reconciliations provided for in Chapter 5 of these Regulations and documenting the fact of their conduct;

the procedure for creating, maintaining and storing a journal(s) for recording orders (demands) of clients provided for in paragraph 7.1 of these Regulations;

the procedure and terms for archiving, backup and storage of internal accounting records of a professional participant, which provide for backup of internal accounting records at least once a working day;

procedure and terms of storage of internal accounting documents;

a list and description of measures taken by a professional participant to ensure the reliability of internal accounting information, as well as to ensure the safety of documents and internal accounting information;

the procedure for operational interaction between divisions and (or) employees of a professional participant that maintain internal accounting, if it is maintained by several divisions and (or) employees of a professional participant, including those geographically remote from each other;

the procedure for determining time for its reflection in internal accounting records, taking into account time zones;

the procedure for grouping and selecting accounting data in accordance with Chapter 8 of these Regulations.

4.3. The internal accounting regulations may also contain other provisions that do not contradict the requirements of the legislation of the Russian Federation and these Regulations.

Chapter 5. Reconciliation of internal accounting data

5.1. The professional participant reconciles data on client cash balances in internal accounting accounts with the data contained in documents confirming the availability of client funds in the relevant accounts at the location of the funds.

The professional participant reconciles data on the balances of clients’ securities in internal accounting accounts with the data contained in documents confirming the presence of the specified securities in the corresponding personal accounts and securities accounts (in sections of securities accounts).

Reconciliation of cash balances is carried out by a professional participant at least once a day. Reconciliation of securities balances is carried out by a professional participant at least once every five working days.

5.2. A professional participant reconciles internal accounting records of transactions and operations with the internal accounting documents on the basis of which such records are made at least once a month.

If internal accounting entries on transactions or operations were made before receipt of the documents on the basis of which such entries are made, the reconciliation provided for by this paragraph is carried out on the day following the day of expiration of the period for receipt of such documents.

When carrying out the reconciliation provided for by this paragraph, the professional participant has the right not to reconcile records of transactions and operations in respect of which such reconciliation has already been carried out by the professional participant in the manner prescribed by this chapter.

5.3. A professional participant, if discrepancies are detected based on the results of reconciliations provided for in paragraphs 5.1 and 5.2 of these Regulations, draws up a report on the discrepancies discovered during the reconciliation, indicating the reasons for the discrepancies.

Information about internal accounting records of transactions or operations in respect of which a note is made that the transaction or operation is not confirmed is included in the report of discrepancies discovered during the reconciliation, if the documents on the basis of which the specified entries must be made are missing, and the deadline for their receipt has expired.

A report on discrepancies discovered during the reconciliation must be drawn up on the day of the reconciliation.

5.4. Based on the data in the report on discrepancies detected as a result of the reconciliation, the professional participant makes corrective entries or changes to existing internal accounting records no later than the day following the day the discrepancy was discovered.

Information about making such corrective entries and changes, indicating the date and time (hours, minutes) of their making, must be contained in the internal records of the professional participant.

5.5. The professional participant documents the fact of carrying out the reconciliations provided for in this chapter, indicating the date and time of their conduct in the manner prescribed by the Regulations for maintaining internal records.

Chapter 6. Records of a professional participant’s clients and contracts with clients

6.1. A professional participant must maintain internal records of information about his clients.

6.2. Customer records must contain the following information.

6.2.1. Information that allows you to identify the client, and if his representative is acting on behalf of the client, then also information that allows you to identify his representative.

6.2.2. The unique code(s) of the client assigned to him/her by a professional participant.

6.2.3. Information about the codes assigned to the client by the trade organizer and the clearing organization in case of registration of the client with the trade organizer and (or) with the clearing organization.

6.2.4. Information about the status and (or) category of the client, depending on which the terms of service for such a client are determined.

6.3. The professional participant must maintain internal records of information on contracts for the provision of the following services.

6.3.1. Brokerage services (including opening and maintaining individual investment accounts).

6.3.2. Securities management (including opening and maintaining individual investment accounts).

6.3.3. Concluding separate agreements with a forex dealer in the interests of a client - an individual who is not an individual entrepreneur.

6.3.4. Conducting transactions at the client's expense with foreign currency at organized auctions.

6.3.5. Conducting transactions at the client's expense with goods at organized auctions.

6.4. Records of contracts provided for in paragraph 6.3 of these Regulations must contain the following information.

6.4.1. Unique code(s) of the client.

6.4.2. The unique code of the agreement with the client, assigned upon its conclusion, indicating the type(s) of services provided for by this agreement.

