On activities of specialised depositories
The Bank of Russia issued Bank of Russia regulation No.
The Regulation has been adopted to supersede the resolution of FCSM of Russia No. 04-3/ps, dated 10 February 2004, ‘On Regulating the Activities of Specialised Depositories of Joint-Stock Investment Funds, Unit Investment Funds, and Non-Governmental Pension Funds’ as well as for the purposes of establishing requirements to the activities of specialized insurance depositories, considering the provisions of Article 26.2 of the Russian Federation law No.
Besides the existing requirements to the activities of specialized depositories, the Regulation contains some new provisions:
Disclosure requirement on the structure and composition of shareholders (partners) and end owners of specialised depositories (individuals and public joint-stock companies);
A specialized depository’s duty to maintain a record-keeping system. The record-keeping system is maintained as an electronic database, contains documents and information required by a specialized depository to perform its functions, and makes it possible to generate a range of reports. