Ministry of Justice registered the order FSFM - now officially become the art of investment

[vall]

Registered in the Ministry of Justice of Russia on Dec. 4, 2009 N 15383


FEDERAL SERVICE FOR FINANCIAL MARKETS

ORDER
on August 6, 2009 N 09-30/pz-n

AMENDING
SOME LEGAL AND REGULATORY INSTRUMENTS OF THE FEDERAL SERVICE
FINANCIAL MARKETS

In accordance with paragraph 2 of Article 13, paragraph 21, article 13.2, paragraph 2 of Article 33, paragraph 6 of Article 41 of the Federal Law of 29.11.2001 N 156-FZ "On Investment Funds" (Collected Laws of Russia, 2001, N 49, Art. 4562, 2004, N 27, art. 2711; 2006, N 17, Art. 1780; 2007, N 50, Art. 6247, 2008, N 30, Art. 3616) and the Statute of the Federal Service for Financial Markets, approved by the Government Russia from 30.06.2004 N 317 (Collected Laws of Russia, 2004, N 27, art. 2780, 2005, N 33, art. 3429; 2006, N 13, Art. 1400, N 52, Art. 5587, 2007, N 12, Art. 1417; 2008, N 19, Art. 2192, N 46, Art. 5337, 2009, N 3, Art. 378, N 6, Art. 738), order:

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to approve the attached changes made to the Regulations on the composition and structure of assets of equity investment funds and assets of mutual funds, approved by order of the Federal Financial Markets Service dated 20.05.2008 N 08-19/pz-n <1> (with changes , as amended by order of the Federal Financial Markets Service dated 23.09.2008 N 08-36/pz-n <2> and an order from 02.04.2009 N 09-10/pz-n) <3>, a list of expenses related to trust management property comprising the assets of equity mutual fund or property forming mutual fund, approved by order of the Federal Financial Markets Service dated 28.02.2008 N 08-7/pz-n <4>, the Order of the Federal Financial Markets Service dated 09/12/2008 N 08-56/pz-n <5> "On the transfer of property to pay for investment shares of closed-end mutual investment fund and the timing of the closing of the Unit Investment Fund" in the Regulations on transfer of property to be included in the Unit Investment Fund, approved by order of the Federal Financial Markets Service dated 03.07.2008 N 08-27/pz-n <6>.
--------------------------------
<1> Registered in the Ministry of Justice of Russia 25.06.2008, N 11887 registration.
<2> Registered in the Ministry of Justice of Russia 09.10.2008, N 12438 registration.
<3> Registered in the Ministry of Justice of Russia 10.04.2009, N 13747 registration.
<4> registered in the Ministry of Justice of Russia 24.03.2008, N 11400 registration.
<5> Registered in the Ministry of Justice of Russia on 14.01.2009, registration N 13070.
<6> Registered in the Ministry of Justice of Russia on 31.07.2008, registration N 12053.

Head
VD Milovidov





Approved
Order FFMS Russia
on August 6, 2009 N 09-30/pz-n

CHANGES
Being made in SOME LEGAL AND REGULATORY INSTRUMENTS
FEDERAL SERVICE FOR FINANCIAL MARKETS

1. The statute of the composition and structure of the assets of equity investment funds and assets of mutual funds, approved by order of the Federal Financial Markets Service dated 20.05.2008 N 08-19/pz-n:

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1.1. Paragraph 1.2 add sub-item 15 read:
"15) Fund for artistic values.".
1.2. Paragraph 1.3 after the words "real estate funds", the words "funds artistic values."
1.3. Supplementing the provisions of paragraphs 1.5.1 to read:
"1.5.1. The nominal value of shares (value of the property, which issued an investment share in the formation of unit investment fund) investment funds related to fund types of art values can not be less than 500000 rubles.."
1.4. Paragraph 1.18, after the words "credit funds," add the words "funds artistic values."
1.5. Paragraph 1.19, after the words "credit funds" the words, "funds of artistic values."
1.6. Supplementing the provisions of sections XVI as follows:

"XVI. Requirements for the composition and structure of assets of joint stock
investment funds and mutual funds,
funds belonging to the category of artistic values

