FEDERAL SERVICE FOR FINANCIAL MARKETS
ORDER
In accordance with paragraph 21 of Article 13.2 and paragraph 2 of Article 55 of the Federal Law of November 29, 2001 N 156-FZ “On Investment Funds” (Collection of Legislation Russian Federation, 2001, N 49, art. 4562; 2004, N 27, art. 2711; 2006, N 17, art. 1780; 2007, N 50, art. 6247)
I order:
Approve the attached Regulations on the procedure for accounting for property transferred as payment for investment shares of a mutual investment fund.
Supervisor
V.D. Milovidov
Registered
at the Ministry of Justice
Russian Federation
May 26, 2008,
registration N 11753
Regulations on the procedure for accounting for property transferred as payment for investment shares of a mutual investment fund
Application
I. General provisions
1.1. This Regulation on the accounting procedure for property transferred as payment for investment shares of a mutual investment fund (hereinafter referred to as the Regulation) establishes the accounting procedure Money, valuable papers and other property of each person who transferred the specified property in payment for investment shares of a mutual investment fund (hereinafter referred to as internal accounting).
1.2. Internal accounting should provide the ability to:
1) formation and generalization of information about funds and other property to be included in the mutual investment fund, including the amount of such funds (the cost of such property);
2) establishing the existence of grounds for including the property transferred as payment for investment shares into the unit investment fund;
3) the formation of an order to the person maintaining the register of owners of investment shares of a mutual investment fund on the issuance of investment shares or, if provided for in an agreement with the specified person, documents confirming the inclusion of funds or other property transferred as payment for investment shares in the composition of the mutual investment fund fund.
II. Accounting registers
2.1. Registration of information about funds and other property transferred as payment for investment shares of a mutual investment fund is carried out in accounting registers.
2.2. Internal accounting is carried out separately for each mutual investment fund in electronic form. At the same time, it must be possible to display information registered in accounting registers on paper, as well as on optical or magnetic media in MS Excel format.
2.3. To register information about cash, securities or other property transferred as payment for investment shares of a mutual investment fund, a cash register is opened in relation to each person who transferred property as payment for investment shares (hereinafter referred to as the payer), and also, if the rules trust management of a mutual investment fund provides for payment of investment shares with securities or other property, except for cash, a register for recording securities (registers for accounting for each type of other property) transferred in payment for investment shares of a mutual investment fund.
2.4. In case of receipt to a transit account management company funds in respect of which the management company has not received documents allowing the identification of the person who transferred the specified funds, an accounting register “money of unidentified persons” is opened to account for such funds.
2.5. The payer's cash register takes into account the amount of money transferred by the payer, in respect of which documents have been received that allow him to be identified.
The payer's funds accounting register contains information about the payer, as well as the date of opening of this register.
2.6. The entry in the payer's cash register must contain the date of its entry, as well as the following information about the transaction with the payer's funds on the transit account as of the date of the transaction specified operation:
1) the payer’s incoming cash balance in the transit account;
2) the type of transaction with the payer’s funds on the transit account (credit/debit) and the amount of this transaction;
3) the date and number of the payment order, in accordance with which the operation to credit the payer’s funds to the transit account was completed;
4) the date of the transaction with the payer’s funds on the transit account;
5) the payer’s outgoing cash balance in the transit account.
2.7. The payer's securities (other property) register records the payer's securities (other property) transferred as payment for investment shares, information about the payer, as well as the date of opening of this register.
2.8. The entry in the payer's securities (other property) register must contain the date of its entry, as well as the following information about the transaction with securities (other property) of the payer as of the date of the said transaction for each issuer or other person liable for the payer's securities, and type (category, type) of such securities (for each type of other property):
1) the name of the issuer or other person liable for the payer’s securities, the type (category, type) of such securities (description of other property);
2) the opening balance of securities (other property) of the payer (quantity in pieces or other units of measurement used to determine the quantity of a given type of property, as well as the value of this property);
3) the type of transaction with securities (other property) of the payer, as well as their quantity and value in the transaction;
4) name and details of the document confirming the transfer of securities (other property) in payment for investment shares;
5) the date of the transaction with securities (other property) of the payer;
6) the outgoing balance of securities (other property) of the payer (quantity in pieces or other units of measurement used to determine the quantity of a given type of property, as well as the value of this property).
2.9. Income and payments on securities or other property transferred as payment for investment shares are recorded in the income and payment registers for each owner of these securities or other property. Registration of information on income and payments on securities or other property transferred as payment for investment shares is carried out according to the rules for registering information on funds transferred as payment for investment shares. At the same time, securities or other property on which income (payments) were received are indicated in the income and payment registers.
2.10. Each accounting register is assigned a unique number.
2.11. Accounting registers, in addition to the information provided for by these Regulations, may contain other information provided for by the Rules for maintaining records of property transferred as payment for investment shares specified in these Regulations.