6.4.3. Date of conclusion of the contract.

6.4.4. Date of termination of the contract (if terminated).

6.5. The professional participant stores records about the client, as well as the documents on the basis of which such records were made, for the entire period of servicing such a client, as well as for at least five years from the date of termination of servicing the client.

Chapter 7. Taking into account client instructions and requirements

7.1. The professional participant registers orders to carry out transactions, client requests for the return or transfer of his assets, as well as other client requests for transactions with his assets by making appropriate entries in the journal(s) for recording client orders (demands).

7.2. An entry in the journal for registering orders (demands) of clients in relation to the corresponding order (demand) must contain the following information.

7.2.1. Identifier of the order (requirement), which is assigned to it during registration.

7.2.2. Date and time of receipt of the order (request): the time is indicated with an accuracy of at least up to a second in relation to the order (request), the moment of acceptance of which is recorded automatically using special software and hardware of the professional participant, and with an accuracy of at least up to a minute in relation to other orders (requirements).

7.2.3. Indication of the method of submitting an order (demand): sending an electronic document, delivering a document on paper, transmitting an order (demand) by telephone, sending voice information, a text message or a video message.

7.3. The professional participant stores the orders (demands) of clients in the form in which they were accepted. In this case, the storage of orders (demands) of clients is carried out for at least five years from the date of termination of their validity. Instructions (requirements) of clients sent by telephone, transmitted in the form of voice information, text messages or video messages may be stored for less than the specified period (but not less than three years), if such instructions (requirements) are confirmed by the client in paper or electronic form document. In this case, the storage of a document confirming the order (demand), sent by telephone, transmitted in the form of voice information, text message or video message, is carried out for the period established for storing the client’s order (demand).

Chapter 8: Credential Grouping

8.1. Internal accounting should provide grouping and selection according to the following accounting data.

8.1.1. For clients of a professional participant, including by status and category of clients (individuals, including citizens of the Russian Federation, foreign citizens and stateless persons; Russian and foreign legal entities; tax residents of the Russian Federation; qualified investors; persons assigned categories clients with a standard level of risk, with an increased level of risk, with a special level of risk).

8.1.2. For clients of a broker that is not a credit institution, the funds of which such a broker has the right to use in its own interests.

8.1.3. According to the type of services provided for in paragraph 6.3 of these Regulations.

8.1.4. By transactions, including a breakdown by those completed at organized trading and not at organized trading, the subject of the transaction, the type of transaction, the procedure and method of fulfilling obligations and each parameter of the transaction.

8.1.5. By acting as a broker (attorney, agent) on behalf of a client and at the expense of the client, or a broker (commission agent, agent) on his own behalf and at the expense of the client, or an economic entity on his own behalf and at his own expense, or a manager.

8.1.6. By the date or time period of a transaction or operation with assets, acceptance of an order, settlement.

8.1.7. By trade organizer, trade organizer section and (or) trading mode.

8.1.8. By counterparty to the transaction.

8.1.9. By the person who completed the transaction on behalf of a professional participant.

8.1.10. On orders, including those grouped in chronological order.

8.1.11. By assets, including by their types, balances, planned closing balances.

8.1.12. For transactions with assets carried out at the request of the client.

8.2. Internal accounting must provide the ability to visualize and present information (including in the form of spreadsheets, as well as in paper form) contained in these records.

Chapter 9. Reporting of a professional participant to clients

9.1. The broker, based on internal accounting records, draws up reports to clients in accordance with the requirements of this chapter.

9.2. The broker provides reporting to the client in the form of a reporting document, which must include general information in accordance with clause 9.3 of these Regulations and information provided for in clause 9.4 of these Regulations.

9.3. The reporting document must contain the following general information.

9.3.1. Last name, first name, patronymic (the latter if available), or the name of the client, or its unique code.

9.3.2. Date of preparation of the reporting document.

9.3.3. The period for which the reporting document is submitted (hereinafter referred to as the reporting period).

9.3.4. Number and date of the contract for the provision of services provided for in subclauses 6.3.1, 6.3.3 - 6.3.5 of clause 6.3 of these Regulations.

9.4. The reporting document must contain the following information for the reporting period.

9.4.1. Information about the transaction(s) completed at the expense of the client.

9.4.2. Information about loans provided for making margin transactions.

9.4.3. Information about the amount of client debt on assets.

9.4.4. Information about transactions from which obligations have been terminated and transactions from which obligations have not been fulfilled.

