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, article 4562; 2004, N 27, article 2711; 2006, N 17, article 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 unit 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 unit investment fund
Application
I. General provisions
1.1. This Regulation on the procedure for accounting for property transferred in payment for investment shares of a unit 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 unit investment fund (hereinafter referred to as internal accounting).
1.2. Internal accounting should provide the ability to:
1) formation and generalization of information on funds and other property to be included in the unit investment fund, including the amount of such funds (the value of such property);
2) establishing the occurrence of grounds for including the property transferred in payment for investment shares in the composition of a unit investment fund;
3) formation of an order to the person who maintains the register of owners of investment units of a unit investment fund to issue investment units or, if it is provided for by an agreement with the specified person, documents confirming the inclusion of funds or other property transferred in payment for investment units in the unit investment fund; fund.
II. Accounting registers
2.1. Registration of information on cash and other property transferred as payment for investment units of a unit investment fund is carried out in accounting registers.
2.2. Internal accounting is carried out separately for each unit investment fund in electronic form. At the same time, it should be possible to output the information registered in the accounting registers on paper, as well as on optical or magnetic media in MS Excel format.
2.3. In order to register information on cash, securities or other property transferred in payment for investment units of a unit investment fund, in relation to each person who transferred property in payment for investment units (hereinafter referred to as the payer), a cash register is opened, and also, if the rules trust management of a unit investment fund provides for the payment of investment units with securities or other property, except for cash, the register of securities (registers of accounting for each type of other property) transferred in payment for investment units of the unit investment fund.
2.4. In case of receipt on the transit account management company funds in respect of which the management company has not received documents that allow identifying the person who transferred the specified funds, the accounting register "funds of unidentified persons" is opened to record such funds.
2.5. The payer's cash register records 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 money accounting register shall contain information about the payer, as well as the date of opening of this register.
2.6. An entry in the payer's funds accounting 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 incoming balance of the payer's funds on the transit account;
2) the type of transaction with the payer's funds on the transit account (crediting/debiting) and the amount of this transaction;
3) the date and number of the payment order, in accordance with which the transaction was made to credit the payer's funds to the transit account;
4) the date of the transaction with the payer's funds on the transit account;
5) the outgoing balance of the payer's funds on the transit account.
2.7. The payer's securities (other property) register shall record the payer's securities (other property) transferred as payment for investment units, information about the payer, as well as the date of opening of this register.
2.8. An entry in the register of registration of securities (other property) of the payer must contain the date of its making, 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 securities of the payer, 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 incoming balance of securities (other property) of the payer (quantity in pieces or other units of measurement used to determine the amount of this type of property, as well as the value of this property);
3) type of transaction with securities (other property) of the payer, as well as their number and value in the transaction;
4) the 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 amount of this 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 the said 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 in accordance with 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) was received are indicated in the income and payment registers.
2.10. Each ledger is assigned a unique number.
2.11. Accounting registers, in addition to the information provided for by this Regulation, may contain other information provided for by the Rules for keeping records of property transferred in payment for investment shares specified in this Regulation.
III. Accounting documents for property transferred as payment for investment shares
3.1. The accounting documents for property transferred in payment for investment shares are:
1) supporting documents for the accounting of property transferred in payment for investment shares;
2) other documents provided for by the Rules for keeping records of property transferred in payment for investment shares specified in this Regulation.
3.2. The supporting documents for accounting for property transferred in payment for investment shares include:
1) acts of acceptance and transfer of property transferred in payment for investment shares;
2) payment documents confirming the transfer of funds to the transit account;
3) reports of the credit institution on debiting funds from the transit account;
4) reports of a specialized depository on operations with securities on a transit depo account;
5) reports of the person maintaining the register of holders of investment units on the possibility of issuing investment units;
6) administrative notes on the inclusion of property in the unit 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 general fractional ownership holders of investment shares in real estate transferred in payment for investment shares;
9) other documents confirming the transfer of property in payment for investment shares.
3.3. Executive notes on the inclusion of property in the composition of a unit investment fund (hereinafter referred to as administrative notes) are drawn up in relation to property, the inclusion of which in the composition of a mutual investment fund does not require actions by third parties.