III. Documents for accounting of property transferred as payment for investment shares
3.1. The accounting documents for property transferred as payment for investment shares are:
1) supporting documents for accounting of property transferred as payment for investment shares;
2) other documents provided for by the Rules for maintaining records of property transferred as payment for investment shares specified in these Regulations.
3.2. Supporting documents for accounting for property transferred as payment for investment shares include:
1) acts of acceptance and transfer of property transferred as payment for investment shares;
2) payment documents confirming the transfer of funds to the transit account;
3) reports from the credit institution on the debiting of funds from the transit account;
4) reports of a specialized depository on transactions with securities on a transit securities account;
5) reports from the person maintaining the register of investment unit owners on the possibility of issuing investment units;
6) administrative notes on the inclusion of property in the mutual investment fund;
7) decisions, instructions, orders and other acts of public authorities, as well as judicial acts that are the basis for the emergence, change or termination civil rights and responsibilities;
8) documents confirming the fact state registration common rights shared ownership owners of investment shares for real estate transferred as payment for investment shares;
9) other documents confirming the fact of transfer of property in payment for investment shares.
3.3. Directive notes on the inclusion of property in a mutual investment fund (hereinafter referred to as administrative notes) are drawn up in relation to property, the inclusion of which in a mutual investment fund does not require action on the part of third parties.
3.4. The administrative note is drawn up by an authorized employee of the management company of the mutual investment fund and must contain:
1) unique number of the administrative note;
2) the number of the accounting register, which contains information about the property included in the mutual investment fund;
3) date and time (indicating hours and minutes) of drawing up the administrative note;
4) a description of the unit of property that is included in the mutual investment fund, as well as the value of this property.
3.5. The administrative note may also contain other information in addition to that provided for in paragraph 3.4 of these Regulations.
IV. Operations in accounting registers
4.1. Operations in accounting registers are carried out by making entries in them in accordance with these Regulations and the rules for maintaining internal accounting approved by the management company of the mutual investment fund.
4.2. The rules for maintaining internal accounting should include:
1) rules of internal document flow, including a description of the procedure for processing documents that are important for maintaining records of funds, securities and other property transferred as payment for investment shares of a mutual investment fund, including determining the form of maintaining such records (paper and/or electronic) ;
2) the procedure for determining the time zone when drawing up and processing documents for accounting for funds, securities and other property transferred as payment for investment shares;
3) standard forms administrative notes, requirements for their design (including the number of copies and content);
4) the procedure for opening accounting registers and conducting transactions in them;
5) the procedure for assigning individual unique numbers to accounting registers;
6) list and standard forms of accounting registers, requirements for their design and content;
7) requirements for the composition of information in the accounting registers about the payer, as well as a list of documents on the basis of which the specified information is entered into the accounting registers;
8) the procedure for archiving and storing accounting documents of property transferred as payment for investment shares;
9) the procedure for making changes and additions to the rules for maintaining internal accounting.
4.3. The rules for maintaining internal accounting may contain other requirements necessary for maintaining records of funds, securities or other property transferred as payment for investment shares.
4.4. Operations in accounting registers are carried out on the day of receipt of supporting documents for accounting of property transferred as payment for investment shares, except for the cases provided for in clause 4.5 of these Regulations.
4.5. If the inclusion of property in a mutual investment fund does not require the actions of third parties, operations in the accounting registers are carried out on the basis of administrative notes on the day of their preparation.
4.6. If the issuance of investment units of a mutual investment fund is carried out on the basis of documents confirming the inclusion of funds, securities or other property transferred as payment for investment shares in the composition of the mutual investment fund, such documents are drawn up based on the results of operations in the accounting registers no later than the day of inclusion of the specified property in a mutual investment fund.
4.7. A document confirming the inclusion of funds, securities or other property transferred as payment for investment units in a mutual investment fund must contain information about each application for the acquisition of investment units, as well as the amount of funds, the cost of securities and the value of other property, included in the mutual investment fund, in accordance with each of the specified applications.
Electronic document text
prepared by Kodeks JSC and verified against.
In modern economic conditions, such forms of collective investment as mutual investment funds (hereinafter referred to as mutual funds), which represent a separate property complex, or, more simply put, a “money bag”, where individuals and legal entities contribute their funds in order to receive income.
In exchange for a cash contribution, the management company issues investment share, due to which mutual investors investment funds are called shareholders.
Investment instruments of mutual funds can be securities, real estate, projects, and even startups.
The initiator of the creation of the fund is the management company, which carries out trust management funds of shareholders.
The presence of a trust management agreement cannot but affect the conduct of accounting and tax accounting management company, and, consequently, on the accounting policies it applies for accounting and tax purposes.