9.4.5. The opening balance for each asset at the beginning of the reporting period.

9.4.6. Closing balance and planned closing balance for each asset at the end of the reporting period.

9.4.7. Asset transactions carried out during the reporting period.

9.4.8. Information about the broker's remuneration and expenses to be reimbursed to the broker. If, in accordance with the brokerage service agreement, the amount of the broker's remuneration is made dependent on the completion of each transaction, information on the cost of the broker's services must include information on the amount of remuneration for each transaction.

9.5. In addition to the information provided for in clauses 9.3 and 9.4 of these Regulations, the broker's reporting may contain other information that does not contradict the requirements of the legislation of the Russian Federation and these Regulations.

9.6. Reporting documents are provided to clients in the manner, terms and form specified in the agreement with the client. Reporting documents in electronic form can be provided by providing the client with access to the broker's information resource on which such documents are posted (compiled), provided that the client is notified of the possibility of familiarizing himself with the reporting documents or an indication of such a possibility is indicated in the agreement with the client.

9.7. At the written request of the client, the broker is obliged to provide the client with reporting documents within a period not exceeding ten working days from the date of receipt of the request. In this case, such reporting documents must contain reporting for the period of time specified in the client's request.

The requirements of this paragraph do not apply to reporting compiled on the basis of internal accounting records for which the storage period has expired.

9.8. The broker provides the person with whom the relevant contract has been terminated, upon his written request, with reporting documents, if the storage period for internal accounting records on the basis of which the reporting is compiled has not expired.

9.9. When providing reporting documents to clients, the broker has the right to use symbols if the broker, in an agreement with the client or in the ways established by the agreement with the client, unambiguously defines the meanings of such symbols.

9.10. Managers' reporting to clients is compiled and provided in accordance with the requirements of Bank of Russia Regulation No. 482-P dated August 3, 2015 "On uniform requirements for the rules for carrying out securities management activities, for the procedure for disclosing information to managers, as well as requirements aimed at eliminating conflicts interests of the manager", registered by the Ministry of Justice of the Russian Federation on December 4, 2015 N 39968 (Bulletin of the Bank of Russia dated December 23, 2015 N 117).

Chapter 10. Final provisions

10.1. This Regulation is subject to official publication and, in accordance with the decision of the Board of Directors of the Bank of Russia (minutes of the meeting of the Board of Directors of the Bank of Russia dated January 20, 2017 No. 1) comes into force on October 1, 2017.

Chairman of the Central Bank
Russian Federation
E.S. NABIULLINA

20th of March

“Regulations on the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage activities, dealer activities and securities management activities”

(approved by the Bank of Russia on January 31, 2017 N 577-P)

On October 1, 2017, the Regulations on the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage, dealer and securities management activities will come into force.

In accordance with the Regulations, the internal accounting of a professional participant in the securities market must present an orderly system of records in relation to transactions (including derivative financial instruments) and operations provided for by the Regulations with funds (including foreign currency), securities, foreign financial instruments not qualified as securities and goods admitted to organized trading, as well as records in relation to other objects of internal accounting, which is formed by collecting, registering, reflecting, summarizing, reconciling and storing information about these transactions, operations and other objects internal accounting, including by maintaining internal accounting accounts.

The objects of internal accounting are, inter alia, transactions and operations provided for in the Regulations, orders and requirements of clients, as well as assets of clients of a professional participant, subject to accounting in internal accounting accounts in accordance with the requirements of the Regulations.

Currently, the document is being registered with the Russian Ministry of Justice. It should be taken into account that when registering with the Ministry of Justice of Russia, the text of the document may be changed.

The review was prepared by specialists of the Consultant Plus company and provided by the Consultant Plus Sverdlovsk Region company - the information center of the Consultant Plus Network in Yekaterinburg and the Sverdlovsk region

Regulation No. 577-P establishes the rules for maintaining internal accounting by professional participants in the securities market engaged in brokerage activities, dealer activities and securities management activities (hereinafter referred to as professional participants), and for reporting to clients. These rules were introduced to replace the requirements for maintaining internal records of professional participants established by the joint resolution of December 11, 2001 of the Federal Securities Commission of Russia No. 32 and the Ministry of Finance of Russia No. 108n “On approval of the Procedure for maintaining internal records of transactions, including forward transactions, and operations with securities by professional participants of the securities market securities carrying out brokerage, dealer activities and securities management activities" (hereinafter referred to as Resolution No. 32/108n), which became invalid on October 1, 2017. As well as the requirements of the Procedure for maintaining internal accounting of transactions, including forward transactions, and operations with securities by professional participants in the securities market engaged in brokerage, dealer activities and securities management activities, approved by Resolution No. 32/108n (hereinafter referred to as the Procedure), the requirements of the Regulation No. 577-P does not apply to the procedure for maintaining accounting records, drawing up and submitting accounting (financial) statements by professional participants.

