Mortgage bonds: principle of operation and advantages. A mortgage bond is a reliable financial instrument backed by real estate Federal Law on Mortgage Securities

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Securities as an Asset Kim and I rarely invest in securities, because such investments are almost impossible to manage. By buying stocks, bonds, or mutual fund units, an investor has no control over income, expenses, assets, or

The development of mortgage housing subsidies in Russia is one of the main tasks of the state. However, collateral rates are often high, making it impossible for many potential borrowers to take out loans. According to experts, mortgage-backed securities - mortgage-backed securities, which are a mechanism for investing money, will help level out the resulting imbalance. The owners of the mentioned documents are able to profit from changes in the price of real estate, as a result of which these securities were issued - the Central Bank. The current situation suggests that they are positioned as the most desirable financial documents in the lending and securities market.

Such securities containing property rights are represented by debt securities, which reinvest investments of credit and financial institutions in mortgage credit lines. This happens in the following way. A banking institution issued loans, for example, for 50 million rubles, and immediately issued certificates of property rights for the same amount. An investor who has come across property documents returns the amount spent by the bank, which immediately goes to another borrower as a credit line. Having realized the property certificate, the bank repays the issued amount with the returnable funds of the applicant.

These financial instruments are gaining popularity as they are backed by real estate. Their profitability is determined by the increase in the value of real estate, annually gaining a certain number of percentage points. Over the past 10-15 years, the growth in profitability has reached 400%, which cannot be provided by any other financial mechanism. Investments in ICs are usually long-term - up to 20 years, but Russian investors prefer shorter terms, a maximum of 5.

Perhaps the short period is due to the lack of a good legal framework, which cannot be said about the European and American financial markets. Yes, and our banks have a good financial base, which affects their reluctance to engage in property certificates.

Features of mortgage-backed securities

The publication of these property certificates takes on a variety of specifics, which nevertheless have some characteristic features, such as:

1. As a rule, holders of such documents pay systematic payments. They differ in monthly or quarterly terms.
2. Payments from assets combined after consolidation are usually divided into two parts - interest and depreciation. The first goes for the use of the credit line, the second - its repayment. Depreciation is also represented by two planned variations.
3. The first is activated by the procedure of systematic repayment of the credit line, which leads to full payment before the end of its validity period. Corporate bonds operate in a different way. The line is not redeemed until the end of its validity, it is only supported by the payment of the face value of the bond - the coupon rate.
4. Premature repayment of the line is due to the borrower's ability to close the loan ahead of schedule through the sale of real estate, which was a pledge at the conclusion of the contract.

Of course, along with this, certificates have some disadvantages, for example:

• low level of marketability;
• the presence of the risk of prolonged repayment, which is not conducive to calculating the yield.

Among the advantages, it should be noted the proper level of legal protection, longevity, and general availability.

ICB in Russia

The domestic market tested the bonds in question at the beginning of the 2000s, after the law regulating mortgage lending came into force. Many entrepreneurs were attracted by their solid legal protection, easy marketability. Such certificates are of interest to investors who wish to invest financial resources in real estate for profit in the future.

Mortgage loans have received a legislative base and are constantly increasing the number of borrowers. The practice of consumer subsidizing of the past years has proved attractive to the population, commercial financial institutions. Its volume is increasing significantly every year. This is due to the growth in incomes of the population, the expansion of the scope of banking institutions.

In addition to the appearance of mortgage certificates in the domestic market, financial institutions have begun issuing mortgage-backed Eurobonds. They are characterized by three tranches, different in volume, assigned rating, profitability. The eldest of them has the highest performance characteristic of Russian drawers. The period of circulation of documents is at least 29 years.

The main purpose of the IBC issue is to attract long-term resources to the capital market, which will be used for loans to the population. This also includes subsidies that have passed state registration, property bonds of real estate, pledged by Vneshtorgbank, insured by the largest Russian insurance agencies.

Relations that arise during the issue, circulation of securities, their issuance, except for mortgage documents, are regulated by the Federal Law on Mortgage Securities.

Types of ICB

Many Central Banks are represented by documents secured by property, various valuables, bonds, mortgages, credit certificates.

Mortgage

The described nominal document confirms the right of its owner to receive fulfillment of an obligation, which is covered by a guarantee of real estate. The mortgage function is designed to accelerate the turnover of mortgaged real estate based on the transfer of a monetary document. The presence of this certificate leads to the conclusion of a mortgage agreement, while the mortgage certificate is attached to its priority. If the terms of the transaction do not match, the content of the mentioned document will allow not only to optimize it, but also to make adjustments. Other cases invalidate the paper, such as:

• violation of the procedure for issuing paper;
• the presence of an existing duplicate in case of loss of the original.

You can get a copy only at the mortgage agreement registration authority.

Mortgage backed bonds

The mentioned bonds are provided with housing coverage, according to which the issuer's agreement is executed. They are positioned as nominal valuable documents. The bond confirms the contribution of financial resources by its owner, the obligation of the issuer to return to him the face value of this bond, cash income. The case of default by the issuer of the agreement entitles its owner to satisfy the requirement for the coverage account.

Mortgage bonds are:

• ordinary;
• structured.

The issue of the first is carried out by mortgage lenders, the second - by specialized mortgage organizations that are responsible for the implementation of agreements on these documents.

Mortgage bonds are issued in a non-documentary way. The global bond issue certificate contains their name, references to providing housing coverage for the issuer's obligations. Other details may be present as required by law.

Mortgage certificates

Represented by valuable certificates secured by assets or mortgages. They can be issued in the form of fixed income certificates, or. Certificates have a turnover period, fixed income certificates have a nominal price, participation certificates are part of the total amount of debt formed by extending the term of loans, or combining previously issued loans into one. Moreover, the nominal price, the term of their circulation of documents must be the same. The price is set in national currency, taking into account inflationary warnings. Mandatory details of the described documents are:

• the phrase mortgage certificate is represented by part of its name;
• full name, location of the issuing authority;
• indication of the type - nominal, or bearer;
• number, series of the document;
• face value of fixed income securities, or part of the consolidated debt, which falls on the document of participation, linked to the date of registration of the publication;
• period of circulation of the certificate, procedure and time of payment of payments;
• information on securing this issue of securities;
• on insurance of the owner of the certificate against currency and other risks;
• signature of the head of the institution conducting the issue;
• wet print.

The nominal document must contain the name, legal address of the owner - for corporate holders, passport details - for individuals.

Such securities are issued by structures operating on a commercial basis. The latter are required to have an appropriate license allowing them to manage the structures of investment resources.

Yield of MCB

The yield category is based on the average rate at which mortgage loans are issued. If the interest rate reaches 15 units, then the profit can vary from 9 to 10%. The rest of the amount reimburses the costs of intermediaries.

Lowering the rate also leads to lower yields. Applicants have the right to refinance at a lower rate, or to repay the debt ahead of schedule. The latter turns into the redemption of the issued bond, which affects the decrease in the income of the depositor.

How to buy ICB

All valuable property certificates, mortgage documents are purchased at the stock exchange. The depositor has the right to independently make a bill of sale, or through agents, trustees of specialized organizations leading the mortgage-backed securities market.

The investor, first of all, needs to decide on the investment tools. The property securities market has two interrelated categories - risk and return. However, as profitability increases, risk situations also increase, and vice versa.

The following concepts are arranged in descending order of return and risk:

• government bonds;
• bank deposits, deposit accounts, monetary obligations;
• corporate interest-bearing bonds;
• shares of industrial enterprises;
• derivative financial papers.

The depositor has the right to choose to independently manage a personal portfolio of documents, or transfer them to professional market partners. The latter are expressed by the following attributes of trust management of deposits:

• mutual investment fund;
• trust management of banking organizations;
• an agreement on the private management of an investment company holding an advisory license.

The legislation imposes some restrictions on market partners, which is reflected in the reduction in the range of instruments. The transfer of property certificates, financial resources to management often turns into round sums. Mutual funds charge for their services up to 5% per annum of the net asset value, regardless of the results obtained. Financial institutions, investment agencies take away from the investor up to a quarter of the income received. Yes, and decisions are made by the company, but the responsibility still rests with the depositor. Based on the foregoing, you can either make a profit or a loss. Of course, self-disposition can be even worse.

The investor can trade in property papers himself, but he does not have the right to arbitrarily go to the stock exchange where the bidders are located. The best solution for him will be a good broker, which will be evaluated by the following criteria:

• reliability, high professionalism;
• availability of the required license;
• membership in the Russian Commodity or Interbank Currency Exchange;
• commission amount;
• availability of remote access for clients.

Advice from investment companies and brokerage agencies will help a novice investor.

Conclusion

The development of the mortgage lending industry is leading depositors to invest in housing loan securities. Their high yield will allow the owner to receive high mortgage swaps in the future. However, the investor is obliged to decide to whom he will entrust the management of bonds, will resort to the services of a trust company, or an exchange broker.

Please sign up for a free consultation with our lawyer in order to clarify the possibility of investing in MBS for you. It's free.

We are waiting for your questions and we will be grateful for the evaluation of the article and the repost.

Payment of debt and interest in this case is carried out with the help of funds received from secured loans.

MBS are one of the types of secondary securities. They are used as a universal tool for refinancing investments and contributions to the construction of new residential facilities.

There are 4 main stages of work with PIBs:

1. release;
2. extradition;
3. appeal;
4. fulfillment by the borrower of its obligations.