If an organization receives the property of a mutual investment fund for management, then the relations of the parties are built on the basis of the norms of Chapter 53 “Trust management of property” Civil Code of the Russian Federation (hereinafter - the Civil Code of the Russian Federation), as well as the provisions of the Federal Law of November 29, 2001 N 156-FZ "On Investment Funds" (hereinafter - Law N 156-FZ).
Thus, in accordance with paragraph 1 of Article 10 of Law N 156-FZ, a mutual fund is a separate property complex consisting of property transferred into trust management of a management company by the founder (founders) of trust management (hereinafter referred to as the shareholder) with the condition of combining this property with the property of other founders of trust management, and from the property received in the process of such management, the share in the ownership of which is certified by a security issued by the management company.
At the same time, the law directly stipulates that a mutual investment fund is not a legal entity.
In other words, a mutual investment fund is a separate property complex without the formation of a legal entity, consisting of the property of shareholders transferred to the trust management of a management company.
As stated above, general norms property trust management agreements are regulated by Chapter 53 of the Civil Code of the Russian Federation, and the specifics of the trust management agreement for mutual investment funds are established by Article 11 of Law No. 156-FZ.
By virtue of Article 11 of Law N 156-FZ, the terms of the mutual fund trust management agreement are determined by the management company in standard forms and can be accepted by the shareholder only by joining the said agreement generally. Joining the agreement is carried out by purchasing investment shares issued by the management company that carries out the trust management of this mutual fund.
Shareholders transfer property to the management company to include it in the mutual fund under the condition of combining this property with the property of other shareholders. The property constituting the mutual fund is common property owners of investment shares and belongs to them by the right of common shared ownership. In this case, in the general case, the division of property constituting a mutual fund and the allocation of shares in kind from it are not allowed. Otherwise, this is possible only in cases expressly provided for by Law No. 156-FZ itself.
The management company carries out trust management of the mutual fund by performing any legal and actual actions in relation to its constituent property, and also exercises all rights certified by the securities constituting the mutual fund, including the right to vote on voting securities (clause 3 of article 11 of Federal Law N 156-FZ ).
The management company makes transactions with the property constituting the mutual fund on its own behalf, but is obliged to indicate that it is acting as a trustee. This condition is considered fulfilled if:
- when performing actions that do not require written documentation, the other party is informed about their commission by the trustee in this capacity;
- in written documents after the name of the trustee there is a note “D.U.” and the name of the mutual fund is indicated.
We remind you that, by virtue of paragraph 3 of Article 10 of Law N 156-FZ, the name (individual designation) of a mutual fund must contain an indication of the composition and structure of its assets in accordance with regulations Bank of Russia and cannot contain dishonest, unethical, deliberately false, hidden or misleading information.
For reference: the composition and structure of assets of mutual investment funds must comply with the requirements contained in the Directive of the Bank of Russia
The assets of a mutual investment fund must be separated from the assets of the management company and the property of the owners of investment units of the fund. This requirement is met by accounting for mutual fund assets on a separate balance sheet of the management company. For settlements on operations related to the trust management of a mutual investment fund, a separate bank account (accounts) is opened, and to record rights to the securities that make up the mutual investment fund, a separate custody account (accounts) is opened. Such accounts are opened in the name of the management company, indicating that it is acting as trustee and indicating the name of the mutual fund. The names of the owners of investment shares are not indicated. When registering rights to real estate in relation to real estate of a closed mutual fund in Rosreestr, a special entry is made that the owners of the real estate are the owners of investment shares of such and such a mutual fund under the management of such and such a management company.
Independent requirements for special accounting mutual fund assets within investment legislation established, first of all, in relation to the forms of registers and reporting that are provided to the Central Bank of the Russian Federation, the daily registration of each transaction with the property of a mutual fund, the daily compilation of lists of property constituting a mutual investment fund (see Resolution of the Federal Commission for the Securities Market of the Russian Federation dated February 18, 2004 No. 04-5/ PS "On the regulation of the activities of management companies of joint-stock investment funds and mutual investment funds", Resolution of the Federal Commission for the Securities Market of the Russian Federation dated October 22, 2003 No. 03-41/ps "On the reporting of a joint-stock investment fund and the reporting of the management company of a mutual investment fund"). At the same time, accounting of mutual fund property is carried out according to standard rules.
The main rules governing the issues of document flow in a management company are contained in Resolution of the Federal Commission for the Securities Market of the Russian Federation dated 02/18/2004 N 04-5/ps “On regulation of the activities of management companies of joint-stock investment funds and mutual funds” and Resolution of the FCSM of the Russian Federation dated 02/10/2004 N 04-3 /ps "On regulation of the activities of specialized depositories of joint-stock investment funds, mutual investment funds and non-state pension funds."