Regulation No. 577-P establishes that the internal accounting of a professional participant must present an orderly system of records in relation to transactions (including derivative financial instruments) and intended transactions with funds (including foreign currency), securities, foreign financial instruments, not qualified as securities, and goods admitted to organized trading (hereinafter referred to as assets), as well as records in relation to other objects of internal accounting, which is formed by collecting, registering, reflecting, summarizing, reconciling and storing information about these transactions, operations and other internal accounting objects, including through maintaining internal accounting accounts.

The requirements established by Regulation No. 577-P for the content of an internal document, which is approved by the authorized management body of a professional participant (hereinafter referred to as the Internal Accounting Regulations), represent updated requirements for the content of the Rules for maintaining internal accounting of transactions, including forward transactions, and transactions with securities, previously established by the Procedure. It is envisaged that the Regulations for maintaining internal accounting will have to, in particular, include a list and description of measures taken by a professional participant to ensure the reliability of internal accounting information, as well as to ensure the safety of documents and internal accounting information; the procedure for operational interaction between divisions and (or) employees of a professional participant that maintain internal accounting, if it is maintained by several divisions and (or) employees of a professional participant, including those geographically remote from each other.

Regulation No. 577-P provides for the possibility of outsourcing the functions of maintaining internal accounting. Thus, it is established that the requirements for the Regulations for maintaining internal accounting do not apply to a professional participant who has entered into an agreement for the provision of services for maintaining internal accounting with another professional participant. In this case, such a professional participant must have an internal document establishing the procedure for interaction of its structural units (employees) when using internal accounting information received from the professional participant providing it with internal accounting services.

According to Regulation No. 577-P, internal records are maintained in electronic databases, ensuring the storage and protection of the provided records. Internal accounting data may be contained in other professional participant accounting systems if they can be summarized by automated means of maintaining internal accounting of the professional participant. Let us recall that the previously effective Procedure provided for the maintenance of internal records by a professional participant on paper and/or in electronic form.

Regarding internal accounting accounts, we note the following. According to Regulation No. 577-P, in the prescribed cases, a joint (hereinafter referred to as omnibus) or individual internal accounting account is opened for the client.

Thus, an individual internal accounting account is opened for a client for separate accounting, in particular, of assets at the disposal of a professional participant that belong to this client, or are held by this client for other reasons, including in management (trust management). The rules for opening and maintaining an individual internal accounting account, provided for by Regulation No. 577-P, apply to the opening and maintaining of individual investment accounts.

An omnibus internal accounting account is opened by a broker (primary broker) to another broker or foreign legal entity that has the right, in accordance with personal law, to carry out brokerage activities (hereinafter referred to collectively as subsequent brokers), to record on it the assets at the disposal of the primary broker belonging to clients a subsequent broker under management (trust management) of these clients or held by them for other reasons; liabilities from transactions concluded at the expense of the above-mentioned assets; obligations of the primary broker to the subsequent broker, including the obligations of the primary broker to return the above-mentioned assets; obligations of the subsequent broker to the primary broker, if such obligations are subject to fulfillment at the expense of the above-mentioned assets.

Regulation No. 577-P contains a list of information that internal accounting records for internal accounting accounts must contain. In particular, the above-mentioned internal accounting records must contain the quantity of each asset (in pieces or other units of measurement used to determine the quantity of a given asset) after all planned receipts and disposals of the same assets as a result of the fulfillment of obligations for their transfer (hereinafter referred to as the planned closing balance) after each receipt or disposal of the same assets on the client’s account and (or) each occurrence, change or termination of an obligation the subject of which are such assets.

Internal accounting records must provide the ability to group data on the planned closing balance of an asset up to each date of expected receipt or disposal of the asset for the corresponding obligations.

Regulation No. 577-P establishes different deadlines for carrying out reconciliations, in contrast to those previously established in the Procedure. Thus, it is provided that a professional participant reconciles cash balances at least once a day, and reconciles securities balances at least once every five working days.

Let us recall that, according to the Procedure, the reconciliation of the availability of funds should have been carried out at least once a month, and the reconciliation of the availability of securities should have been carried out by a professional participant quarterly in relation to securities, the balance of which on the personal account (depo account) changed during the reporting quarter; annually in relation to securities, the balance of which on the personal account (depo account) did not change during the reporting year.

Regulation No. 577-P also provides for a professional participant to reconcile internal accounting records of transactions and operations with internal accounting documents on the basis of which such records are made, at least once a month.