16.1. In the composition of the assets of equity investment fund and unit investment fund, a category of funds artistic values, may include only:
1) cash, including foreign currency accounts and deposits with credit institutions;
2) the artistic values corresponding to the requirements of paragraphs 16.2 and 16.3 of these Regulations.
16.2. The structure of the assets of stock investment trusts and mutual funds belonging to the category of fund artistic values, may include artistic values, under article 7 of the RF Law of 15.04.1993 N 4804-1 "On Export and Import of Cultural Property" (Bulletin of Congress of People's Deputies of Russia and the Supreme Council of Russia, 20.05.1993, N 20, Art. 718):
1) paintings and drawings produced entirely by hand on any basis and in any material;
2) original sculptural works of any materials, including reliefs;
3) original artistic compositions and montages in any material;
4) design of the objects of religious purpose, such as icons;
5) stamps, other philatelic materials, separately or in collections;
6) engravings, prints, lithographs and original printed form;
7) works of applied art, including art glass, ceramics, wood, metal, bone, tissue and other materials;
8) photographic, sound, film, video archive;
9) old books, publications, special interest (historical, artistic, scientific and literary), including rare manuscripts and documentary monuments;
10) unique musical instruments;
11) ancient coins.
16.3. Artistic values set out in paragraph 16.2, may be part of the assets of stock investment funds and mutual funds belonging to the category of funds artistic values, if they meet the following requirements:
1) is the artistic value of movable property and with its acquisition of the assets of the Fund is located in the territory of Russia without the obligation of re-exportation;
2) the artistic value of the insured as defined in the investment declaration of joint-stock investment fund or unit investment fund insurer, the obligation on insurance payments which are reinsured foreign insurance organization in the international long-term credit rating not lower than "BBB-" by classification rating agencies, Fitch Ratings "(Fitch Ratings) or Standard & Poor's "(Standard & Poor's), or no lower than" Baa3 "by classification rating agency Moody's Investors Service" (Moody's Investors Service). At the same time on the insurance contract, the artistic value and artistic value should be insured against all risks of loss, loss of or damage to the value specified in the report, the appraiser equity investment fund (mutual funds) on the assessment of artistic value.
16.4. The asset allocation of equity investment fund and unit investment fund belonging to the category of funds artistic values, must also meet the following requirements:
1) funds are on deposit in a credit institution may not exceed 25 percent of the value of assets;
2) At least two-thirds of working days within one calendar year, the estimated value of art treasures should be at least 40 percent of the value of assets..
2. Complete the list of expenses related to trust management of assets constituting the assets of equity mutual fund or property forming mutual fund, approved by order of the Federal Financial Markets Service dated 28.02.2008 N 08-7/pz-n, paragraphs 31 - 35 read :
"31) costs associated with insurance artistic values that make up the fund's assets, if the equity investment funds or mutual funds are categorized as fund of artistic values;
32) the costs associated with maintaining artistic values that constitute the fund's assets, including the costs of conducting preventive and restoration measures, to reconstruct missing parts of art treasures on their packaging, as well as to pay for the storage (protection) feature values, if stock investment funds or mutual funds are classified as assets of artistic values;
33) the costs of exhibiting artistic values that constitute the fund's assets, including the costs of transportation services and delivery of artistic values, the creation of catalogs and brochures for art treasures, as well as the costs of compulsory payments associated with the intersection of State boundaries, if stock investment funds or mutual funds are categorized as fund of artistic values;
34) costs associated with the acquisition of art treasures in the Fund, including the costs of the auction fee, royalties (in the case of action in relation to artistic values droit), if the equity investment funds or mutual funds are categorized as fund of artistic values ;
35) the costs of conducting examinations of artistic values, other activities and procedures designed to confirm the authenticity, value and artistic value (or) its historical significance, if the equity investment funds or mutual funds are categorized as fund of artistic values.. "
3. Amend 1 order by the Federal Financial Markets Service dated 09.12.2008 N 08-56/pz-n "On the transfer of property to pay for investment shares of closed-end mutual investment fund and the timing of the closing of the unit investment fund" the following paragraph:
"Artistic values.".
4. Supplement the provisions on the transfer of assets for inclusion in the Unit Investment Fund, approved by order of the Federal Financial Markets Service dated 03.07.2008 N 08-27/pz-n, paragraph 6 to read:
6. Transfer of artistic treasures in return for the investment fund shares is carried out by an act of transfer, signed by the person conveying the artistic value in return for the investment shares and the management company, and if it is provided by the contract with a specialized depository - the specialized depositary.
The date of the transfer of artistic values, the date specified in the Deed of transfer provided for in the first subparagraph of this paragraph.
When sending the artistic value should be transferred appraiser's report on the assessment of artistic value, as well as documents proving that this artistic value is insured by the insurer as defined in the investment declaration of a mutual investment fund, against all risks of loss, loss of or damage to all its real ( market) value specified in the appraiser's report on the assessment of the artistic value .".