Peculiarities of accounting of mutual fund property by the management company:
- accounting for each transaction, as well as maintaining and storing a system of documents in this regard in the manner determined by the regulations of the Federal Financial Markets Service of Russia (Central Bank of the Russian Federation);
- preliminary approval of almost all operations performed by the management company during the trust management of the mutual fund, including by signing and exchanging electronic documents between the management company, the specialized depository and the bank.
Management company, along with authentic copies primary documents and copies of documents confirming the rights to real estate that make up a closed-end mutual investment fund, is obliged to keep:
- accounting journal (maintained in the context of accounting for the Fund’s operations);
- lists of property (compiled every day);
- documents related to cost determination net assets mutual investment fund, as well as the estimated value of the investment unit of the mutual investment fund;
- documents confirming the consent of the specialized depository to dispose of the property constituting the mutual investment fund;
- documents confirming the correctness of the calculation and payment of remuneration to the management company, a specialized depository, the person maintaining the register of owners of investment shares of a mutual investment fund, an auditor and an appraiser,
- as well as the actual primary documents that serve as the basis for transactions with the Fund’s property.
Application
To Order No. SG-02/03-09
from 01/01/01
POSITION
3.2. Account analytics requirements accounting:
Account 51 “Current accounts”.
Bank accounts
Account 52 “Currency accounts”.
Bank accounts
Types of currencies
Account 55 “Special accounts in banks.”
Bank accounts
Account 57 “Transfers on the way.”
Rubles, currency (by type of currency)
Account 58 “Financial investments (securities)”.
Issuer
Expenses are accepted for accounting in an amount calculated in monetary terms equal to the amount of payment in cash and other forms or the amount of accounts payable. Amount of payment and (or) accounts payable determined from the price and conditions established by the agreement between the Fund and the supplier (seller) or other counterparty.
For accounting purposes, the Fund's expenses do not recognize the disposal of assets in the form of advance payment for goods, services and other valuables (advances). On the corresponding sub-accounts “Income from revaluation financial investments", and "Expenses from the revaluation of financial investments" of the "Other income and expenses" account reflects the result from the revaluation of financial investments.
The subaccount “Income in the form of dividends and interest on financial investments” of the account “Other income and expenses” records income in the form of dividends and interest on financial investments received on financial investments that are the property of the Fund.
The subaccount “Income in the form of fines, penalties, penalties” of the “Other income and expenses” account records income in the form of fines, penalties, penalties under agreements concluded within the framework of the Fund’s activities.
Fines, penalties, and penalties arising from failure to fulfill obligations to pay for contracts concluded within the framework of the Fund’s activities are paid by the Fund’s Management Company.
In the credit of account 91 “Other income and expenses” sub-account “Other income from operating activities” information on income is reflected in the form
Dividends and interest on financial investments in correspondence with the debit of account 76 “Settlements with various debtors and creditors, subaccount “Settlements on interest and dividends receivable”;
In the form of fines, penalties and penalties received by the Fund and other income in correspondence with the debit of account 76 “Settlements with various debtors and creditors” in subaccounts depending on the type of income.
The debit of account 91 “Other income and expenses” takes into account all expenses associated with operational activities Fund and carried out at the expense of the Fund’s property, with the exception of expenses:
attributed to the increase in the initial cost of financial investments,
· qualifying as expenses for the sale of securities and debited to the “Sales” account
· expenses for payment of remuneration to the management company and payment for the services of a specialized depository, auditor, appraiser, attributable to the reserve upcoming expenses.
Expenses are accrued on the credit of account 91 “Other income and expenses” in correspondence with account 76 “Settlements with various debtors and creditors” in subaccounts depending on the type of expenses or with account 68 “Calculations for taxes and fees” subaccount “settlements for other payments in budget »
The final result in account 91 “Other income and expenses” is written off monthly to account 86 “Targeted financing”, sub-account “Increase or decrease in the value of the Fund” in correspondence with account 91.9 “Balance of other income and expenses”
The subaccount “Income from securities” of account 91 “Other income and expenses” is closed with internal entries to the subaccount “Balance of other income and expenses” of account 91 “Other income and expenses” at the end of the reporting year.
3.3.12. Accounting for transactions with investment shares.
To summarize information about the availability and movement of investment units of the Fund, as well as to account for the increase or decrease in the value of the Fund’s property, account 86 “Targeted Financing”, sub-account “Investment Units” is used.
Analytical accounting for account 86 “Targeted financing”, sub-account “Investment shares”, is maintained for each investor who has provided property for trust management.
3.3.13. Accounting for issued investment units.
Cash and other property received from investors to pay for the cost of investment shares, after making a credit entry in the Register of Investment Unit Owners, are reflected in the accounting records as a debit entry to account 76 “Settlements with various debtors and creditors” subaccount “Settlements for the placement of shares” and credit account 86 “Targeted financing”, sub-account “Investment shares”.