Peculiarities

• Payments to holders of securities occur regularly. As a rule, they are carried out monthly (sometimes - quarterly). Late payments are extremely rare.
• The payments from the pooled assets are summed up in two parts. The first (interest) includes a fee for the use of the loan, the second (amortization) - repayment of the principal amount of the debt. Depreciation payments can be early and regular.
• Regular depreciation payments are calculated in such a way that the entire amount of debt obligations is paid in full during the term of mortgage lending. In this they differ from payments on corporate bonds, which require the payment of the entire balance only at the end of the term.
• The level of profitability of securities directly depends on the term of their circulation, as well as the degree of risk of non-payment of payments. In turn, such risks depend on the collateral of the MBS.
• To carry out early repayment of debt obligations, the borrower is given the right to sell real estate, which acts as a guarantee for a loan obligation.

Kinds

• Mortgages are registered papers secured by a pledge of real estate, which confirm the owner's rights to fulfill the obligations assumed by the borrower. The main function of such securities is to accelerate the turnover of real estate on the basis of a cession. An important advantage of such documents is the possibility of adjusting and changing their content. Mortgage bonds may be invalidated if the procedure for issuing them is violated.
• Mortgage-backed bonds. With their help, potential investors receive guarantees that their requirements will be met. The main feature of this type is the presence of collateral to ensure the fulfillment by the borrower of its obligations. In most countries, there are legal provisions that the total amount of obligations under such financial instruments cannot exceed the amount of mortgage coverage;
• mortgage certificates. They confirm the rights of their holders to receive interest on the assessed value of mortgage objects, as well as high-quality management from organizations that issued and issued mortgage coverage (such activities can only be carried out by commercial organizations that have received an appropriate license to manage various investment objects).

Advantages and disadvantages

• long term;
• general availability;
• transparent and understandable mechanisms of work;
• high level of legal protection.

• high probability of long-term repayment, makes it impossible to calculate additional subsidies and income;
• low liquidity.

After reading this chapter, you will learn:

• ? what are mortgage securities and what are their types;
• ? how the mortgage securities market is related to the mortgage market;
• ? what models of mortgage markets have been formed in the world practice and what is their impact on the mortgage securities markets;
• ? at what stage is the Russian mortgage-backed securities market, what are its problems and development trends.

The concept of mortgage-backed securities and their types

The name "mortgage-backed securities" suggests that they are associated with a mortgage - a pledge of real estate. The term "mortgage" appeared in ancient times (Greece of the 6th century BC).

Mortgage(hypotheka) - ensuring the liability of the debtor to the creditor by certain land holdings.

In Russia, these relations are regulated by two laws (in the latest edition): No. 102-FZ of July 16, 1998 “On Mortgage (Pledge of Real Estate)” and No. 152-FZ of November 11, 2003 “On Mortgage Securities” (last edition) (hereinafter - Mortgage Securities Law).

Mortgage- this is one of the forms of pledge, in which the pledged real estate remains in the possession of the debtor, and the creditor, in case of default by the latter of his obligation, acquires the right to receive satisfaction through the sale of this property.

Most often, a pledge of real estate occurs during mortgage lending, when a bank issues a loan secured by the acquired real estate, which becomes the subject of pledge. Another case of a mortgage is a loan or a loan secured by existing real estate for some other purpose of the borrower, not necessarily related to this real estate.

The debtor on a credit (loan) secured by a mortgage owns and uses his property, however, he can dispose (sell, pledge) it only with the consent of the creditor (bank). When the debtor is unable to fulfill his obligations, the property is sold at auction, the creditor's claims are satisfied from the funds received, and the remaining money is returned to the debtor. Thus, the mortgage acts as a way to secure the obligations of the debtor and reduces the risks of the creditor bank (Fig. 10.1). Additional protection of the creditor is the insurance of both the pledged property itself and the life and health of the debtor.

Rice. 10.1.

Mortgage-backed securities- debt securities refinanced with the help of obligations under one or more mortgage loans. Interest and principal payments on such securities are made from funds received under secured loans.

When issuing a loan secured by real estate, a loan agreement is drawn up that defines the relationship between the debtor and the creditor, the procedure for issuing and repaying the loan, as well as the pledge agreement that determines the relationship between the mortgagor and the pledgee, the procedure for using the pledge, its liquidation (sale) in case of default on obligations under loan agreement.

Mortgage is a registered security that certifies the rights of its legal owner to receive performance on monetary obligations secured by a mortgage, without presenting other evidence of the existence of these obligations, and the right to pledge property burdened with a mortgage.

For example, a bank that issues a mortgage loan acts as a creditor under a mortgage-backed obligation (under a loan agreement) and as a pledgee of the pledged real estate. The rights of this bank as a mortgagee may also be additionally secured by a mortgage.

Why do we need a mortgage if all the rights of the creditor and the pledge holder are specified in the relevant agreements? A mortgage is a security that can be traded on the market, therefore, it enables the creditor bank to transfer, assign its rights to another person, simply by transferring (selling) the mortgage to this person.

Persons liable under the mortgage are the debtor under the obligation secured by mortgage and the pledgor. It is often the same person, but not necessarily. The mortgage must have all the required details, including all the essential terms of the contracts - the loan and the pledge agreement, so sometimes the mortgage is a whole "book". Since all rights associated with real estate are subject to state registration, the issuance of a mortgage bond to its first holder is carried out by the body that carried out such registration of the rights of the pledgee. In the future, the owner of the mortgage bond may transfer it to another person, while such a transaction is made in a simple written form. The transfer of rights to a mortgage bond to another person means the transfer thereby to this person of all the rights certified by it in the aggregate, i.e. both the rights of the creditor and the rights of the pledgee.

Mortgage properties:

• ? expresses the relationship of duty. However, the owner of the mortgage bond, in case of non-repayment of the debt, may receive satisfaction of his claims from the value of the pledged property, but not the property itself;
• ? name paper. The rights certified by a mortgage bond belong to the person named in it;
• ? non-issue paper;
• ? documentary paper. When exercising his rights, the owner of the mortgage bond is obliged to present the mortgage bond to the person in respect of whom the respective right is being exercised, at his request, unless, when the mortgage bond is pledged, it is deposited with a notary;
• ? urgent paper. It has a specific repayment period, and if the amount of the obligation is payable in installments - specific terms (frequency) of payments;
• ? circulating security (i.e., there may be a secondary market for mortgages);
• ? interest paper. The mortgage provides for interest payments in excess of the face value, which may be fixed or floating.

Why don't mortgages circulate on the market? Several factors hinder this:

• 1) a mortgage bond is drawn up as a document, an agreement, consisting of many pages and connected with other agreements (loan, life insurance, property insurance, invoices, etc.);
• 2) mortgage amounts are usually not high enough to be attractive to large investors, while small investors prefer other assets that are more understandable and less risky;
• 3) interest rate risk. The interest on the loan is income on the mortgage, it is fixed, and if market rates fluctuate, the mortgage will bear interest rate risk;
• 4) the risk of loss of property value. All mortgages are different, they are issued for different real estate objects, the value of which fluctuates and can be overestimated. If real estate prices fall, some borrowers may refuse to repay the loan and give back the depreciated mortgaged property. Therefore, the buyer of a mortgage is reluctant to take the risk of buying such paper;
• 5) credit risk. The basis of the mortgage is a loan issued to the borrower. The state of affairs of this borrower for the buyer of the mortgage, and sometimes for the creditor bank itself, is an unclear question. Therefore, in the event of a deterioration in the credit condition of the borrower (dismissal from work, lack of income), the return of the principal amount of the loan and interest on it becomes an unlikely event.

Thus, the acquisition of one mortgage is a very risky and costly undertaking. However, its negotiability allows you to design financial products by creating a portfolio and combining different assets in it in such a way as to reduce the overall risk while maintaining profitability. At first glance it seems that this is impossible, but if we look at the details, then:

• ? instead of several mortgages for this amount, a certain number of standard securities can be issued, then problems with the acquisition of a package and the complexity of contracts can be avoided;
• ? credit, interest and the risk of losing the value of property when combining several mortgages are reduced, since, for example, when revaluing the value of one object, another may be underestimated, and the refusal of one of 1000 borrowers from payments will not greatly affect the overall financial result.

Therefore, financial engineers came up with a securitization scheme - the transformation of non-negotiable assets into marketable securities.

The property of the negotiability of mortgages as a security makes it possible to use them as collateral for the issuance of other securities - mortgage-backed bonds.

Mortgage backed bond- a bond, the fulfillment of obligations under which is secured in whole or in part by a pledge of mortgage coverage.

A separate type of such bonds are mortgage-backed housing bonds- mortgage-backed bonds, which include only the rights of claim secured by a pledge of residential premises.

Mortgage-backed bonds can be considered as collateralized bonds, only with a special collateral.

These bonds are issued to refinance mortgage loans. A bank that provides mortgage lending accumulates a pool of mortgages (mortgage coverage), on which it receives regular payments to repay loans issued. The bank may, under this pool of mortgages, issue bonds on its own behalf, the repayment of the principal debt on which and the payment of interest will be carried out at the expense of proceeds from the mortgages. The bank may also transfer the pool of mortgages to another person (mortgage agency), which will issue bonds on its own behalf.