3.4. The executive note is drawn up by an authorized employee of the management company of the unit 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 unit investment fund;
3) date and time (indicating hours and minutes) of drawing up the administrative note;
4) a description of the unit of property included in the unit investment fund, as well as the value of this property.
3.5. The executive note may also contain other information, in addition to that provided for in clause 3.4 of this Regulation.
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 unit investment fund.
4.2. The internal accounting rules should include:
1) rules for internal document management, including a description of the procedure for passing documents that are important for keeping records of cash, securities and other property transferred in payment for investment units of a unit investment fund, including determining the form of keeping such records (paper and / or electronic) ;
2) the procedure for determining the time zone in the preparation and execution of accounting documents for cash, securities and other property transferred in payment for investment shares;
3) standard forms administrative notes, requirements for their execution (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) a 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 in the accounting registers;
8) the procedure for archiving and storing accounting documents for 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 internal accounting rules may contain other requirements necessary for keeping records of cash, securities or other property transferred in payment for investment units.
4.4. Operations in accounting registers are carried out on the day of receipt of supporting documents for accounting for property transferred as payment for investment shares, except for the cases provided for in paragraph 4.5 of these Regulations.
4.5. If the inclusion of property in the unit 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 they are drawn up.
4.6. If the issuance of investment units of a unit investment fund is carried out on the basis of documents confirming the inclusion of funds, securities or other property transferred as payment for investment units in the unit investment fund, such documents are drawn up based on the results of transactions in accounting registers no later than the day the specified property as part of a mutual investment fund.
4.7. A document confirming the inclusion of funds, securities or other property transferred as payment for investment shares in the unit investment fund must contain information about each application for the acquisition of investment shares, as well as the amount of funds, the value of securities and the value of other property, included in the unit investment fund, in accordance with each of these applications.
Electronic text of the document
prepared by CJSC "Kodeks" and verified according to.
In modern economic conditions, such forms of collective investment as mutual investment funds (hereinafter - mutual funds), which are a separate property complex, or, more simply, a "money bag", where individuals and legal entities deposit their funds in order to receive income.
In exchange for a cash contribution, the management company issues investment share, whereby equity investors investment funds are called shareholders.
Investment instruments for mutual funds can be securities, real estate, projects, and even start-ups.
The initiator of the creation of the fund is the management company, which carries out trust management shareholders' funds.
The existence of a trust management agreement cannot but affect the accounting and tax accounting management company, and, consequently, on the accounting policy applied by it for the purposes of accounting and tax accounting.
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 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 to trust management of a management company by the founder (founders) of trust management (hereinafter referred to as the shareholder) with the condition that this property be combined 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 expressly states 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 the shareholders transferred to the trust management of the management company.
As stated above, general rules property trust management agreements are regulated by Chapter 53 of the Civil Code of the Russian Federation, and the features of the trust management agreement for unit investment funds are established by Article 11 of Law N 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 said agreement generally. Accession to the agreement is carried out by acquiring investment shares issued by the management company that carries out trust management of this mutual fund.
The shareholders transfer the property of the management company for its inclusion in the unit investment fund with the condition that this property be combined with the property of other shareholders. The property constituting the PIF is common property owners of investment shares and belongs to them on the basis of common share ownership. At the same time, in the general case, the division of property constituting a unit investment fund and the separation of a share in kind from it are not allowed. Otherwise, it is possible only in cases expressly provided for by Law N 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 the rights certified by the securities constituting the mutual fund, including the right to vote on voting securities (paragraph 3 of Article 11 of Federal Law N 156-FZ ).
Transactions with property constituting a unit investment fund are made by the management company on its own behalf, but at the same time it is obliged to indicate that it is acting as a trustee. This condition is considered to be met if:
- when performing actions that do not require written registration, the other party is informed of their commission by the trustee in this capacity;
- in written documents, after the name of the trustee, the note "D. W." is made. and the name of the mutual fund.
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 may not contain unfair, unethical, deliberately false, hidden or misleading information.