3.3.14. Accounting for redeemed investment units.
The funds due to the shareholder upon redemption of investment units, after making an expense entry in the Register of Owners of Investment Units, are reflected in the accounting record as a debit entry in account 86 “Targeted Financing”, subaccount “Investment Units” and in the credit of account 76 “Settlements with various debtors and creditors” subaccount “Calculations for the redemption of shares.”
When redeeming investment units, the Fund's Management Company is tax agent on calculation and payment of income tax individuals. The Management Company calculates the specified tax in accordance with the provisions of 23 Tax Code RF.
If an individual purchased investment units from third parties, then to confirm the costs of purchasing investment units, the following documents must be submitted to the accounting department of the Management Company:
a) if the Fund’s investment units were purchased through a broker:
Brokerage agreement, broker's report,
Expenses for registration and brokerage services are confirmed by documents confirming the payment.
Expenses for depository services are confirmed by the agreement and documents confirming the payment.
b) if the Fund’s investment units were purchased under a purchase and sale agreement:
Agreement for the purchase and sale of investment units,
Documents confirming the payment to the seller of investment units.
Documents confirming expenses must be provided by an individual no later than 15 days from the date of filing an application for redemption of investment units. At the end of this period, the Management Company calculates and withholds personal income tax from the amount of calculated income due for redeemed shares at the time of payment of this income.
Redemption of investment units of the Fund is carried out at the expense of the funds constituting the Fund. If there are insufficient funds to repay investment units, the Management Company is obliged to sell other property that makes up the Fund. Before the sale of the property constituting the Fund, the Management Company has the right to use its own funds to redeem investment shares or attract borrowed funds, including secured by the Fund’s property.
3.3.15. The order of write-off of shares.
When redeeming shares and calculating income tax for individuals who own shares, the method specified by the shareholder in the application when submitting the first application for redemption of shares in the current year is applied and is valid for a year. In the absence of instructions from the shareholder, the FIFO method is used.
3.3.16. Accounting for settlements with various debtors and creditors.
To summarize information on settlements for transactions with debtors and creditors, account 76 “Settlements with various debtors and creditors” is used.
Accounts receivable arise:
When selling securities (on pre-delivery terms) at the time of transfer of securities to the buyer. Basis for accrual accounts receivable is an extract from the Depo account in a specialized depository, indicating the transfer of securities to the new owner. The repayment terms of receivables are stipulated in the Securities Purchase and Sale Agreement.
When purchasing securities at the time of payment for the securities (on an advance payment basis). The basis for accrual of receivables is an extract from the Fund's current account, indicating payment for the purchased securities. The repayment terms of receivables are stipulated in the Securities Purchase and Sale Agreement.
The calculation of the reserve for the payment of remuneration to the Management Company, Specialized Depository, Registrar, Auditor, Appraiser is made once a month in the amount specified in the Rules of the Fund and is taken into account on the last working day of the month by debiting account 86 “Targeted financing” subaccount “Growth or decrease in property " and the credit of account 96 "Reserves for future expenses."
Payment of remuneration to the Management Company, specialized depository, specialized registrar, auditor, appraiser and other persons is reflected in the accounts as a debit to account 96 “Reserves for future expenses” and a credit to account 76 “Settlements with various debtors and creditors” in subaccounts depending on the type of services.
In accordance with the deadlines established in the Rules of the Fund, the amount of the accrued reserve is written off against the payment of remuneration to the debit of account 96 “Reserves for future expenses” subaccount “Expenditures from the Fund’s property” from the credit of account 51 “Current accounts”.
The reserve for future expenses is formed on an accrual basis during the reporting year in the following order: the amount of the reserve is increased monthly by an amount equal to one-twelfth of the estimated remuneration as of the corresponding reporting date.
For the purpose of determining the value of net assets, the amount of the formed reserve is reduced by amounts paid during the reporting year as remuneration and payment for services to the persons specified in this paragraph. Unpaid fees are reflected in accounts payable.
Expenses related to the trust management of the Fund, paid from the Fund's property and agreed with the specialized depository, are taken into account at the time of payment of the invoice as receivables. Repayment of receivables occurs upon receipt of documents confirming the fulfillment of obligations. In case of delay in the Fund’s receipt of primary documents (acts, invoices, etc.), the date of receipt and signature are placed on the document. On the day of receipt of the above documents, the corresponding posting is made.
Amounts accrued in connection with the management of the Fund’s property, but not paid due to the lack of documents confirming the need for payment, are recorded in the debit of account 96 “Reserves for future expenses” subaccount “Expenditures from the Fund’s property” and the credit of account 76 “Expenditures with various debtors” and creditors" subaccount "Settlements with debtors and creditors", and if there are documents on the debit of account 76 and the credit of account 51.