A similar scheme for refinancing mortgage loans is widely used in the United States, where already in the 30s. 20th century a system of state support for mortgage lending begins to form, specialized organizations are created, including mortgage agencies. In the US, the mortgage lending market operates on the basis of a well-developed mortgage bond market, which provides refinancing for mortgage lending banks.

In Russia, the composition of mortgage coverage is regulated by law.

Mortgage coverage may consist only of claims secured by a mortgage for the return of the principal amount of the debt and (or) for the payment of interest under credit agreements and loan agreements, including those certified by mortgages, and (or) mortgage participation certificates certifying the share of their owners in the right of common ownership of another mortgage coverage, funds in the currency of the Russian Federation or foreign currency, as well as government securities and real estate in cases provided for by law.

In other words, mortgage coverage in Russia may consist of:

• 1) from mortgages;
• 2) mortgage participation certificates;
• 3) government securities;
• 4) cash.

Real estate can be part of the mortgage coverage only in special cases and for a certain period.

Mortgage coverage can be viewed as a kind of analogue of a mutual investment fund, whose participants own a security that certifies their rights as “shareholders” of mortgage coverage.

Mortgage participation certificate- a registered security certifying the share of its owner in the right of common ownership of mortgage coverage, the right to demand from the person who issued it the proper trust management of mortgage coverage, the right to receive funds received in fulfillment of obligations, the claims for which constitute mortgage coverage.

Mortgage coverage is in trust management, which is carried out either by a management company or a bank.

Mortgage-backed bonds are bonds, securities, the issue of which has features in comparison with "ordinary" bonds, in particular, only mortgage agents and credit organizations can be issuers of mortgage-backed bonds.

mortgage agent is a joint-stock company, the only subject of activity of which can only be the acquisition of claims on credits (loans) secured by mortgages and (or) mortgages.

To do this, the mortgage agent may borrow, including through the issuance of mortgage-backed bonds. A mortgage agent cannot have a staff, the powers of the sole executive body of a mortgage agent must be transferred to a commercial organization, accounting is also transferred to a specialized organization. No changes in the charter of a mortgage agent are allowed. After all issues of placed mortgage-backed bonds are redeemed, the mortgage agent is liquidated.

The main issuer of mortgage-backed bonds in Russia is the Agency for Housing Mortgage Lending, which has established several specialized joint-stock companies for this purpose - mortgage agents, but the mortgage bond market in Russia is still at the very beginning of its development.

• Galanov V. A., Basova A. I. Securities market. M., 2006.
• Article 17 of the Mortgage (Pledge of Real Estate) Law.

Chapter 1. General provisions

Article 1 Scope of regulation

This Federal Law governs relations arising from the issuance, issuance, issuance and circulation of mortgage-backed securities, with the exception of mortgage-backed securities, as well as in the performance of obligations under the said mortgage-backed securities.

Article 2 Basic concepts

For the purposes of this Federal Law, the following basic concepts are used:

mortgage-backed securities - mortgage-backed bonds and mortgage participation certificates;

mortgage-backed bond - a bond, the fulfillment of obligations under which is secured by a pledge of mortgage coverage;

mortgage participation certificate - a registered security certifying the share of its owner in the right of common ownership of mortgage coverage, the right to demand from the person who issued it the proper trust management of mortgage coverage, the right to receive funds received in fulfillment of obligations, claims for which constitute mortgage coverage, as well as other rights provided for by this Federal Law;

mortgage agent - a specialized commercial organization that complies with the requirements established by Article 8 of this Federal Law, the exclusive subject of activity of which is the acquisition of rights of claim on credits (loans) secured by mortgages and (or) mortgages, and which, in accordance with this Federal Law, has been granted the right to exercise issuance of mortgage-backed bonds.

Article 3 Mortgage coverage

1. Mortgage coverage can only be mortgage-secured claims for the return of the principal amount of the debt and for the payment of interest under credit agreements and loan agreements, including those certified by mortgages, and (or) mortgage participation certificates certifying the share of their owners in the right of common ownership of another mortgage coverage, funds in the currency of the Russian Federation or foreign currency, as well as government securities and real estate in the cases provided for by Part 1 of Article 13 of this Federal Law.

2. Claims on mortgage-secured obligations may be included in the mortgage coverage only if they meet the following conditions:

the principal amount of the debt under the obligation secured by a mortgage under each agreement or mortgage must not exceed seventy percent of the market value (monetary value) of the immovable property that is the subject of mortgage determined by an independent appraiser;

an agreement on a mortgage that secures the relevant requirements must not provide for the possibility of replacing or alienating by the mortgagor the pledged immovable property that is the subject of mortgage without the consent of the mortgagee;

immovable property pledged to secure the performance of the relevant obligation must be insured against the risk of loss or damage in favor of the creditor under the mortgage-secured obligation during the entire term of the obligation. In this case, the sum insured must not be less than the size (amount) of the claim secured by the mortgage;

if the debtor under the obligation secured by a mortgage is a natural person, his life and health must be insured during the entire term of the obligation in favor of such natural person. In this case, the sum insured must not be less than the size (amount) of the claim secured by the mortgage;

the subject of the loan agreement should be only cash.

3. The obligation of the debtor to simultaneously return the principal amount of the debt and pay interest on it in periodic payments, except for the first twelve months, must be provided for by at least fifty percent of the obligations, the claims on which constitute mortgage coverage.

Mortgage coverage shall not constitute claims on mortgages pledged to secure other obligations.

Claims secured by a subsequent mortgage may only constitute mortgage coverage provided that the principal amount of the obligation secured by the predecessor mortgage and the principal amount of the obligation secured by the subsequent mortgage do not, in aggregate, exceed seventy per cent of the market value (monetary value) determined by an independent appraiser. ) immovable property that is the subject of mortgage.

The share of claims secured by a pledge of immovable property, the construction of which has not been completed, must not exceed ten percent of the amount of mortgage coverage.

4. The amount of mortgage coverage is determined by summing up the amount of claims, the amount of money and the value (monetary value) of other property constituting the mortgage coverage. The amount of mortgage coverage must be determined in accordance with the procedure established by the federal executive body for the securities market.

When determining the amount of mortgage coverage, the requirement for an obligation in respect of which:

the period of default is more than six months;

the subject of mortgage is lost, including as a result of the entry into force of a court decision on invalidating or terminating on other grounds the right to pledge real estate (mortgage);

a court decision on declaring the obligation invalid or terminating it on other grounds has entered into force;

the debtor under the obligation has been declared insolvent (bankrupt) in the manner prescribed by the legislation of the Russian Federation on insolvency (bankruptcy).

5. The same property, including claims under the same obligations, may be included in only one mortgage coverage.

Mortgage participation certificates cannot be part of the mortgage coverage, the share in the common ownership of which they certify.

6. The claim under the obligation secured by a mortgage, which is part of the mortgage coverage, must be confirmed:

an extract from the Unified State Register of rights to real estate and transactions with it;

a mortgage agreement on which a special registration inscription was made certifying the state registration in accordance with the legislation of the Russian Federation on state registration of rights to real estate and transactions with it, or a notarized copy thereof;

a loan agreement or a loan agreement, on the basis of which an obligation secured by a mortgage arose, or a notarized copy of the agreement;

a mortgage bond with all annexes to it in the event that the drafting and issuance of a mortgage bond took place, or its notarized copy;

a document that expresses the content of the transaction, under which the rights of the creditor and the pledgee under the obligation secured by the mortgage were transferred, and on which a special registration inscription was made, certifying the state registration in accordance with the legislation of the Russian Federation on state registration of rights to real estate and transactions with it, in the event that there has been a transfer (assignment) of such rights, or its notarized copy.

Article 4 Exclusion of claims and other property from mortgage coverage

The exclusion of claims and other property from the mortgage coverage is allowed only in connection with their replacement. Replacement of claims constituting mortgage coverage is allowed only in cases provided for by this Federal Law.

Article 5 Register of mortgage coverage

1. Accounting for claims and other property constituting mortgage coverage shall be carried out by maintaining a register of mortgage coverage.

2. Information on claims and other property constituting mortgage coverage shall be entered in the register of mortgage coverage, indicating in respect of each of them:

the amount (amount) of the claim (including the principal amount of the debt and the amount of interest) or the value (monetary value) of the property;

the name and description sufficient for identification of the property constituting the mortgage coverage and (or) the property on which the mortgage is established to secure the fulfillment of the obligation, the claim for which constitutes the mortgage coverage, including the location of such property;

the market value (monetary value) of the property on which the mortgage is established;

the term for payment of the amount of the claim or, if this amount is payable in installments, the terms (periodicity) of the relevant payments and the amount of each of them, or the conditions that make it possible to determine these terms and amounts of payments (debt repayment plan);

the degree of fulfillment of the obligation, the claim for which constitutes mortgage coverage;

other information established by the federal executive body for the securities market.

3. Claims or other property shall be considered included in the mortgage coverage from the moment the relevant entry is made in the register of mortgage coverage.

4. The register of mortgage coverage must be maintained, in particular, using an electronic database.

Article 6 Restriction on the use of concepts related to the issuance of mortgage-backed securities

No person, with the exception of persons who, in accordance with this Federal Law, have the right to issue mortgage-backed securities, shall have the right to raise funds and other property using the words "mortgage-backed bonds", "mortgage participation certificates" and "mortgage coverage", and is also not entitled to use in its name the words "mortgage specialized organization" or "mortgage agent" in any combination.