For reference: the composition and structure of the assets of mutual investment funds must comply with the requirements contained in the Directive of the Bank of Russia
The assets of a unit 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 ensured by accounting for the assets of the mutual investment fund on a separate balance sheet of the management company. For settlements on transactions related to the trust management of a unit investment fund, a separate bank account (accounts) is opened, and for accounting of rights to securities constituting a unit investment fund, a separate depo account (accounts). Such accounts are opened in the name of the management company, indicating that it acts as a trustee, and indicating the name of the mutual investment fund. The names (names) of investment unit holders are not indicated in this case. When registering rights to immovable property in relation to real estate ZPIFN in Rosreestr, a special entry is made that the owners of the property are the owners of investment units of such and such a mutual fund under the management of such and such a management company.
Independent requirements for special account mutual fund assets within investment legislation are 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 the mutual investment fund, the daily compilation of lists of property constituting a unit investment fund (see Decree 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 unit investment funds", Decree of the Federal Securities Commission of the Russian Federation of 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 unit investment fund"). In parallel, the accounting of the property of the mutual investment fund is carried out according to standard rules.
The main rules governing the issues of document flow in the management company are contained in the Decree of the Federal Commission for the Securities Market of the Russian Federation of February 18, 2004 N 04-5 / ps "On the regulation of the activities of the management companies of joint-stock investment funds and unit investment funds" and the Decree of the Federal Commission for the Securities Market of the Russian Federation of February 10, 2004 N 04-3 /ps "On the regulation of the activities of specialized depositories of joint-stock investment funds, unit investment funds and non-state pension funds".
Features of accounting by the management company of the property of the mutual investment fund:
- accounting for each transaction, as well as maintaining and storing in this regard a system of documents in the manner determined by the regulations of the FFMS of Russia (CBR);
- preliminary approval of almost all operations performed by the management company in the course of trust management of the mutual fund, including by signing and exchanging electronic documents between the management company, a specialized depository and the bank.
Management company, along with original copies primary documents and copies of documents confirming the rights to real estate constituting a closed-end mutual investment fund, is obliged to store:
- accounting journal (maintained in the context of accounting for the operations of the Fund);
- lists of property (compiled every day);
- documents related to the determination of the cost net assets a unit investment fund, as well as the estimated value of an investment unit of a unit investment fund;
- documents confirming the consent of the specialized depository to dispose of the property constituting the unit investment fund;
- documents confirming the correctness of the accrual and payment of remuneration to the management company, the specialized depository, the person who maintains the register of owners of investment units of the unit investment fund, the auditor and the appraiser,
- as well as the actual primary documents that are the basis for transactions with the Fund's property.
Application
To Order No. SG-02/03-09
dated 01.01.01
POSITION
3.2. Account analytics requirements accounting:
Account 51 "Settlement 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 types of currencies)
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 in other form or the amount of accounts payable. The amount of payment and (or) accounts payable is 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 include the disposal of assets in the form of advance payment for goods, services and other valuables (advance payments). On the respective sub-accounts “Income from revaluation financial investments”, and “Expenses from the revaluation of financial investments” of the account “Other income and expenses” reflects the result from the revaluation of financial investments.
On the sub-account "Income in the form of dividends and interest on financial investments" of the account "Other income and expenses", income in the form of dividends and interest on financial investments received on financial investments, which are the Fund's property, is recorded.
On the sub-account "Income in the form of fines, penalties, forfeits" of the account "Other income and expenses", income in the form of fines, penalties, forfeits under contracts concluded within the framework of the Fund's activities is recorded.
Penalties, penalties, forfeits arising from non-fulfillment of obligations to pay for contracts concluded within the framework of the Fund's activities shall be paid by the Fund's Management Company.
On the credit of account 91 “Other income and expenses”, the sub-account “Other income from operating activities” reflects information on income in the form
Dividends and interest on financial investments in correspondence with the debit of account 76 “Settlements with various debtors and creditors, sub-account “Calculations on interest and dividends receivable;
In the form of fines, penalties and forfeits received by the Fund and other income in correspondence with the debit of account 76 “Settlements with various debtors and creditors” on sub-accounts, depending on the type of income.