The excess of the amount of actually paid expenses, including remuneration of the Management Company, Specialized Depository, Registrar, Auditor, in relation to the amounts specified in the Rules of the Fund, is reflected at the end of the year in the credit of account 86 “Targeted financing” subaccount “Increase or decrease in the value of the Fund” and debit account 76 “Settlements with various debtors and creditors” as the debt of the Management Company to the Fund.
The procedure for accruing reserves for the payment of remuneration to the Management Company, Specialized Depository, Registrar, Auditor and Appraiser on the last non-working days of the year is determined additionally in a separate document in accordance with the instructions of the regulatory authorities. At the end of the year, remunerations for this year Management company, Specialized depository, Registrar based on the average annual value of the fund's net assets.
On the last calendar day of the reporting year, appropriate accounting entries are made to reverse the excessively accrued amounts of the reserve for future expenses in relation to the actual expenses associated with managing the Fund's property.
Excess accrued in reporting year the amounts of the reserve for future expenses for the payment of remuneration to the Management Company, the Specialized Depository, the Registrar, the Auditor and the Appraiser (including December remunerations) are written off on the first working day of the year: debit account 96 “Reserves for future expenses” - credit account 91 subaccount “Other income”.
CEO
Stolny Grad company
Units of mutual funds are underdeveloped Russian market securities, a type of financial instrument that prompted regulatory actions aimed at returning funds to their original investment functions. Let's consider the features of accounting for shares of investment funds and the inclusion of such investments in the calculation of the capital of credit institutions, as well as the features of reserving shares, which serves as a kind of protective mechanism against banks using mutual funds as a way to get rid of low-quality assets.
Units of mutual investment funds are by no means the most common type of investment found in the investment and trading portfolios of credit institutions. This is primarily due to the weak development of this type of financial instruments on the Russian securities market. At the same time, most mutual funds are not listed on the stock exchange and represent one of the forms, again not the most common, of asset management for a relatively limited group of investors.
To indicate the topic of the article, let us recall the definitions given in Federal law dated November 29, 2001 N 156-FZ “On Investment Funds”.
A mutual investment fund (UIF) is a separate property complex consisting of property transferred by its founder (founders) into trust management of a management company, and property received in the process of such management; the share in the ownership of the property is certified by a security issued by the management company.
An investment share is a registered security that certifies its owner’s share in the ownership of the property that makes up the mutual fund. Each investment share certifies the same rights and the same share in the right of common ownership of the property constituting the mutual investment fund.
Depending on the order of redemption of shares at the request of the owner, mutual funds can be open, exchange-traded, interval, or closed.
According to the Regulations on the composition and structure of assets of joint-stock investment funds and assets of mutual investment funds, approved by Order of the Federal Financial Markets Service of Russia dated December 28, 2010 N 10-79/pz-n, depending on the composition and structure of assets, mutual funds belong to one of the following categories:
1) money market fund;
2) bond fund;
3) stock fund;
4) mixed investment fund;
5) direct investment fund;
6) fund for especially risky (venture) investments;
7) fund of funds;
8) rental fund;
9) real estate fund;
10) mortgage fund;
12) credit fund;
13) commodity market fund;
14) hedge fund;
15) fund of artistic values;
16) long-term direct investment fund.
Accounting for investment fund shares
A share, certifying a share in the property of a mutual fund, is an equity security and in accordance with the requirements of Bank of Russia Regulation No. 385-P dated July 16, 2012 “On the Rules for Maintaining Accounting in Credit Institutions Located on the Territory of the Russian Federation” (hereinafter referred to as Regulation No. 385 -P) is reflected in accounting on the personal account of one of two balance sheet accounts:
506 “Equity securities measured at fair value through profit or loss”;
507 "Equity securities available for sale."
Accounting for shares is carried out in a manner similar to accounting for other equity securities. The acquisition of shares using cash is reflected as follows:
Dt 506 "Equity securities measured at fair value through profit or loss" (507 "Equity securities available for sale")
Kt 30602 "Settlements of credit institutions - principals (principal principals) for brokerage transactions with securities and other financial assets" (20202 "Cash desk of credit organizations", 47407 "Settlements for conversion transactions, derivatives financial instruments and other agreements (transactions), under which settlements and delivery are carried out no earlier than the next day after the day of conclusion of the agreement (transaction)", 47408 "Settlements for conversion transactions, derivative financial instruments and other agreements (transactions), under which settlements and delivery are not carried out earlier than the next day after the day of conclusion of the agreement (transaction)").
Since the acquisition of shares can be carried out through the transfer of property (real estate, securities) to the mutual fund, transactions for the acquisition of shares should be reflected in parallel with the disposal of this property. Using the example of real estate not used in the main activity, it should look like this:
Dt 61209 "Disposal (sale) of property"
Kt 60408 “Real estate (except land) temporarily not used in the main activity”;
Dt 60602 "Depreciation of real estate (except land) temporarily not used in core activities"
Kt 61209 “Disposal (sale) of property”;
Dt 50708 "Equity securities available for sale to other non-residents"
Kt 61209 "Disposal (sale) of property."
