On Bank of Russia Ordinance No. 3758-U, dated 25 August 2015
The Bank of Russia issued Ordinance No.
The Ordinance is adopted to substitute FCSM of Russia Order No. 05-21/pz-n, dated 15 June 2005. ‘On Approving the Regulation on the Procedure and Terms of Determining Net Assets of Unit Investment Funds, Calculated Value of Investment Unit Investment Funds as well as the Value of Net Assets of Joint-Stock Funds of Unit Investment Funds Per Share’ and is aimed at developing approaches to determine net assets of investment funds, calculated value of investment units of unit investment funds and the cost of the property transferred as payment for investment units.
The Ordinance envisages that the calculation of value of net assets shall be made in accordance with the Rules to determine the cost of net assets with due account to peculiarities set by the Ordinance subject to approval by the management company on agreement with a specialised depositary.
The Ordinance envisages that the value of assets of joint-stock investment funds or assets of unit investment funds and the value of obligations subject to fulfillment at the cost of the said assets are calculated at a fair value in accordance with IFRS 13 ‘Fair Value Measurement’ which is valid in the Russian Federation with Ordinance requirements taken into account.
The Ordinance establishes that the assets (liabilities) shall be accepted to calculate the value of net assets in the event they are recognised in accordance with International Financial Reporting Standards in force in the Russian Federation.
The Ordinance sets requirements to the contents of the Rules of determining the value of net assets including the requirements to reflect in the Rules of determining the value of net assets the criteria of recognition (termination of recognition) of assets (liabilities), methods to determine the value of assets and value of liabilities, the procedure of converting the values in one currency to another, the procedure for recognition of the asset and liability markets active, criteria of selecting the methods and models of value measurement depending on the type of assets and liabilities, time when the value of net assets is determined as well as a list of assets subject to evaluation by appraiser and frequency of such evaluation.
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31.08.2015 00.00.00