In the debit of account 91 “Other income and expenses”, all expenses related to operating activities Fund and carried out at the expense of the property of the Fund, 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 “Sale” account
expenses for the 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” on sub-accounts depending on the type of expenses or with account 68 “Calculations on taxes and fees”, sub-account “settlements on other payments in budget »
Write-off of the final result on account 91 "Other income and expenses" is carried out monthly to account 86 "Target financing", sub-account "Increase or decrease in the value of the Fund" in correspondence with account 91.9 "Balance of other income and expenses"
Closing of the sub-account "Income from securities" of account 91 "Other income and expenses" with internal entries to the sub-account "Balance of other income and expenses" of account 91 "Other income and expenses" is made at the end of the reporting year.
3.3.12. Accounting for transactions with investment shares.
To summarize information on the availability and movement of investment shares of the Fund, as well as to account for the increase or decrease in the value of the Fund's property, account 86 "Target financing", subaccount "Investment shares" is used.
Analytical accounting on account 86 "Target financing", sub-account "Investment shares", is maintained for each investor who has provided property for trust management.
3.3.13. Accounting for issued investment shares.
Cash and other property received from investors to pay for the cost of investment shares, after making a credit entry in the Register of owners of investment shares, are reflected in the accounting record in the debit of account 76 “Settlements with various debtors and creditors”, sub-account “Settlements for the placement of shares” and credit account 86 "Target financing", sub-account "Investment shares".
3.3.14. Accounting for redeemed investment shares.
The funds due to the shareholder upon redemption of investment shares, after making an expense entry in the Register of owners of investment shares, are reflected in the accounting entry in the debit of account 86 "Target financing", subaccount "Investment shares" and credit of account 76 "Settlements with different debtors and creditors" subaccount "Calculations for the redemption of shares."
When redeeming investment units, the Fund's Management Company is tax agent on the calculation and payment of income tax individuals. The said tax is calculated by the Management Company in accordance with the provisions of Article 23 tax code RF.
If an individual has purchased investment units from third parties, then in order to confirm the costs of acquiring investment units, the following documents must be submitted to the accounting department of the Management Company:
a) if the investment units of the Fund are acquired through a broker:
Brokerage agreement, broker's report,
Expenses for registration and brokerage services are confirmed by documents confirming the payment.
Custody services expenses are confirmed by the agreement and payment documents.
b) if the investment units of the Fund are acquired under a sale and purchase agreement:
Agreement for the sale and purchase of investment shares,
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 the redemption of investment units. At the end of this period, the Management Company calculates and withholds personal income tax on 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. In case of insufficient funds to redeem investment shares, the Management Company is obliged to sell other property constituting the Fund. Prior to the sale of the property constituting the Fund, the Management Company has the right to use its own funds to redeem investment shares or to raise borrowed funds, including against the pledge of the Fund's property.
3.3.15. The order in which shares are written off.
When redeeming shares and calculating the tax on income of individuals - owners of shares, the method indicated by the shareholder in the application when submitting the application for the redemption of shares for the first time in the current year is applied and is valid for a year. In the absence of instructions from the shareholder, the FIFO method is applied.
3.3.16. Accounting for settlements with different debtors and creditors.
To summarize information on settlements on transactions with debtors and creditors, account 76 “Settlements with various debtors and creditors” is used.
Accounts receivable arises:
When selling securities (on the terms of pre-delivery) 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 a new owner. The terms of repayment of receivables are stipulated in the Securities Purchase and Sale Agreement.
When purchasing securities at the time of payment for securities (on a prepayment basis). The basis for the accrual of receivables is an extract from the Fund's current account, indicating payment for the purchased securities. The terms of repayment 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, the Specialized Depository, the Registrar, the Auditor, the Appraiser, is made once a month in the amount specified in the Rules of the Fund and is taken into account on the last business day of the month in the debit of account 86 "Target financing" subaccount "Increase or decrease in property "and the credit of account 96" Reserves for future expenses.