Chapter 2 Issue and circulation of mortgage-backed bonds

Article 7 Issuers of mortgage-backed bonds

1. Mortgage-backed bonds may only be issued by mortgage agents and credit institutions.

2. Credit institutions issuing mortgage-backed bonds are required to comply with the requirements of the Central Bank of the Russian Federation established in accordance with federal laws, as well as comply with the following additional mandatory ratios (ratio of certain assets and liabilities), the amount and methods for determining which are established by the Central Bank of the Russian Federation Federations:

the minimum ratio of the amount of mortgage-backed loans granted and own funds (capital);

the minimum ratio between the size of mortgage coverage and the volume of mortgage-backed bonds issued;

the maximum ratio of the total amount of a credit institution's liabilities to creditors who, in accordance with federal laws, have the priority right to satisfy their claims to holders of mortgage-backed bonds, and own funds (capital).

The Central Bank of the Russian Federation has the right to establish for credit institutions that issue mortgage-backed bonds the specifics of the calculation and values ​​of the following mandatory ratios determined by Federal Law No. 86-FZ of July 10, 2002 "On the Central Bank of the Russian Federation (Bank of Russia)":

own funds (capital) adequacy ratio;

liquidity ratios;

interest rate and currency risk.

The Central Bank of the Russian Federation shall establish requirements for credit institutions that issue mortgage-backed bonds to disclose information about their activities in addition to the requirements established by other federal laws.

A credit organization is not entitled to issue mortgage-backed bonds if it fails to fulfill at least one of the requirements established in accordance with the provisions of this article.

Credit institutions that issue mortgage-backed bonds and violate the mandatory standards and other requirements of the Central Bank of the Russian Federation are subject to the measures provided for by Article 74 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".

Article 8 Requirements for mortgage agents

1. The subject of activity of a mortgage agent may only be the acquisition of claims on credits (loans) secured by mortgages and (or) mortgages.

Claims on credits (loans) secured by a mortgage and (or) mortgages may be acquired by a mortgage agent on the basis of a contract of sale, exchange, cession (assignment of a claim), other transaction on the alienation of this property, including one related to the payment of authorized capital (shares) of the mortgage agent with this property, as well as as a result of universal succession.

A mortgage agent may have civil rights and bear civil obligations necessary for the implementation of the specified activity, including the issue of mortgage-backed bonds, incur obligations to third parties related to the issue and fulfillment of obligations under mortgage-backed bonds, as well as collateral activities of a mortgage agent.

This activity can only be carried out by a mortgage agent in the form of a joint-stock company. The charter of a mortgage agent must define the subject and purpose of his activity in accordance with this Federal Law. Amendments and (or) additions related to the change and (or) addition of the subject or purpose of its activity to the charter of a mortgage agent are not allowed.

The full company name of the mortgage agent in Russian must contain the words "mortgage specialized organization" or "mortgage agent".

2. A mortgage agent cannot have a staff.

The powers of the sole executive body of a mortgage agent must be transferred to a commercial organization.

The accounting of a mortgage agent should be transferred to a specialized organization.

A commercial organization to which the powers of the sole executive body of a mortgage agent have been transferred cannot keep accounting records of this mortgage agent.

A specialized organization to which the accounting of a mortgage agent has been transferred cannot exercise the powers of the sole executive body of this mortgage agent.

3. Mortgage agents are not entitled to enter into reimbursable agreements with individuals and carry out types of entrepreneurial activities not provided for by this Federal Law. Violation of this requirement is the basis for the appeal of the federal executive body in charge of the securities market to the court with a demand to liquidate the mortgage agent.

Transactions made in violation of this requirement on behalf of the mortgage agent by a commercial organization to which the powers of the sole executive body of the mortgage agent have been transferred create, change and terminate civil rights and obligations for the commercial organization and do not entail obligations for the mortgage agent either in relation to the commercial organization, not in relation to third parties.

Article 9 Form of certification of rights constituting a mortgage-backed bond

1. Mortgage-backed bonds may be issued in one of the forms stipulated by Federal Law No. 39-FZ of April 22, 1996 "On the Securities Market" (hereinafter referred to as the Federal Law "On the Securities Market").

2. In case of a documentary form of mortgage-backed bonds, the obligatory requisite of a mortgage-backed bond certificate is an indication of the procedure and conditions for paying income to holders of mortgage-backed bonds, as well as the procedure and conditions for the redemption of such bonds.

Article 10 Interest on mortgage-backed bonds

1. Mortgage-backed bonds should establish the right of their holders to receive a fixed percentage of their face value.

2. Interest on mortgage-backed bonds must be paid at least once a year.

Article 11 Securing obligations under mortgage-backed bonds

1. Fulfillment of obligations under mortgage-backed bonds is secured by a pledge of mortgage coverage from the moment the rights to such bonds arise from their first owner.

A mortgage-backed bond grants its owner all the rights arising from the pledge of mortgage security. With the transfer of rights to a mortgage-backed bond, the new owner (purchaser) transfers all the rights arising from the pledge of mortgage coverage. The transfer of rights arising from the pledge of mortgage coverage without the transfer of rights to a mortgage-backed bond is invalid.

Each holder of a mortgage-backed bond of one issue has equal rights with other holders of mortgage-backed bonds of the same issue with respect to claims and other property constituting mortgage coverage, and in case of withdrawal by means of redemption of the pledged property for state or municipal needs, its requisition or nationalization - also in respect of insurance indemnity, amounts of compensation due to the pledgor, or property provided to the pledgor in return.

2. Mortgage coverage may be pledged to secure the fulfillment of obligations under bonds of two or more issues.

Article 12 Issue of mortgage-backed bonds

The issue of mortgage-backed bonds is carried out in accordance with the Federal Law "On the Securities Market" and the regulatory legal acts of the Russian Federation adopted in accordance with it.

Article 13 Bond mortgage requirements

1. Mortgage coverage of bonds may be property provided for by this Federal Law, as well as government securities and real estate.

The amount (amount) of claims secured by mortgage, constituting the mortgage coverage of bonds, may not be less than eighty percent of the total nominal value of bonds.

Real estate can constitute a mortgage coverage of a bond only as a result of its acquisition (reservation) by the issuer in accordance with the civil legislation of the Russian Federation when foreclosure is applied to it in case of non-fulfillment or improper fulfillment of an obligation secured by a mortgage, if such acquisition does not contradict the requirements established by federal laws , and for no more than two years from the date of such acquisition.

2. The amount of mortgage coverage of bonds, as well as the terms of obligations, the claims on which constitute mortgage coverage, must ensure the completeness and timeliness of the fulfillment of obligations under bonds with this mortgage coverage.

3. At the time of submission of documents for state registration of an issue of mortgage-backed bonds, the amount (amount) of mortgage-backed claims constituting the mortgage coverage of such bonds must be no less than their total face value and the amount of interest on these bonds.

To ensure the full performance of obligations under mortgage-backed bonds, the amount of mortgage coverage of these bonds on any date before their maturity must be not less than the amount (amount) of obligations under these bonds.

To ensure the timely fulfillment of obligations under mortgage-backed bonds, the amount of funds constituting mortgage collateral and payments (which must be received no later than the date of fulfillment of obligations under the bonds) on claims constituting mortgage collateral, as of any date before the bonds are redeemed, must be at least size (amount) of obligations (forthcoming payments) on these bonds. At the same time, the annual amount of payments on mortgage-backed bonds should not exceed the annual amount of payments that must be received on account of the fulfillment of obligations, the claims for which constitute the mortgage coverage of such bonds.

Article 14 Replacement of claims constituting the mortgage coverage of bonds

1. The replacement of claims constituting mortgage coverage of bonds may be carried out only if at least one of the grounds provided for by Part 4 of Article 3 of this Federal Law arises in respect of such claims, as well as in case of violation of the terms for making payments on an obligation, the claim for which amounts to mortgage coverage of bonds for more than three months or more than three times within twelve months, even if each such delay is insignificant.

2. The replacement of claims constituting the mortgage coverage of bonds is allowed only after registration of the report on the results of the issue of bonds with mortgage coverage.

Article 15 Foreclosure on mortgage coverage of bonds

1. In the event of non-performance or improper performance of obligations under mortgage-backed bonds, foreclosure on claims and other property constituting the mortgage coverage of bonds shall be carried out by a court decision.

Foreclosure on claims and other property constituting the mortgage coverage of bonds, including their sale, is carried out in the manner prescribed by Federal Law No. 102-FZ of July 16, 1998 "On Mortgage (Pledge of Real Estate)" for foreclosure on mortgaged property and its implementation, taking into account the specifics established by this article.

2. Realization of the mortgage coverage of bonds at public auctions cannot be carried out earlier than two months after the date of the due date (from the last day of the period, if the fulfillment of the obligation is provided for within a certain period) of the fulfillment of the obligation on bonds with such mortgage coverage.

Owners of mortgage-backed bonds have the right to claim to the issuer of such bonds, as well as to the person specified in the decision on the issue of mortgage-backed bonds as the person collecting the claims of the owners of such bonds, claims to receive funds from the sale of mortgage coverage of bonds.

The proceeds from the sale of mortgage coverage of bonds are directed to persons who are owners of mortgage-backed bonds and who have submitted their claims before the date of the public auction at which such mortgage coverage was sold.