Similarly, transactions for the acquisition of shares on account of securities should be reflected through balance sheet account 61210 “Disposal (sale) of securities,” and for the acquisition of rights of claim - through balance sheet account 61212 “Disposal (sale) and repayment of acquired rights of claim.”
When determining for itself the method of accounting for mutual fund shares at fair value, a credit institution should select the relevant revaluation model and approve it in its accounting policy. Sources of information for revaluation may include:
Current market quotations for shares listed on the exchange;
Information about over-the-counter transactions;
The value of the property constituting the mutual fund, determined on the basis of the management company’s report.
Revaluation of mutual fund units accounted for at fair value through profit or loss is reflected in accounts 50620 "Revaluation of securities - negative differences", 50621 "Revaluation of securities - positive differences" in correspondence with accounts 70602 "Income from revaluation of securities" and 70607 " Expenses from revaluation of securities."
The revaluation of mutual fund units available for sale is reflected in accounts 50720, 50721 in correspondence with accounts 10603 “Positive revaluation of securities available for sale” and 10605 “Negative revaluation of securities available for sale.”
The disposal of shares is reflected similarly to transactions on the disposal of other securities - on balance sheet account 61210 “Disposal (sale) of securities”. In a simplified form - in the absence of revaluation or reserves for possible losses - this will be reflected in accounting as follows:
Dt 61210 "Disposal (sale) of securities"
Kt 50708 “Equity securities available for sale to other non-residents” (another account for accounting for investments in shares);
Dt 20202 "Cash desk of credit organizations" (other account for cash accounting)
Kt 61210 "Disposal (sale) of securities."
Reservation of mutual fund units
According to clause 1.1 of the Bank of Russia Regulations dated March 20, 2006 N 283-P “On the procedure for forming credit organizations reserves for possible losses" (hereinafter referred to as Regulation N 283-P), its requirements do not apply to assets accounted for at current (fair) value, just as the norms of Regulation N 385-P do not provide for the creation of reserves for possible losses on securities accounted for at fair value.Thus, units quoted on the securities market are not subject to reservation.
The table below shows MICEX data on shares of mutual funds listed on the exchange as of December 1, 2013. As you can see, only 11 shares are included in quotation lists A, and in total the quotation lists contain information on 68 shares.
Table
MICEX data on shares of mutual funds listed on the exchange, as of December 1, 2013.
|
Listing level |
Number of shares |
Number of issuers |
|
Quotation list A1 |
||
|
Quotation list A2 |
||
|
Quotation list B |
||
|
Total according to quotation lists |
||
|
Total according to the list of unlisted securities |
||
But the value of most mutual fund shares cannot be determined based on market quotes.
If fair value shares cannot be reliably determined by any of possible ways, they are subject to reservation in accordance with clause 2.6 of Regulations N 283-P. The emergence of this norm is associated with the practice of using mutual funds for purposes other than investment.
When in paragraph 2 of Art. 170 of the Tax Code of the Russian Federation did not yet exist. 5, mutual funds allowed credit institutions to get rid of double taxation VAT on the sale of real estate (and not only) property. The transfer of compensation is subject to VAT taxation, and upon further sale, until recently, the bank was obliged to charge the tax a second time. This was especially painful in relation to commercial real estate, which accounted for the lion's share of non-current inventories, so the transfer of this property to the real estate mutual fund (an operation not subject to VAT) seemed to be a reasonable way out of the current situation. During the crisis years 2008 - 2010. this problem has become especially relevant, as well as the risk of capital decline from oversupply inventories in accordance with clause 5.2 of the Bank of Russia Regulations dated February 10, 2003 N 215-P “On the methodology for determining own funds(capital) of credit institutions." Thus, the transfer of real estate to a mutual fund has become a popular way to remove these assets from the balance sheet of a credit institution.
Currently, according to clause 2.7 of Regulation N 283-P, when transferring real estate not used in the mutual fund to the banking, these assets remain elements calculation base in proportion to their share in the mutual fund’s property and the bank’s share in this fund. Reserves are created using the coefficients given in clause 2.7.3 of Regulation N 283-P:
For assets accounted for on the balance sheet from 1 to 2 years - at least 10%;
For assets recorded on the balance sheet for 2 to 3 years - at least 20%;
For assets recorded on the balance sheet for 3 to 4 years - at least 35%;
For assets recorded on the balance sheet for 4 to 5 years - at least 50%;
For assets recorded on the balance sheet for 5 years or more - at least 75%.
The starting point for the period should be the date of acceptance of real estate not used in banking activities on the balance sheet of the credit institution.