Regulation of the Central Bank of the Russian Federation 577-P: professional participants decide how to keep records

Revolutionary changes await the sphere of internal accounting of professional participants in the securities market. On October 1, 2017, Bank of Russia Regulation No. 577-P comes into force, which completely repeals Resolution No. 32 of the Federal Commission for the Securities Market of the Russian Federation, No. 108n of the Ministry of Finance of the Russian Federation dated December 11, 2001. Now the list of internal accounting objects will become wider, and some rules will undergo changes.

“The software we developed was 80% compliant with Bank of Russia regulations No. 577-P. For example, we introduced the planned balance mentioned in the document several years ago. Our accounting system allows and has allowed us to conduct T+ transactions. The new regulation changes the procedure for maintaining internal accounting accounts, including omnibus accounts, the procedure for conducting reconciliations, confirmation of accounted transactions - all this is already in the DiB Back Office program,” says Sergei Averin, CEO of DiB Systems LLC.

For the last 16 years, securities market participants have lived according to the rules of Resolution No. 32/108n, which lagged behind the development of the market and many innovations were not described in this document. Of course, practice has been developed, methodological recommendations, clarifications from the regulator, and templates for internal accounting documents from self-regulatory organizations have been issued. A mechanism for interaction with the regulator when making requests was determined. Now there is only the text of the document of the new Bank of Russia Regulation No. 577-P “On the rules for maintaining internal accounting by professional participants in the securities market carrying out brokerage activities, dealer activities and securities management activities,” but there are no manuals, methodological recommendations, or explanations.

Not all software developers are ready for these innovations. Despite the fact that the transition period lasted six months. The reason is that the users themselves did not have an understanding of what needs to be changed in accounting to fully comply with regulation No. 577-P. For example, how to visualize data in accounting: in journals, document templates, tables, registers.

We will highlight the main points of the new provision below:

Companies must reflect transactions and transactions with money, securities, foreign financial assets, contracts, goods that are admitted to organized trading, as well as obligations, information about clients of professional participants in the securities market (PSMP).

Internal records must be maintained in electronic databases and ensure records are stored and protected. It can be combined with other reporting systems and stored for at least five years. Internal accounting can be outsourced. Not to any legal entity, but to a professional participant. This year the topic of outsourcing will be studied by the Central Bank. Now the possibility of attracting external contractors concerns only internal accounting, regulations on internal control and audit, and risks. But it will be worked out globally not only for professional participants, but also for all financial market players, for example, for insurance organizations and management companies.

The new requirement of the Central Bank leaves a lot to professional participants. They themselves must determine how to keep records in their internal accounting rules (regulations).
As a supervisory body, the Central Bank will not require to show the internal accounting system. The main thing for the regulator is that professional participants, at the request of the Bank of Russia, can upload information and group it in accordance with the requirements of Chapter No. 8. Some data indicated in transactions or internal customer accounts may not belong to the internal accounting system, but may be in other systems. For example, in the accounting and depository accounting system.

Internal accounting entries are made on the day the documents are received, if they came after the end of the working day, then this is done the next day. But records of transactions and transactions can be made before receiving the document - this is another innovation. Exchange transactions must be reflected with the accuracy specified in the extract from the register of contracts. OTC transactions recorded automatically - accurate to the second.

Among the innovations of regulation 577-P: an internal accounting omnibus account is opened by a primary broker to another Russian or foreign broker to account for assets, liabilities from transactions, as well as obligations arising between the primary and subsequent broker.

For internal cash accounting accounts, two rules are now relevant:
- Firstly, the amount in the accounts of clients who have not granted the right to use money in their own interests must be no less than the amount of outgoing cash balances reflected in the internal accounting accounts of such clients.
- Secondly, the difference between the amount of outgoing balances of clients’ money, which gave the right to use the money in their own interests, and the amount of funds in the accounts, is reflected in the account for the use of clients’ money.

Rules for reconciling balances have appeared. Thus, for client accounts, reconciliation should be carried out daily, reconciliation of client securities balances - once every five days, reconciliation of internal accounting records on transactions and transactions with documents - once a month.

Another new point (No. 8) of the regulation, to which there is practically no explanation, is grouping and visualization of data. Information should be collected by client, by status and category (individuals, citizens of the Russian Federation or not, Russian and foreign legal entities, tax residents of the country, qualified investors). And also by broker’s clients, by type of service, by transaction, by quality, by date or time period, by trade organizer, by counterparty to the transaction, by the person who made the transaction on behalf of a professional participant, by instructions, by assets and their types, balances, planned outgoing balances, for transactions with assets. At the client's request, the company must provide a visual visualization of transactions.