In the event that the amount received from the sale of mortgage coverage of bonds exceeds the amount of claims in respect of mortgage-backed bonds, the difference, after withholding from it the amounts necessary to cover the costs associated with foreclosure on mortgage coverage and its sale, shall be returned to the issuer of these bonds . The amount proceeds from the sale of mortgage coverage of bonds and remaining after the satisfaction of the claims of holders of mortgage-backed bonds in the specified order, that is, not exceeding the amount of claims on such bonds, is subject to transfer to the notary's deposit. Owners of mortgage-backed bonds who have not submitted in writing their requirements for the sale of mortgage coverage of bonds and have not received funds from its sale, have the right to receive them through a notary's deposit in the manner prescribed by law.

If, on the grounds provided for by the legislation of the Russian Federation, claims and other property constituting mortgage coverage must become the property of holders of mortgage-backed bonds, these claims and property shall become the common shared ownership of all holders of such bonds.

Article 16 Redemption of mortgage-backed bonds at the request of their holders

1. The holders of mortgage-backed bonds shall have the right to demand early repayment of such bonds from their issuer in the event that the amount of obligations under mortgage-backed bonds in circulation exceeds the amount of the bonds' mortgage coverage, the established procedure for replacing property constituting mortgage coverage is violated, the established conditions are violated, ensuring the completeness and timeliness of the fulfillment of obligations under mortgage-backed bonds, and (or) the issuer of such bonds carries out entrepreneurial activities or makes transactions not permitted to him, as well as in other cases provided for by the decision to issue mortgage-backed bonds.

2. The issuer of mortgage-backed bonds is obliged to inform the holders of such bonds about their right to demand early redemption of their mortgage-backed bonds, the price and procedure for such redemption by sending a notice in writing to the owners of mortgage-backed bonds or publishing information (message) in printed periodicals, the circulation of which is not less than ten thousand copies and which are indicated in the decision to issue such bonds, no later than five days from the date of the occurrence of the event or the commission of the action that entailed the holders of such bonds the right to demand early redemption by the issuer of their mortgage-backed bonds.

Chapter 3 Issuance and circulation of mortgage participation certificates

Article 17 Persons Eligible to Issue Mortgage Participation Certificates

1. Mortgage certificates of participation may be issued only by commercial organizations that have licenses to manage investment funds, mutual investment funds and non-state pension funds.

2. The issuance of mortgage participation certificates is the basis for the emergence of a common share ownership of the owners of mortgage participation certificates for the mortgage coverage under which they are issued, and for the establishment of trust management of such mortgage coverage. Common shared ownership of mortgage coverage arises simultaneously with the establishment of trust management of this mortgage coverage.

3. Trust management of mortgage coverage is established by concluding an agreement on trust management of mortgage coverage.

Article 18 Contract of trust management of mortgage coverage

1. The terms and conditions of the contract for trust management of mortgage coverage (hereinafter referred to as the rules for trust management of mortgage coverage) are determined by the person issuing mortgage participation certificates (hereinafter referred to as the manager of mortgage coverage) in standard forms and can be accepted by the purchaser of mortgage participation certificates - the founder of trust management of mortgage coverage , under which mortgage certificates of participation are issued, only by joining the specified agreement as a whole.

Accession to the contract of trust management of mortgage coverage is carried out by acquiring mortgage participation certificates issued by the manager of mortgage coverage.

2. Claims and other property constituting the mortgage coverage are the common property of the holders of mortgage certificates of participation and belong to them on the basis of common shared ownership. The division of the property constituting the mortgage coverage and the separation of a share in kind from it are not allowed.

The condition of the contract of trust management of mortgage coverage is the refusal of an individual or legal entity from exercising the pre-emptive right to acquire a share in the right of common shared ownership of the property constituting the mortgage coverage. In this case, the corresponding right is terminated.

Holders of mortgage participation certificates bear the risk of non-fulfillment or improper fulfillment of obligations, the claims on which constitute mortgage coverage.

3. The mortgage collateral manager shall carry out trust management of mortgage collateral by receiving (accepting) payments on obligations, the claims for which constitute mortgage collateral, transferring (paying) funds to holders of mortgage participation certificates at the expense of these payments, ensuring proper fulfillment of obligations, claims for which constitute mortgage coverage, including foreclosure on the debtor's property, including that pledged as security for the said obligations, in the event of non-fulfillment or improper fulfillment of such obligations, as well as by performing other related actions that do not contradict this Federal Law and the rules of trust management of mortgage coverage.

The manager of mortgage coverage has the right to file suits and act as a defendant in claims in court in connection with the implementation of activities for the trust management of mortgage coverage.

4. In addition to the essential terms and conditions of the agreement on trust management of mortgage coverage provided for by the Civil Code of the Russian Federation and this Federal Law, the rules of trust management of mortgage coverage must contain an indication that the owner of mortgage participation certificates does not have the right to demand that the manager of mortgage coverage terminate the agreement on trust management of mortgage coverage before the expiration of its term. actions otherwise than in the cases provided for by this Federal Law.

Article 19 Term of the contract of trust management of mortgage coverage

The validity period of the agreement on trust management of mortgage coverage, established by the rules of trust management of mortgage coverage, must not be less than one year and more than forty years.

Article 20 Mortgage participation certificate

1. Each mortgage participation certificate certifies the same scope of rights, including the same share in the common ownership of the mortgage coverage.

2. A mortgage participation certificate is not an equity security.

The rights certified by the mortgage certificate of participation are recorded in non-documentary form.

The number of mortgage participation certificates certifying a share in the common ownership of mortgage coverage is indicated in the rules for trust management of this mortgage coverage.

3. The mortgage certificate of participation has no face value.

4. Issue of securities derivatives from mortgage participation certificates is not allowed.

5. Mortgage participation certificates are freely circulating, including through trade organizers on the securities market.

Accounting for rights to mortgage participation certificates is carried out on personal accounts in the register of holders of mortgage participation certificates and, if it is provided for by the rules of trust management of mortgage coverage, on depo accounts by depositories for which, for these purposes, personal accounts of nominal holders are opened in the register of holders of mortgage participation certificates. At the same time, depositories, with the exception of depositories that record rights to mortgage participation certificates circulated through a trade organizer on the securities market, are not entitled to open depo accounts for other depositories that act as nominal holders of securities of their clients (depositors).

The registrar maintaining the register of holders of mortgage participation certificates, at the request of the owner of mortgage participation certificates, a person authorized by him or a nominal holder, is obliged to confirm the rights of these persons to mortgage participation certificates by issuing an extract from the register of holders of mortgage participation certificates within five days.

Article 21 Mortgage Cover Requirements for Mortgage Participation Certificates

1. Mortgage coverage of mortgage participation certificates may include only claims on mortgage-secured obligations, mortgage participation certificates certifying a share in common ownership of another mortgage coverage, and funds received in connection with the fulfillment of obligations, claims on which constitute mortgage coverage. , enforcement of such claims and performance of obligations under mortgage participation certificates constituting mortgage coverage.

2. Replacement of claims and other property constituting the mortgage coverage of mortgage participation certificates is not allowed.

Article 22 Segregation of property constituting mortgage coverage

1. Claims and other property constituting mortgage coverage shall be separated from the property of the manager of mortgage coverage, the property of holders of mortgage participation certificates, property constituting other mortgage coverage that is in trust management of the specified manager, as well as from other property that is in trust management or under other grounds from the specified manager. The property constituting the mortgage coverage is accounted for by the manager of the mortgage coverage on a separate balance sheet, and an independent accounting is maintained for it.

2. A separate bank account (separate bank accounts) shall be opened for settlements on transactions related to the trust management of mortgage coverage, and separate depo accounts shall be opened to account for the rights to securities constituting mortgage coverage. Such accounts, with the exception of cases established by the legislation of the Russian Federation, are opened in the name of the manager of mortgage coverage with an indication that he acts as a trustee, and an individual designation identifying mortgage participation certificates. The names (names) of holders of mortgage certificates of participation are not indicated.

During state registration of a pledge of immovable property that secures the claims constituting mortgage coverage, the Unified State Register of Rights to Real Estate and Transactions Therewith contains an individual designation that identifies mortgage participation certificates, in the interests of whose owners the trust management of mortgage coverage, which includes the relevant requirements, is carried out. , and the following entry is made: "The pledgees of this property and data on them, provided for by the Federal Law of July 21, 1997 N 122-FZ "On State Registration of Rights to Real Estate and Transactions with It", are established on the basis of personal accounts of mortgage holders certificates of participation in the register of holders of mortgage participation certificates and depo accounts of holders of mortgage participation certificates.

3. For the debts of holders of mortgage participation certificates, including in the event of their insolvency (bankruptcy), foreclosure on property constituting mortgage coverage is not allowed. For the debts of holders of mortgage participation certificates, execution is levied on their mortgage participation certificates. In case of insolvency (bankruptcy) of holders of mortgage participation certificates, the bankruptcy estate shall include their mortgage participation certificates.

In the event that mortgage participation certificates constitute a mortgage coverage of other mortgage participation certificates and belong to their owners on the basis of common shared ownership, the debts of such owners are foreclosed and, accordingly, mortgage participation certificates certifying a share in the common ownership of such mortgage coverage are included in the bankruptcy estate. .

4. If the mortgage collateral manager is recognized as insolvent (bankrupt), the property constituting the mortgage collateral shall not be included in the bankruptcy estate.

