On approving credit ratings used to for the assessment of management quality of a credit institution acting as a central counterparty

The Bank of Russia Board of Directors took the following decision:

1. For the purposes of paragraph 25 of the instructions for completion of Table 2 Subparagraph 3.1.1 Clause 3.1 of Bank of Russia Ordinance No. 2919-U, dated 3 December 2012, ‘On the Assessment of the Management Quality of a Credit Institution Acting as a Central Counterparty’ (hereinafter, the Ordinance), the following credit ratings shall be established for RF resident banks wherein the central counterparty has the right to place allocated capital in rubles and/or in foreign currency and/or precious metals:

• ААА(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA (JSC) (hereinafter, the rating agency ACRA)
• ruAAA on the national rating scale for the Russian Federation in the classification of the rating agency JSC Expert RA (hereinafter, the rating agency Expert RA)

1. For the purposes of paragraph 1 subparagraph 3.3.3 Clause 3.3 of the Ordinance, to establish the following credit ratings for investment assets used to calculate a credit quality ratio for the central counterparty’s assets, which specifies the share of investment assets in total assets of the central counterparty:

• ААА(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA
• ruAAA on the national rating scale for the Russian Federation in the classification of the rating agency Expert RA

1. For the purposes of paragraph 8 of the instructions for completion of Table 4, subparagraph 3.3.6 Clause 3.3 of the Ordinance, the following credit ratings shall be established for RF resident banks wherein the central counterparty has the right to open accounts in rubles, foreign currency and precious metals:

• ААА(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA
• ruAAA on the national rating scale for the Russian Federation in the classification of the rating agency Expert RA

1. For the purposes of paragraph 11 of the instructions for completion of Table 4 Subparagraph 3.3.6 Clause 3.3 of the Ordinance, the following credit ratings shall be established for RF resident banks wherein the central counterparty has the right to temporarily place free funds in rubles and/or in foreign currency and/or precious metals:

• ААА(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA
• ruAAA on the national rating scale for the Russian Federation in the classification of the rating agency Expert RA

1. For the purposes of paragraph 4 of the instructions for completion of Table 4 subparagraph 3.3.6 Clause 3.3 of the Ordinance, the following credit ratings shall be established for RF resident banks wherein the central counterparty has the right to open correspondent accounts in rubles and/or in foreign currency and/or precious metals:

• A-(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA
• ruA- on the national rating scale for the Russian Federation in the classification of the rating agency Expert RA

1. For the purposes of paragraph 6 of the instructions for completion of Table 4 subparagraph 3.3.6 Clause 3.3 of the Ordinance, the following credit ratings shall be established for RF resident banks wherein the central counterparty has the right to open accounts:

• A-(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA
• ruA- on the national rating scale for the Russian Federation in the classification of the rating agency Expert RA

1. For the purposes of paragraph 13 of the instructions for completion of Table 4 Subparagraph 3.3.6 Clause 3.3 of the Ordinance, the following credit ratings shall be established for RF resident banks wherein the central counterparty has the right to temporarily place free funds in rubles and/or in foreign currency and/or precious metals:

• A-(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA
• ruA- on the national rating scale for the Russian Federation in the classification of the rating agency Expert RA

1. For the purposes of Paragraph 15 of the instructions for completion of Table 4, subparagraph 3.3.6 Clause 3.3 of the Ordinance, he following credit ratings shall be established for financial instruments wherein the central counterparty has the right to place clearing collateral:

• A-(RU) on the national rating scale for the Russian Federation in the classification of the rating agency ACRA
• ruA- on the national rating scale for the Russian Federation in the classification of the rating agency Expert RA

9. The decision is to be applied starting from 14 July 2017.

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07.07.2017 00.00.00