[Vladimir]

There are forum users, lawyers who could comment? How does this contraption will affect our lives?

[SAH]

Сообщение от Vladimir

There is forum users, lawyers who could comment?

Оочень was curious to hear.

[tivoli]

Officially, the aforementioned document, amended in-laws, in which works of art are recognized financial instrument and the object of investment etc., and also determined that the artwork can be purchased to fill the investment and other funds, along with real estate, stocks, bonds. This is a breakthrough in domestic legislation. These changes will provide an opportunity to use art as a tool for collective investment, as in this case there is a chance to streamline the market, enter indicative price?? (quotes for at least the first 10 names), the official indices, ie, enter the civilized rules that now exist in the stock and financial markets, but until this very far.

[SergeiSK]

Well, waited ...

In Russia recorded the first mutual funds on the basis of artistic values
 
The Federal Financial Markets Service (FFMS) registered rules of the closed share investment funds (FTRA) Management Company "Leader" under the title "Meeting" and "Assembly. Photoelectric effect. This is stated in a press release FSFM. It also noted that it is Russia's first mutual funds, underlying assets which are works of art.
On the establishment of such funds was announced back in 2009, when such investment funds were authorized by legislation. The "leader" explained that the UIF to buy works of art, and include them in the museum's turn. Then a particular value exhibited in museums, where experts could look to it. After some time, owned PIFu cultural objects can be sold.
Investing in art benefit that this investment is practically not affected by external environment: in particular, the funds directed to the art, may be a considerable degree of probability saved during the crisis.
CC "Leader" was founded in 1993. It manages assets of 322 billion rubles, and net worth of 1.42 billion. Clients of "Leader" are 14 private pension funds, and four insurance companies.
(Lenta.Ru)

and information from the website of the Criminal Code "Leader"

Today, August 12, 2010, the Federal Service for Financial Markets registered the rules of trust management of the first in the history of Russia mutual fund artistic values: Closed Unit Investment Fund of artistic values, "Assembly. Photoelectric effect "(registration number 1872-94169403) and closed unit investment fund artistic values" Collection "(registration number 1871-94169484) running CJSC" Leader "(License № 21-000-1-00094 the implementation of the management of investment funds, mutual funds and private pension funds on 17 December 2002, issued by the Federal Financial Markets Service of Russia.)
For the first time in Russia CJSC "Leader" offers the financial market structured investment product, the underlying asset of which are works of art.
According to the Deputy General Director for Strategic Development Company Leader Yuri Sizov, creating FTRA artistic values, except the problem of increasing the value of the fund's assets also solves another major task of the cultural heritage of Russia both domestically and abroad. Treasures of the fund's assets will be exhibited in museums in the country and abroad exhibitions of Russian art.
insurance fund assets artistic values under CJSC "Leader" will SOGAZ ". The minimum sum insured will be one hundred percent of the estimated value of artistic treasures belonging to the Fund. Estimator art treasures belonging to the fund's assets - OOO "Art Consulting.
CJSC "Leader" is planning the withdrawal of investment shares closed share investment funds artistic values that are under his control, the Stock Exchange (MICEX).

Before acquiring investment shares can obtain detailed information about the closed share investment fund artistic values "Assembly" and read the rules, as well as other documents provided by Federal law from 29.11.2001 N 156-FZ "On Investment Funds" and the Order of the Federal Financial Markets Service of 22.06 .2005, the number 05-23/pz-n, address: 117639, Moscow, Warsaw highway., 95, p. 1 and /or by telephone +7 (495) 661-4535 and the Internet at: www.leader-invest.ru.
FTRA artistic values, "Assembly. Photoelectric effect "is intended for qualified investors.
Cost of investments may increase or decrease, the results Past performance is not indicative of future results, the state does not guarantee the return on investments in mutual funds. Before you buy a unit you should carefully read the rules of trust management of the relevant fund.
Contact
Corporate Communications Department JSC "Leader"
Tel. 7 (495) 661-45-35
(www.leader-invest.ru)