In the event that the manager of mortgage coverage is recognized as insolvent (bankrupt) or the license of the manager of mortgage coverage is annulled, the property constituting the mortgage coverage is subject to transfer to trust management of a state management company determined in accordance with the legislation of the Russian Federation on the investment of pension savings. The specified trust management is established due to the need for ongoing management of mortgage coverage in the interests of ensuring the rights of holders of mortgage participation certificates. The conclusion of a new contract of trust management of mortgage coverage is not required.

The property constituting the mortgage coverage is subject to transfer to the state management company in the manner determined by the Government of the Russian Federation. At the same time, the funds constituting the mortgage coverage are subject to transfer to the state management company within a period not exceeding three days from the date the mortgage coverage manager is declared insolvent (bankrupt).

Article 23 Restrictions on the activities of a mortgage collateral manager

The manager of the mortgage coverage may not:

dispose of property constituting mortgage coverage without the consent of a specialized depository;

acquire any other property at the expense of the property constituting the mortgage coverage;

gratuitously alienate the property constituting the mortgage coverage;

receive, on the terms of loan agreements and credit agreements, funds to be returned at the expense of property constituting mortgage coverage;

provide loans at the expense of property constituting mortgage coverage;

use the property constituting mortgage coverage to ensure the fulfillment of one's own obligations or obligations of third parties;

acquire property constituting mortgage coverage, except for cases of receiving remuneration in accordance with the rules of trust management of mortgage coverage;

alienate its own property as part of the property constituting the mortgage coverage, which is in its trust management.

Article 24 Responsibility of the mortgage manager

The manager of mortgage coverage shall be liable to the owners of mortgage participation certificates in the amount of real damage in case of infliction of losses by them as a result of violation of this Federal Law, other federal laws, rules of trust management of mortgage coverage, including incorrect determination of the amount of funds subject to transfer (payment) the owner of the mortgage participation certificate, and the amount of money to be paid in connection with the redemption of the mortgage participation certificate.

Article 25 Rules for Trust Management of Mortgage Coverage

1. The rules for trust management of mortgage coverage must contain the following information:

an individual designation identifying mortgage participation certificates with this mortgage coverage;

full company name of the mortgage coverage manager;

full corporate name of the specialized depository;

the full corporate name of the registrar maintaining the register of holders of mortgage participation certificates;

rights and obligations of the manager of mortgage coverage;

the duration of the trust management agreement;

the number of mortgage participation certificates and the procedure for issuing them;

the procedure and terms for the payment of funds in connection with the redemption of mortgage participation certificates;

the procedure for payment for each mortgage participation certificate of funds from payments received under obligations, claims on which constitute mortgage coverage, as well as the period of such payment, which should not exceed three months from the date of receipt of the relevant payments;

the procedure for determining the amount of money to be paid in connection with the redemption of the mortgage participation certificate;

the procedure and terms for making records on the acquisition, transfer and redemption of mortgage participation certificates in the register of holders of mortgage participation certificates;

rights of holders of mortgage certificates of participation;

the procedure for convening and holding a general meeting of holders of mortgage participation certificates;

the amount of remuneration for the manager of mortgage coverage, the specialized depository, the registrar maintaining the register of holders of mortgage participation certificates;

types and maximum amount of expenses related to trust management of mortgage coverage and payable at the expense of property constituting mortgage coverage;

the procedure for disclosing information related to the trust management of mortgage coverage, including the name of the printed periodical in which the relevant information is published;

other information in accordance with the requirements established by this Federal Law.

2. The mortgage collateral manager has the right to make changes and additions to the rules for the trust management of mortgage collateral, which come into effect only after they are approved by the general meeting of holders of mortgage participation certificates.

In the event of cancellation of the license of a specialized depository maintaining the register of mortgage coverage, the manager of mortgage coverage is entitled to amend the rules for trust management of mortgage coverage related to the replacement of the specialized depository. At the same time, the manager of mortgage coverage must make a decision to convene a general meeting of holders of mortgage participation certificates to resolve the issue of approving a new specialized depository.

3. The rules for trust management of mortgage coverage must comply with the standard rules for trust management of mortgage coverage approved by the Government of the Russian Federation.

Article 26 General meeting of holders of mortgage certificates of participation

1. The general meeting of holders of mortgage participation certificates is convened by the manager of mortgage coverage on his own initiative or at the request in writing of the holders of at least ten percent of mortgage participation certificates as of the date of filing the request to convene the general meeting.

The requirement in writing of holders of mortgage certificates of participation to convene a general meeting must contain the reasons for its convening, as well as the agenda of the general meeting. The announcement of the convocation of a general meeting must be published in a periodical publication specified in the rules for trust management of mortgage coverage.

The General Meeting of Owners of Mortgage Participation Certificates makes decisions by a majority of votes of holders of mortgage participation certificates, unless otherwise provided by this Federal Law.

3. By a three-quarters vote of all mortgage participation certificate holders present, the rights and obligations of the manager of mortgage coverage may be transferred to another person who, in accordance with this Federal Law, has the right to issue mortgage participation certificates, and changes may be made to the rules for trust management of mortgage coverage. relating to supplementing the composition of the mortgage coverage with new requirements and (or) mortgages and the proportional issuance of additional mortgage participation certificates.

4. Decisions of the general meeting of holders of mortgage certificates of participation are documented in a protocol, a copy of which must be sent to the federal executive body for the securities market no later than three days from the date of the general meeting.

5. Additional requirements for the procedure for preparing, convening and holding a general meeting of holders of mortgage participation certificates are established by a regulatory legal act of the federal executive body in charge of the securities market.

6. Expenses associated with convening and holding a general meeting of holders of mortgage participation certificates shall be reimbursed at the expense of mortgage coverage.

Article 27 Registration of rules for trust management of mortgage coverage and amendments and additions to them

1. The manager of mortgage coverage shall be entitled to issue mortgage certificates of participation only on condition that the federal executive body for the securities market registers the rules for trust management of mortgage coverage, the share in the common ownership of which these certificates certify.

Amendments and additions made to the rules for the trust management of mortgage coverage come into force subject to their registration by the federal executive body for the securities market.

2. Registration of the rules for the trust management of mortgage coverage, as well as amendments and additions to them, is carried out at the request of a person who, in accordance with this Federal Law, has the right to issue mortgage participation certificates.

A copy of the register of mortgage coverage, certified by a specialized depository that maintains the relevant register, must be attached to the application for registration of the rules for trust management of mortgage coverage. The specified copy cannot contain information, the limitation period of which is more than two months before the date of acceptance of the application and other documents submitted for registration of the rules of trust management of mortgage coverage.

3. The decision to register the rules of trust management of mortgage coverage or amendments and additions to them, or to refuse to register them, must be made no later than thirty days after the date of acceptance of the documents submitted for their registration. The decision to refuse registration of the rules for trust management of mortgage coverage or amendments and additions to them must be motivated.

During the specified period, the federal executive body for the securities market has the right to verify the information contained in the rules for trust management of mortgage coverage and other submitted documents.

A notice of a decision to register the rules for trust management of mortgage coverage or amendments and additions to them, or a refusal to register them, shall be sent to the applicant within three days from the date of the relevant decision.

4. Registration of the rules for trust management of mortgage coverage, as well as amendments and additions to them, may be refused in the following cases:

inconsistencies of the submitted documents with this Federal Law, standard rules for trust management of mortgage coverage;

the presence in the rules of fiduciary management of mortgage coverage, changes and additions made to them, and other documents submitted for their registration, information that does not correspond to reality or is misleading;

the applicant, the specialized depository maintaining the register of mortgage coverage, the registrar, who intends to maintain the register of holders of mortgage participation certificates, does not have the relevant licenses.

Refusal to register the rules of trust management of mortgage coverage or amendments and additions to them, as well as evasion from making a decision on their registration may be appealed to the court.

5. The requirements for the composition and content of documents submitted for registration of the rules for trust management of mortgage coverage, as well as for amendments and additions made to them, are established by the federal executive body for the securities market.

The federal executive body for the securities market maintains a register of the rules of trust management of mortgage coverage registered by it, and is also responsible for the compliance of the rules of trust management of mortgage coverage registered by it, as well as amendments and additions made to them, with the requirements of this Federal Law.

Article 28

1. A notice on the registration of amendments and additions made to the rules of trust management of mortgage coverage, including the full text of these amendments and additions, must be published in a periodical publication specified in the rules of trust management of mortgage coverage.

2. Changes and additions made to the rules of trust management of mortgage coverage and related to an increase in the remuneration of the manager of mortgage coverage, a specialized depository, a registrar that maintains the register of holders of mortgage participation certificates, with an increase in types of expenses and an increase in the maximum amount of expenses associated with trust management of mortgage covered, come into force after a month from the date of publication of the notice of their registration.

3. Other changes and additions made to the rules of trust management of mortgage coverage shall enter into force from the date of publication of a notice of their registration.

Article 29 Issuance of mortgage participation certificates

1. Mortgage participation certificates are issued to the person who owns the rights of claim constituting the mortgage coverage.

2. If the mortgage coverage is formed from the rights of claims of several persons, the rules for the trust management of mortgage coverage must provide for the number of mortgage participation certificates to be acquired by each of them.