The payment of remuneration to the Management Company, specialized depository, specialized registrar, auditor, appraiser and other persons in the accounting is reflected in the debit of account 96 “Reserves for future expenses” and the credit of account 76 “Settlements with various debtors and creditors” on sub-accounts depending on the type of service.
In accordance with the terms 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" sub-account "Expenses from the Fund's property" from the credit of account 51 "Settlement 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 increases monthly by an amount equal to one twelfth of the calculated remuneration as of the corresponding reporting date.
For the purposes of determining the value of net assets, the amount of the formed reserve is reduced by the amounts paid during the reporting year as remuneration and payment for services to the persons specified in this paragraph. Unpaid fees are included in accounts payable.
Expenses related to the trust management of the Fund, paid at the expense of the Fund's property and agreed with a specialized depository, are taken into account at the time of payment of the invoice as a receivable. Repayment of receivables occurs at the time of receipt of documents confirming the fact of fulfillment of obligations. In the event of a delay in the receipt by the Fund of primary documents (acts, invoices, etc.), the date of receipt and signature is put 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 accounted for in the debit of account 96 "Reserves for future expenses", sub-account "Expenses from the Fund's property" and the credit of account 76 "Expenses with different debtors and creditors" sub-account "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 the remuneration of the Management Company, the Specialized Depository, the Registrar, the Auditor, in relation to the amounts specified in the Rules of the Fund, are reflected at the end of the year on the credit of account 86 "Target financing" sub-account "Increase or decrease in the value of the Fund" and to the debit of account 76 “Settlements with various debtors and creditors” as a debt of the Management Company to the Fund.
The procedure for accruing reserves for the payment of remuneration to the Management Company, the Specialized Depository, the Registrar, the Auditor and the 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, remuneration is adjusted for this year Management Company, Specialized Depository, Registrar on the basis of 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 overcharged amounts of the reserve for future expenses in relation to the actual expenses associated with the management of the Fund's property.
Overcharged 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 remuneration) are debited on the first business day of the year: debit of account 96 "Reserves for future expenses" - credit of account 91 sub-account "Other income".
CEO
company "Stolny Grad"
Shares of mutual funds - underdeveloped on Russian market securities are a type of financial instruments that prompted the actions of the regulator aimed at returning the funds to their original investment functions. Let us 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 the use of mutual funds by banks as a way to get rid of low-quality assets.
Shares 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 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, recall the definitions given in federal law dated November 29, 2001 N 156-FZ "On Investment Funds".
Mutual investment fund (UIF) is a separate property complex, consisting of property transferred by its founder (founders) to the trust management of a management company, and of property received in the course 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 certifying the share of its owner in the ownership of the property constituting the mutual investment fund. Each investment share certifies the same rights and the same share in the common ownership of the property constituting the share investment fund.
Depending on the order of repayment of shares at the request of the owner, mutual funds are open, exchange, interval, 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 the 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 fall into one of the following categories:
1) money market fund;
2) bond fund;
3) stock fund;
4) mixed investment fund;
5) direct investment fund;
6) a fund of 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 units
A share, certifying a share in the property of a mutual fund, is an equity security and, in accordance with the requirements of the Regulation of the Bank of Russia of July 16, 2012 N 385-P "On the Rules for Conducting Accounting in Credit Institutions Located on the Territory of the Russian Federation" (hereinafter - Regulation N 385 -P) is reflected in accounting on the personal account of one of the two balance accounts:
506 "Equity securities 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. Acquisition of units for cash account is accounted for as follows:
Dt 506 "Equity securities at fair value through profit or loss" (507 "Equity securities available for sale")
Kt 30602 "Settlements of credit institutions - principals (commitents) for brokerage operations with securities and other financial assets" (20202 "Cash desk of credit organizations", 47407 "Settlements on conversion operations, derivatives financial instruments and other agreements (transactions), under which settlements and delivery are carried out not earlier than the next day after the date of conclusion of the agreement (transaction)", 47408 "Settlements under conversion operations, derivative financial instruments and other agreements (transactions), under which settlements and delivery are not carried out earlier than the next day after the date of conclusion of the contract (transaction).
