We are pleased to announce that we have been appointed as legal advisor to the National Financial Association (NFA) for the purpose of preparing opinions on the compliance of the General Repo Agreement with the requirements of the Model Terms and Conditions of Repo Agreements on the Russian Financial Market (3rd edition) (2024) (the “Model Terms and Conditions of Repo Agreements”). Any financial market participant and/or other interested party may submit a request to the NFA to obtain the aforementioned opinion.

The Model Terms and Conditions for REPO Agreements were approved by the NFA as a self-regulatory organization in the financial market and agreed upon by the Bank of Russia. The Model Terms and Conditions of REPO Agreements are the only model terms and conditions of agreements on the Russian market specifically designed to document REPO agreements within the framework of Article 51.5 of Federal Law No. 39-FZ of April 22, 1996, “On the Securities Market.”

The NFA is an association of Russian financial market participants established in 1996 by major Russian banks and investment companies with the support of the Russian Ministry of Finance and the Bank of Russia. The NFA's project to develop the repo market has been run by the association together with the Bank of Russia, the Moscow Exchange, and major financial market participants for over 20 years.

More detailed information is available on the NFA website.