Article 30

1. The remuneration to the mortgage collateral manager, specialized depository, registrar maintaining the register of holders of mortgage participation certificates shall be paid out of the property constituting the mortgage collateral, and the amount of remuneration shall not exceed five percent of the amount of fulfilled obligations, the claims on which constitute the mortgage collateral.

2. Expenses associated with the trust management of mortgage coverage, including the foreclosure on real estate pledged to secure the fulfillment of obligations, claims on which constitute mortgage coverage, as well as transactions with the said property in the cases provided for by this Federal Law and the rules of trust management of mortgage coverage are carried out at the expense of the property constituting the mortgage coverage.

Article 31 Register of holders of mortgage certificates of participation

1. Register of holders of mortgage participation certificates - a system of records on mortgage participation certificates issued in accordance with the relevant rules for the trust management of mortgage coverage, on the total number of issued and redeemed mortgage participation certificates, on the holders of mortgage participation certificates and on the number of mortgage participation certificates owned by them, on nominal holders, other registered persons and the number of mortgage participation certificates registered on them, as well as records of acquisition, transfer, encumbrance or redemption of mortgage participation certificates.

2. Only a legal entity holding a license to carry out professional activities in the securities market for maintaining a register of registered securities holders (hereinafter referred to as the registrar) is entitled to maintain the register of holders of mortgage certificates of participation.

3. An agreement on maintaining the register of holders of mortgage certificates of participation may be concluded with only one registrar.

4. The procedure for maintaining the register of holders of mortgage certificates of participation is determined by the regulatory legal acts of the federal executive body for the securities market.

5. The registrar that maintains the register of owners of mortgage participation certificates and the manager of mortgage coverage shall bear subsidiary liability to the owners of mortgage participation certificates for failure to perform or improper performance of the obligations to maintain the said register, provided for by this Federal Law, the rules for trust management of mortgage coverage and the agreement with the manager of the mortgage coated.

The registrar that maintains the register of holders of mortgage participation certificates shall be liable to the manager of mortgage coverage for failure to perform or improper performance of the obligations to maintain the said register as provided for by this Federal Law, the rules for trust management of mortgage coverage, and the contract with the manager of mortgage coverage.

Chapter 4

Article 32 Specialized mortgage depository

1. Accounting and storage of property constituting mortgage coverage, as well as control over the disposal of this property, shall be carried out by a specialized depository, unless otherwise provided by this Federal Law.

2. A specialized depository must be a commercial organization that has a license to carry out the activities of specialized depositories of investment funds, unit investment funds and non-state pension funds and a license to carry out depository activities in the securities market.

Article 33 Accounting and storage of property constituting mortgage coverage

1. The property constituting mortgage coverage shall be accounted for by a specialized depository by keeping a register of mortgage coverage.

The specialized depository is obliged to keep the documents that confirm the claims secured by the mortgage and the rights to other property recorded in the register of mortgage coverage.

2. Documentary securities constituting mortgage coverage must be kept in a specialized depository, with the exception of government securities, if the regulatory legal acts of the Russian Federation provide for a different storage procedure for them.

3. Accounting and storage of property constituting one mortgage coverage may be carried out by only one specialized depository.

Accounting and storage of property constituting mortgage coverage cannot be carried out by a specialized depository, which is an affiliated person with respect to the issuer of bonds issued with mortgage coverage or the manager of mortgage coverage.

A specialized depository shall not be entitled to use and dispose of the property constituting mortgage coverage, as well as to make transactions with mortgage-backed securities, the register of mortgage coverage of which it maintains.

4. A specialized depository shall have the right to involve another depository in the performance of its duties of keeping and (or) accounting for rights to securities constituting mortgage coverage, if this is provided for by the decision on the issue of mortgage-backed bonds or the rules of trust management of mortgage coverage. In this case, the specialized depository shall be liable for the actions of the depositary designated by it as for its own.

The manager of mortgage coverage shall be liable for the actions of the depositary designated by him in the event that the involvement of the depositary was carried out at his instruction in writing.

Article 34 Control over the disposal of property constituting mortgage coverage

1. A specialized depository shall exercise control over compliance by the issuer of mortgage-backed bonds with the requirements of this Federal Law, the Federal Law "On the Securities Market", other regulatory legal acts of the Russian Federation and the terms of issue established by the registered resolution on the issue of such bonds.

The specialized depository is obliged to exercise control over the observance by the manager of mortgage coverage of this Federal Law, other regulatory legal acts of the Russian Federation and the rules of trust management of mortgage coverage.

The specialized depository shall not be entitled to give the issuer of mortgage-backed bonds managing the mortgage coverage consent to dispose of the property constituting the mortgage coverage, as well as to execute the instructions of the said persons to transfer the securities constituting the mortgage coverage, if such orders and (or) transfer contradict this Federal Law, other regulatory legal acts of the Russian Federation or a registered decision on the issue of such bonds or the rules for trust management of mortgage coverage.

2. In the event of failure to fulfill the obligations provided for by this article, the specialized depository shall be jointly and severally liable together with the issuer of mortgage-backed bonds or the manager of mortgage-backed coverage to the owners of mortgage-backed bonds and mortgage participation certificates, respectively.

Article 35 Responsibilities of a Specialized Depository

1. A specialized depository must act solely in the interests of holders of mortgage-backed securities, the register of mortgage coverage of which it maintains.

2. A specialized depository is obliged to:

accept for safekeeping and keep documents confirming claims secured by a mortgage, securities in documentary form and documents confirming the rights to other property constituting mortgage coverage, with the exception of government securities, if the regulatory legal acts of the Russian Federation provide for a different storage procedure for them;

give the issuer of mortgage-backed bonds or the manager of mortgage coverage consent to the disposal of the property constituting the mortgage coverage, as well as to execute the instructions of these persons to transfer the securities constituting the mortgage coverage, in cases where such an order and (or) transfer does not contradict the requirements of this Federal law;

submit reports to the federal executive body for the securities market in accordance with the procedure established by its regulatory legal acts;

provide the issuer of mortgage-backed bonds or the manager of mortgage-backed information and documents necessary for the exercise of rights under mortgage-backed securities and disclosure of information on mortgage-backed securities;

present to holders of mortgage-backed securities at their request in writing copies of the register of mortgage coverage, as well as information and documents on the composition and amount of mortgage coverage, including information on the fulfillment of obligations, claims on which constitute mortgage coverage;

register as a nominal holder of securities constituting mortgage coverage, unless a different procedure for accounting for rights to securities is provided in accordance with the legislation of the Russian Federation;

inform the holders of mortgage-backed bonds in the manner prescribed by Article 16 of this Federal Law about their right to demand early redemption of such bonds no later than ten days from the date of receipt of documentary confirmation of the occurrence of an event or the commission of an action that entailed the bond holders to mortgage-backed by the said right, and in the absence of evidence confirming that the issuer of such bonds duly informed the holders of mortgage-backed bonds;

comply with other requirements stipulated by this Federal Law and regulatory legal acts of the federal executive body for the securities market.

3. The specialized depository shall be obliged to notify the federal executive body in charge of the securities market of the violations it has identified in the course of exercising control in accordance with this Federal Law no later than three days from the day the said violations were discovered.

Article 36

An issuer of mortgage-backed bonds, a manager of mortgage coverage, a specialized depository, a registrar has the right to insure at his own expense his liability to the owners of mortgage-backed securities (liability risk to the owners of mortgage-backed securities). In the case of conclusion of a liability insurance contract to the owners of mortgage-backed securities, information on insurance must be included in the respective decision on the issue of mortgage-backed bonds and the rules for trust management of mortgage coverage.

Chapter 5 Disclosure of information on mortgage-backed securities

Article 37 Disclosure and provision of information on mortgage-backed bonds

1. Issuers of mortgage-backed bonds are required to disclose and provide information on mortgage-backed bonds in accordance with the Federal Law "On the Securities Market", subject to the requirements of this Federal Law.

2. If mortgage-backed bonds are evaluated by a rating agency recognized in accordance with the procedure established by the legislation of the Russian Federation, the issuer of mortgage-backed bonds is obliged to disclose and provide information on such evaluation.

Article 38 Requirements for the Content of Distributed or Published Information on Mortgage Securities

1. Distributed or published information about mortgage participation certificates and the implementation of trust management of their mortgage coverage must contain:

full or abbreviated corporate name of the mortgage collateral manager, an individual designation identifying mortgage participation certificates certifying the share of their owners in the common ownership of the mortgage collateral, the number and date of registration of the rules for trust management of the mortgage collateral, as well as the number and date of issue of the relevant license to the mortgage collateral manager ;

information about the places (indicating the address and (or) telephone number) where, before purchasing mortgage participation certificates, one can get acquainted with the rules of trust management of mortgage coverage, the register of mortgage coverage, as well as other documents provided for by this Federal Law and regulatory legal acts of the federal executive body securities market authorities;

information on the assessment of mortgage participation certificates by a rating agency recognized in accordance with the procedure established by the legislation of the Russian Federation, in the event of such an assessment;

the provision that the value of mortgage participation certificates may increase and decrease, the state does not guarantee the profitability of investments in mortgage participation certificates, as well as information that, before purchasing a mortgage participation certificate, you should carefully read the rules for trust management of mortgage coverage.

2. The issuer of mortgage-backed bonds and the manager of mortgage coverage shall be responsible for the content and form of disseminated or published information about the issue of mortgage-backed securities and their mortgage coverage, including for the dissemination or publication of inaccurate, incomplete or misleading information, as well as for its untimely distribution or publication.