Since the acquisition of shares can be carried out by transferring property (real estate, securities) to the unit investment fund, transactions for the acquisition of a share should be recorded in parallel with the disposal of this property. On 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 (other than land) temporarily not used in the main activity";
Dt 60602 "Depreciation of real estate (except land) temporarily not used in the main activity"
Kt 61209 "Disposal (sale) of property";
Dt 50708 "Equity securities available for sale by other non-residents"
Kt 61209 "Disposal (sale) of property".
Similarly, operations on the acquisition of shares in the account of securities should be reflected through balance sheet account 61210 "Disposal (sale) of securities", and on the acquisition of rights of claim - through balance sheet account 61212 "Disposal (sale) and redemption of acquired rights of claim".
When determining for itself how to account for units of mutual funds at fair value, a credit institution should select a relevant revaluation model and approve it in an accounting policy. Sources of information for revaluation can be:
Current market quotes for shares listed on the stock exchange;
Information about off-exchange transactions;
The value of the property constituting the mutual fund, determined on the basis of the report of the management company.
Revaluation of unit investment funds accounted for at fair value through profit or loss is reflected in accounts 50620 "Securities revaluation - negative differences", 50621 "Securities revaluation - positive differences" in correspondence with accounts 70602 "Income from securities revaluation" and 70607 " Expenses from the revaluation of securities".
Revaluation of shares of mutual funds available for sale is reflected on accounts 50720, 50721 in correspondence with accounts 10603 "Positive revaluation of securities available for sale" and 10605 "Negative revaluation of securities available for sale".
Disposal of units is reflected in the same way as operations for the disposal of other securities - on the balance sheet account 61210 "Disposal (realization) of securities". In a simplified form - in the absence of revaluation or provisions for possible losses - this will be reflected in the accounting as follows:
Dt 61210 "Disposal (realization) of securities"
Kt 50708 "Equity securities available for sale by other non-residents" (another account for accounting for investments in shares);
Dt 20202 "Cash desk of credit institutions" (another account for accounting for funds)
Kt 61210 "Disposal (realization) of securities".
Reservation of units of mutual funds
In accordance with clause 1.1 of Regulations of the Bank of Russia No. 283-P dated March 20, 2006 "On the Procedure for Forming credit organizations reserves for possible losses" (hereinafter - Regulation N 283-P), its requirements do not apply to assets accounted for at current (fair) value, as well 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.Therefore, shares 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 general, quotation lists contain information on 68 shares.
Table
MICEX data on shares of mutual funds listed on the stock exchange as of December 1, 2013
|
Listing level |
Number of shares |
Number of issuers |
|
Quotation list A1 |
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|
Quotation list A2 |
||
|
Quote List B |
||
|
Total on quotation lists |
||
|
Total for the list of unlisted securities |
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But the value of most of the shares of mutual funds cannot be determined on the basis of market quotations.
If a fair value shares cannot be reliably determined by any of the possible ways, they are subject to reservation in accordance with clause 2.6 of Regulation N 283-P. The emergence of this rule 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 have paragraphs. 5, mutual funds allowed credit institutions to get rid of double taxation VAT on the sale of immovable (and not only) property. The transfer of compensation is subject to VAT taxation, and in the event of further sale, the bank, until recently, was obliged to charge the tax a second time. It was especially painful for commercial real estate, which accounted for the lion's share of non-current reserves, so the transfer of this property to the real estate mutual fund (a transaction not subject to VAT) seemed like a reasonable way out of this situation. During the crisis years of 2008-2010 this problem has become especially urgent, as well as the risk of reducing capital from an overabundance inventories in accordance with clause 5.2 of Regulations of the Bank of Russia No. 215-P dated February 10, 2003 "On the Method for Determining own funds(capital) of credit institutions". Thus, the transfer of real estate to the mutual fund has become a popular way to withdraw these assets from the balance sheet of a credit institution.
Currently, in accordance with clause 2.7 of Regulation N 283-P, when transferring real estate not used in banking, these assets remain elements calculation base in proportion to their share in the property of the mutual fund 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 recorded 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 term should be the date of acceptance of real estate not used in banking activities on the balance sheet of a credit institution.
