ederal Commission on Securities.
Page 1(3)

Federal Commission on Securities and the Capital Market
of the Government of the Russian Federation.

Regulation No. 1.

On Procedures for Maintaining a Register of Unit Investment Funds

January 9, 1996

(Note: This text is not to be considered an official translation of this regulation.)

In accordance with Decree No. 765 of the President of the Russian Federation, "On Additional Measures to Raise the Effectiveness of the Investment Policy of the Russian Federation" (July 26, 1995), the Federal Commission on Securities and the Capital Market of the Government of the Russian Federation resolves:

To approve the attached Regulation on Procedures for Maintaining a Register of Unit Investment Funds.

Chairman
A. Chubais

Regulation on Procedures for Maintaining a Register of Unit Investment Funds

1. This Regulation defines procedures for the maintenance of a register of unit investment funds (hereafter, the Register) by the Federal Commission on Securities and the Capital Market of the Russian Federation (hereafter, the Federal Commission).

2. The Federal Commission maintains a register of unit investment funds, into which is introduced information about unit investment funds.

3. The introduction of information about unit investment funds into the Register is to occur simultaneously with a decision by the Federal Commission to register the rules of a unit investment fund and a prospectus for an issue of investment units of a unit investment fund.

4. The following is introduced into the Register:

• Data on the introduction of information about unit investment funds into the Register;
• The name and type of the unit investment fund;
• The legal name of the Management Company of the unit investment fund and its period of activity according to its license to exercise trust management of the assets of unit investment funds;
• The period for which the unit investment fund is created;
• The registration number of and date of registration of the prospectus for an issue of investment units of a unit investment fund;
• The registration number and date of registration of the rules of a unit investment fund;
• The reasons for and the dates of a suspension and restoration of the license of the Management Company of a unit investment fund to exercise trust management of the assets of unit investment funds;
• The reasons for and the date of an annulment of the license of the Management Company of a unit investment fund to exercise trust management of the assets of unit investment funds;
• The name of the Auditor of the unit investment fund and its period of activity according to its license to engage in audit activities;
• The reasons for and dates of a suspension and restoration of the license of the Auditor of a unit investment fund to engage in audit activities;
• The reasons for and date of an annulment of the license of the Auditor of a unit investment fund to engage in audit activities;
• The name of the Independent Appraiser of the assets of an interval unit investment fund and its period of activity according to its license to engage in activities involving the appraisal of real estate assets of unit investment funds;
• The reasons for and dates of a suspension and restoration of the license of the Independent Appraiser of the assets of the interval unit investment fund to engage in activities involving the appraisal of real estate assets of unit investment funds;
• The reasons for and date of an annulment of the license of the Independent Appraiser of the assets of the interval unit investment fund to engage in activities involving the appraisal of real estate assets of unit investment funds;
• The name of the Specialized Depository of the unit investment fund and its period of activity according to its license to act as a specialized depository;
• The reasons for and dates of a suspension and restoration of the license of the Specialized Depository of the unit investment fund to act as a specialized depository;
• The reasons for and date of an annulment of the license of the Specialized Depository of the unit investment fund to act as a specialized depository (grounds and date of the annulment of the license);
• The name of the Specialized Registrar of the unit investment fund and its period of activity according to its license to act as a specialized registrar.
• The reasons for and dates of a suspension and restoration of the license of the Specialized Registrar of the unit investment fund to act as a specialized registrar.
• The reasons for and date of an annulment of the license of the Specialized Registrar of the unit investment fund to act as a specialized registrar.
• The reasons and dates of a suspension and a restoration of distribution and redemption of investment units of a unit investment fund;
• Information about the appointment of a temporary manager of the unit investment fund, with an indication of the reasons for his appointment and the period of his authority;
• The reasons for and dates of the confirmation of a new management of the unit investment fund in case of a change in the management of the unit investment fund.
• Information about the agents for distribution and redemption of investment units of the unit investment fund;
• Information about a change in the rules of the unit investment fund;
• Information about the liquidation of the unit investment fund, with an indication of the reasons for its liquidation, the date that the liquidation decision was made and the date of the finalization of liquidation of the unit investment fund.

5. In case of a change in the information that is introduced into the Register, the Management Company of the unit investment fund is required to inform the Federal Commission in writing, within 3 days, of the changes in the copies of documents provided, confirmed by a notary or by another agency which confirms the documents in question.

6. The Federal Commission introduces changes into the information contained in the Register no later than 3 days after it receives from the Management Company of the unit investment fund information about a change in the information included in the Register, with the attached documents indicated in Clause 5 of this Regulation.

7. The Federal Commission publishes quarterly information from the Register and provides, upon request of a Management Company, extracts from the Register confirming the information that it contains about the unit investment funds that it manages.

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