The regulator soothes the NPF that in the case of suspicion of their transactions with the shares will go to each of them individually, taking into account many parameters, including an analytical study on the feasibility of the transaction. However, NPF consider that the adoption of the Central Bank presented to the fiduciary system in respect of the shares of the funds will completely waive such investments, risking to fall under the “fiduciary rink” of the regulator.The Central Bank tried to calm the NPF that the mismatch of the parameters of their transactions in shares of the best available conditions (fiduciary responsibility) at the previously presented method (see “Kommersant” on July 7) is considered only “as the reason for a more detailed” analysis. This follows from the response of the Bank of Russia (read it “b”) at the request of the NAPF. The Central Bank stresses that “the decision about presence or about absence in actions of the Fund violations,” as well as the amount of funds to be filling, was adopted by the Committee of financial supervision of the Bank of Russia “on the basis of reasoned judgment”.After the automated analysis of the NPF deals with shares on how the Bank will be selected as suspicious. These transactions “will be considered on an individual basis taking into account the market situation at the date of the transaction, news background, corporate events in the Issuer and other factors which have a significant impact on the prices of equity financial instruments”, see response of the Central Bank. He also stresses that “the presence of a NPF quality and complete analytical study of the feasibility of the transaction reduces the risk of the transaction with the breach” of fiduciary duty. The Central Bank promises that this analytical study will also be taken into account by the regulator when considering deals.According to the submitted earlier this summer by the Bank of Russia methodology, transactions in shares will be divided into two groups — securities traded in an active market and an inactive market. In the case of shares on an active market the main indicators of suspiciousness of the transaction is the deviation of its price from the average prices calculated for the hours of trading, as well as the concentration of transactions in a pension Fund (more than 25% of daily trade volume). In an inactive market, virtually all transactions are subject to more detailed analysis.Further assessment by the regulator of transactions that fall in the “suspicious list” disconcerting NPF. “We don’t understand what he wants from us Central Bank, the analytical rationale of the transaction, because any assessment of the stock gives a very large variation of prices”,— said a top Manager of one of the largest NPF. “What “creativity” use of the Central Bank when assessing a transaction on the basis of declared parameters, as well as our analytical materials is unclear,” says a top Manager of another Fund of the top 10. “If the Central Bank bto insist on such a fiduciary framework in relation to shares, the funds will not argue with the regulator, they will simply cease to buy the stock,” says one of the interlocutors “Kommersant”.The Bank of Russia believe that the attention of the regulator to the stock transactions should not lead to losing interest of the NPF to invest in them. The NPF is a long time apply the risk management system, which suggest the presence of a balanced approach to determining the conditions of transactions in financial instruments (including shares) according to the best available terms.”The question of fair value, the company does not have one objective correct answer, because the chances of the stock transactions fall under the fiduciary responsibility for pension funds are quite material,” says managing Director of “Expert RA” Pavel Mitrofanov. And here, he said, is the loss of the ephemeral client money and its own funds, that is money of shareholders funds. “In these circumstances, of course, for NPF risks outweigh possible benefits in the form of additional yield, which means additional remuneration, which will, in fact, to almost complete withdrawal of funds from the stock market,” he notes.Ilya Usov