Another reason for the regulator’s close attention to the problem of reserving shares of mutual funds was the practice of transferring low-quality loans to their assets. The response to this problem was Letter of the Bank of Russia dated 09/04/2009 N 106-T “On the specifics of assessing the risks of banks in relation to investments in shares of closed-end mutual investment funds” (hereinafter referred to as Letter N 106-T). Subsequently, the position set out in this Letter, with minor additions, was officially enshrined in clause 2.6 of Regulations N 283-P and boils down to the following:
1. The transfer of loans to the assets of a mutual fund does not relieve the credit institution from assessing risks and creating reserves for them.
2. If a reserve was previously formed for loans transferred to the assets of the mutual fund in accordance with the requirements of Bank of Russia Regulation No. 254-P dated March 26, 2004 “On the procedure for credit institutions to form reserves for possible losses on loans, on loan and equivalent debt” , then in the future the assessment of this asset should be carried out in a similar way.
3. Minimum size The reserve for loans as part of the mutual fund's assets should be 21%.
The value of the elements of the calculation base for the assets considered should be calculated based on the ratio various types assets as part of the mutual fund's property, as well as the share of participation of the credit institution in the mutual fund.
Capital and regulations
Since mutual funds are a property complex consisting of various types of assets, this determines a number of nuances, disclosed in detail in the Regulation of the Bank of Russia dated December 28, 2012 N 395-P “On the methodology for determining the value and assessing the adequacy of own funds (capital) of credit institutions (Basel III )" (hereinafter referred to as Regulation No. 395-P).
1. The amount of basic (fixed) capital in accordance with clause 2.2.4 of Regulation N 395-P is reduced not only by investments in own shares, but also by investments in shares of mutual funds, including those transferred into trust management, if the property constituting the funds is shares (stakes) ) and other source equity credit organization. The portion of shares that belongs to the credit institution in the right of common shared ownership of the property constituting the mutual fund is taken into account.
2. Size basic capital in accordance with clause 2.2.9 of Regulation N 395-P, reduce the credit institution’s investments in ordinary shares(shares) of financial organizations (including non-resident financial organizations), including investments in shares of mutual funds, including those transferred into trust management, if the property constituting the funds is shares (shares) or other source of capital financial organization, and (or) the funds' funds, in accordance with the reports of the trustees, are invested in shares (shares) or other sources of capital of the financial organization (in terms of the sources of capital of the financial organization attributable to the credit organization's share in the right of common shared ownership of the property constituting the fund) .
3. According to clause 4.2.2 of Regulation N 395-P, the amount of equity capital is reduced by the credit institution’s investments exceeding the sum of the sources of fixed and additional capital:
In the construction, creation and acquisition of fixed assets (less accrued depreciation), as well as inventories, including those transferred to trust management;
Units of real estate mutual funds, including those transferred into trust management, if the assets of the funds consist of buildings, structures, unfinished construction projects, land(rights to lease the specified objects) and (or) the funds of which, in accordance with the reports of the trustees, are invested in the construction, creation and acquisition of similar objects (in terms of investments attributable to the credit institution's share in the right of common shared ownership of the property constituting a mutual investment fund ).
Investments in mutual fund units are not included in the calculation of market risk.
Investments in mutual fund units are included in the calculation of codes 8823 and 8824, which are involved in the calculation of the bank's own funds (capital) adequacy ratio (N1).
In Letter No. 106-T, the regulator also expressed an opinion on several aspects of accounting for investments in mutual fund shares for the purposes of calculating standards:
1. When including in the calculation of the bank’s own funds (capital) adequacy ratio (N1) shares of closed-end mutual funds, the risk coefficients established for loans are applied to them, the rights of claim for which are transferred to the assets of the closed-end mutual fund.
2. Calculation of standards maximum size risk per borrower or group of related borrowers (N6), as well as the maximum size of large credit risks (N7), the maximum size of loans, bank guarantees and guarantees provided by the bank to its participants (shareholders) (N9.1), and the total amount of risk for bank insiders (N10.1) is made in relation to the rights of claim on loans constituting the property of the closed mutual fund.
3. The N6 standard is not calculated for the management company of a credit closed-end mutual fund. In calculating the standard for using the bank’s own funds (capital) to purchase shares (shares) of others legal entities(H12) in the case under consideration, closed-end mutual fund units are not included.
conclusions
The regulator’s efforts regarding the rules for reserving shares of mutual funds, as well as their participation in the calculation of capital and standards, are aimed primarily at countering the use of mutual funds as a tool for getting rid of low-quality assets. Almost all assigned to legislative framework restrictions apply to mutual funds used by credit institutions to remove non-core real estate, low-quality loans, and their own repurchased shares from their balance sheets. Thanks to this, attempts to disguise the risks that have arisen have lost their meaning, and the purpose of mutual funds to perform primarily investment functions has thus acquired legislative prerequisites.