Another reason for the regulator's close attention to the problem of reserving units of mutual funds was the practice of transferring low-quality loans to their assets. The Bank of Russia Letter No. 106-T dated 04.09.2009 "On Peculiarities of Assessing Banks' Risks in Respect of Investments in Shares of Closed-End Mutual Investment Funds" (hereinafter - Letter No. 106-T) was a response to this problem. Subsequently, the position set forth in this Letter, with minor additions, was officially enshrined in clause 2.6 of Regulation 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 the loans transferred to the assets of the mutual fund in accordance with the requirements of the Regulation of the Bank of Russia dated March 26, 2004 N 254-P "On the procedure for the formation by credit institutions of 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 assets of the mutual fund should be 21%.
The value of the elements of the calculation base for the considered assets should be calculated based on the ratio various kinds assets as part of the property of the mutual fund, as well as the credit institution's interest in the mutual fund.
Capital and regulations
Since mutual funds are a property complex consisting of various types of assets, this is the reason for a number of nuances that are detailed in Bank of Russia Regulation N 395-P dated December 28, 2012 "On the methodology for determining the amount and assessing the adequacy of own funds (capital) of credit institutions (Basel III )" (hereinafter - Regulation N 395-P).
1. The value of the basic (main) 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 units of mutual funds, including those transferred to trust management, if the property constituting the funds is shares (shares ) and another source equity credit organization. The calculation takes into account the part of the shares attributable to the credit institution's share in the right of common shared ownership of the property constituting the unit investment fund.
2. Value basic capital in accordance with clause 2.2.9 of Regulation N 395-P, reduce the investment of a credit institution in ordinary shares(stakes) of financial organizations (including non-resident financial organizations), including investments in units of mutual funds, including those transferred to trust management, if the property constituting the funds is shares (stakes) or another source of capital financial organization, and (or) funds of the funds, in accordance with the reports of trustees, are invested in shares (stakes) or other sources of capital of a financial institution (in terms of sources of capital of a financial institution attributable to the credit institution'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 investments of a credit institution that exceed the sum of sources of fixed and additional capital:
In the construction, creation and acquisition of fixed assets (net of accrued depreciation), as well as inventories, including those transferred to trust management;
Shares of mutual funds of real estate, including those transferred to trust management, if the property of the funds consists of buildings, structures, objects of construction in progress, land(the rights to lease the said objects) and (or) the funds of which, in accordance with the reports of 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 property constituting a unit investment fund ).
Investments in units of mutual funds are not included in the calculation of market risk.
Investments in units of mutual funds are included in the calculation of codes 8823 and 8824 involved in the calculation of the bank's own funds (capital) adequacy ratio (H1).
In Letter N 106-T, the regulator also expressed an opinion on several aspects of accounting for investments in units of mutual funds for the purposes of calculating the standards:
1. When the bank's own funds (capital) adequacy ratio (N1) is included in the calculation of the units of closed-end mutual funds, the risk coefficients established for loans, the rights of claim on which are transferred to the assets of closed-end mutual funds, are applied to them.
2. Calculation of standards maximum size risk per borrower or a group of related borrowers (N6), as well as the maximum amount of large credit risks (N7), the maximum amount of loans, bank guarantees and guarantees provided by the bank to its participants (shareholders) (N9.1), and the total amount of risk on the bank's insiders (N10.1) is made in relation to the rights of claim on loans constituting the property of the closed-end mutual fund.
3. The H6 ratio in relation to the management company of a credit closed mutual investment fund is not calculated. In the calculation of the standard for the use of own funds (capital) of the bank for the acquisition of shares (stakes) of other legal entities(H12) in the case under consideration, closed-end unit investment funds units are not included.
conclusions
The efforts of the regulator in terms of the rules for reserving units of mutual funds, as well as their participation in the calculation of capital and standards, are primarily aimed at countering the use of mutual funds as a tool to get rid of low-quality assets. Virtually all of those enshrined in legislative framework restrictions apply to mutual funds used by credit institutions to remove non-core real estate, low-quality loans, and own repurchased shares from the balance sheet. Due 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, thus, has acquired legislative prerequisites.