[fross]

Interview RBC Anna Marichevich and Denis Lukashin investment in art and commentary on mutual funds:

http://www.rbc.ru/img/flash/mediapla...l?u17108476bd3

[dedulya37]

Сообщение от "fross

Interview RBC Anna Marichevich and Denis Lukashin

Well, in general, they really did not say anything, and the reason that I see in the leading transmission. She is illiterate raised questions, because the patched not fully understand what exactly do Marichevich and Lukashin. Unfortunately there were too many common phrases.

[Евгений]

Сообщение от Vladimir

How does this contraption will affect our lives?

But to no effect, another scam .. take a knock such mutual funds without a doubt .. and the old masters to impressionists not save ..
Julia Vinogradova: ".... Yet with all these positive aspects there and unconditional complexities associated with such PIFami allowing skeptical of their success in Russia.
First of all, on the art market does not exist a transparent mechanism for assessing these assets. A large proportion of subjective evaluation is largely distinguishes this market from the stock market or real estate, which more or less understandable and transparent. Does not add confidence crisis assessment, which took place in the last couple of years on the Russian market. The result - the reputation of the Institute examination of works of art in Russia in general, eroded. The presence of mandatory arts and technological expertise does not save the investor from the risk to buy non-genuine stuff. However, Russian art, which specialize in the majority of our experts, is unlikely to go down in the list of the main directions of these funds - much safer to invest in the Impressionist or Old Masters.
In addition, works of art as opposed to securities are not subject to short-term price fluctuations and can not be subject to short-term (daily, hourly) speculation. Works of art can extend the long-term investments designed for at least four or five years, which is beneficial for countries with more or less predictable economic and political atmosphere. Especially when it comes to old art, time-tested, and therefore are less at risk. As the experience of the last two or three pre-crisis years, speculation is possible on the market of contemporary art, but the risks are much higher than ....."
 http://antrakt.ng.ru/antiquare/2009-09-18/9_pif.html

[artcol]

The banks have accumulated full artistic asset to them as something to attach to the cause. His people will, their people will, their people let out of paper - will receive regular derivatives, which are then sold ... Well this ... investors is to say ... I do not know of successful examples of such institutions nor in the West, much less us. I agree with Eugene.

[Евгений]

Intesnoe discussion in the online journal "Snob." (EA)
-------------------------------------------------- -
Author Andrew Shmarov
The management company «leader» first time in Russia creates two investment Stock artistic values: "The Assembly" (mainly paintings) and "Meeting. Photoelectric effect "
 
At this event we immediately responded to the subscriber Sergei Skaterschikov, published in his blog pretty skeptical Post. The author I know long time, he was still working in the "old" Kommersant ", and I had to edit his notes. Then Skaterschikov left journalism and started my own business, works of art. His criticism seems interesting, so I decided to ask the new proposal by the Managing Director "Leader» Andrei Uspensky.
It turned out that the latter is not particularly inclined to dwell on the new funds until the end of their formation in late November. He believes in long-term success of the event, but agrees that the skeptics are right to doubt: the risks really are, because a similar happening in the country for the first time.
"Leader" has managed to attract in its fund picturesque collection of several collectors and is in the process of evaluation - both in-house ("Assembly" is governed by an authoritative expert in the field of artistic values Eugene Zyablov) and with the assistance of outside specialists (Art Consulting and others .).
Pai stock worth 500,000 rubles (the minimum amount of investment of 3 million), they can be bought for money or making the fund works of art. Contract of trust management with shareholders subscribed to 10 years. Leader plans to maintain liquidity, moving the fund shares on the MICEX, also provides for the payment of interim income unit holders in case of increase in the capitalization funds.
Andrei Uspensky added that "the Assembly" creates around himself the expert community, and also plans to increase the cost of collections by the exhibition and auction of work. He believes that now is the time for high-quality and transparent products, which will increase the credibility throughout the industry. Assumption had not seen live expected to purchase the collection, but reproduction evaluates them as "very decent".
Read more http://www.snob.ru/selected /entry/23325? preview = print
 
Вложение 948931
Sergei Skaterschikov
 
Вложение 948941
Andrei Uspensky