3. Any information provided for distribution or publication about the issue of mortgage-backed securities and their mortgage coverage must not contain:

unfair, unreliable, unethical, deliberately false, hidden, misleading information;

information that is not documented;

information not directly related to the issue of mortgage-backed securities and their mortgage coverage;

4. A commercial organization, prior to obtaining an appropriate license that gives it, in accordance with this Federal Law, the right to issue mortgage participation certificates, is not entitled to provide for dissemination or publication information about its activities as a manager of mortgage coverage.

5. Simultaneously with the dissemination or publication of information, the manager of mortgage coverage shall be obliged to submit to the federal executive body in charge of the securities market copies of documents containing the said information.

6. Non-compliance by the manager of mortgage coverage with the requirements of this Federal Law, other regulatory legal acts of the Russian Federation, as well as failure to eliminate violations within the established time limits shall be grounds for revocation, suspension or cancellation of his corresponding license.

7. The federal executive body for the securities market has the right to apply to the court with claims in case of violation of the rights of holders of mortgage-backed securities as a result of non-compliance with the requirements provided for by this chapter.

Article 39 Information on mortgage-backed securities provided at the request of interested parties

1. The issuer of mortgage-backed bonds at the points of sale of such bonds, when placing or acquiring them, in addition to other information provided for by federal laws and other regulatory legal acts of the Russian Federation on issuance securities, is obliged to provide all interested parties, upon their request, with the opportunity to familiarize themselves with the register of mortgage coverage , as well as obtaining copies of the register or extracts from it.

2. The manager of mortgage coverage at the places of acceptance of applications for the purchase, redemption of mortgage participation certificates shall be obliged to present to all interested persons, at their request, the following original documents or their notarized copies:

the charter of the mortgage collateral manager, the rules for trust management of mortgage collateral, as well as the full text of registered amendments and additions to them;

rules for maintaining the register of holders of mortgage participation certificates;

register of mortgage coverage;

certificate of the amount of mortgage coverage, calculated in accordance with the procedure established by the federal executive body for the securities market;

the balance sheet of the property constituting the mortgage coverage, the balance sheet and income statement of the manager of the mortgage coverage, the balance sheet and income statement of the specialized depository, the auditor's report drawn up as of the last reporting date;

a report on the fulfillment of obligations, the claims for which constitute mortgage coverage, documents containing information on the remuneration of the manager of mortgage coverage and expenses subject to reimbursement at the expense of property constituting mortgage coverage, as of the last reporting date;

documents containing other information distributed or published by the manager of mortgage coverage in accordance with the requirements of this Federal Law, regulatory legal acts of the federal executive body for the securities market, the charter of the manager of mortgage coverage or the rules of trust management of mortgage coverage.

1. An issuer of mortgage-backed bonds publishes information on the issue of such bonds in accordance with the Federal Law "On the Securities Market", other federal laws and regulatory legal acts of the Russian Federation on issue-grade securities.

2. The mortgage collateral manager is obliged to publish the rules for the trust management of mortgage collateral before the commencement of the period for issuing mortgage participation certificates.

3. The manager of mortgage coverage is obliged to publish notices on the registration of amendments and additions to the rules of trust management of mortgage coverage.

the balance sheet of the property constituting the mortgage collateral, the balance sheet and the profit and loss statement of the manager of the mortgage collateral;

a report on the fulfillment of obligations, claims for which constitute mortgage coverage, information on the remuneration of the manager of mortgage coverage and expenses subject to reimbursement at the expense of property constituting mortgage coverage;

other documents in accordance with this Federal Law;

information on the decision to transfer rights and obligations under the contract of trust management of mortgage coverage to another person who, in accordance with this Federal Law, has the right to issue mortgage participation certificates.

5. Information related to the activities of the manager of mortgage coverage must be disclosed in accordance with this Federal Law and regulatory legal acts of the federal executive body for the securities market.

Article 41 Reporting submitted to state bodies on the mortgage-backed securities market

1. An issuer of mortgage-backed bonds, a manager of mortgage coverage and a specialized depository shall submit reports to the federal executive body for the securities market and the Central Bank of the Russian Federation in accordance with the procedure established by their regulatory legal acts.

2. The volume, terms and form of presentation of the said reporting are established by the federal executive body in charge of the securities market and the Central Bank of the Russian Federation.

Chapter 6 Powers of State Bodies in the Mortgage Securities Market

Article 42 State regulation and state control in the mortgage securities market

State regulation of the issue of mortgage-backed securities, the activities of mortgage agents and managers of mortgage coverage, as well as state control over their activities are carried out by the federal executive body for the securities market and the Central Bank of the Russian Federation in accordance with the legislation of the Russian Federation.

Article 43 Rights of the Federal Executive Body for the Securities Market

1. The federal executive body for the securities market has the right to:

establish requirements for the amount of own funds of mortgage agents and the procedure for its calculation;

regulate the activities of mortgage agents and managers of mortgage coverage in accordance with this Federal Law;

establish requirements aimed at preventing conflicts of interest between managers of mortgage coverage and specialized depositories;

establish, jointly with the federal executive body in the field of finance, the rules for accounting and reporting of mortgage agents managing mortgage coverage, specialized depositories;

establish qualification requirements for employees of mortgage collateral managers, specialized depositories, as well as requirements for the professional experience of persons exercising the functions of the sole executive body of mortgage collateral managers and specialized depositories;

establish requirements for the procedure for the redemption of mortgage participation certificates, including the determination of the amount payable upon redemption of mortgage participation certificates;

exercise control over the activities of mortgage agents managing mortgage coverage, specialized depositories;

establish, jointly with the federal executive body responsible for state regulation of audit activities, requirements for auditors who have the right to provide audit services to mortgage agents, managers of mortgage coverage, specialized depositories;

monitor compliance with this Federal Law, consider complaints from citizens and legal entities related to violations of this Federal Law;

check the activities of mortgage agents managing mortgage coverage, specialized depositories;

approve the rules for maintaining the register of holders of mortgage participation certificates;

direct mortgage agents managing mortgage coverage, specialized depositories orders to eliminate violations of this Federal Law, regulatory legal acts of the federal executive body for the securities market and set deadlines for the elimination of such violations;

apply to the court with a demand to liquidate legal entities that carry out activities provided for by this Federal Law without appropriate licenses or activities that are not permitted by them in accordance with this Federal Law or in the manner established by it;

apply to the court with a claim in the interests of owners of mortgage-backed securities in case of violation of their rights provided for by this Federal Law;

establish the procedure for determining the amount of mortgage coverage;

establish additional requirements for the composition of information and rules for maintaining the register of mortgage coverage;

establish additional requirements for the structure and minimum size of mortgage coverage;

exercise other powers provided for by this Federal Law.

2. Employees of the federal executive body in charge of the securities market authorized by the federal executive body in charge of the securities market in accordance with the procedure established by it, for the purpose of performing their official duties, shall have the right of unimpeded access to the premises of issuers of mortgage-backed bonds, managers of mortgage coverage, specialized depositories, registrars and familiarization, on the basis of a request in writing, with the necessary documents and information specified in the submitted request, provided that they do not disclose state, official and commercial secrets.

Issuers of mortgage-backed bonds, managers of mortgage coverage, specialized depositories, registrars are required to submit to the federal executive body for the securities market documents, other information and give written and (or) oral explanations necessary for the implementation of the activities of the federal executive body for the securities market. the securities market.

Article 44

1. Information constituting a commercial secret received by the federal executive body in charge of the securities market in connection with the performance of activities in accordance with this Federal Law shall not be subject to disclosure.

2. Employees of the federal executive body for the securities market, if they disclose information constituting a commercial secret, shall be liable in accordance with the procedure established by the legislation of the Russian Federation. Losses caused to the organization by such disclosure are subject to compensation in accordance with civil law.

Article 45 Order of the federal executive body for the securities market to eliminate the violation

In the event of a violation of this Federal Law, the legislation of the Russian Federation on securities and (or) regulatory legal acts of the federal executive body in charge of the securities market, an issuer of mortgage-backed bonds, a manager of mortgage coverage, a specialized depository, sends to the violator in accordance with the procedure established by federal law, a binding order to eliminate the committed violation.

Article 46 Measures applied by the federal executive body for the securities market

1. If an issuer of mortgage-backed bonds, a manager of mortgage coverage, a specialized depository violates this Federal Law, other federal laws and other regulatory legal acts of the Russian Federation on securities, regulatory legal acts of the federal executive body for the securities market, or failure to comply with the instructions of the federal of the executive body in charge of the securities market, refusal to provide information, provision of incomplete or inaccurate information, as well as false and misleading information, the federal executive body in charge of the securities market has the right to require these persons to eliminate the violations identified, to take measures that are established the legislation of the Russian Federation on administrative offenses.

2. In case of non-execution of the order to eliminate violations within the period established by the federal executive body in charge of the securities market, and also in the event that these violations created a real threat to the legitimate interests of holders of mortgage participation certificates, the federal executive body in charge of the securities market has the right to suspend issuance mortgage participation certificates for up to six months.

Chapter 7 Final provisions

Article 47 The procedure for the entry into force of this Federal Law

This Federal Law shall enter into force on the day of its official publication.

The president
Russian Federation
V. Putin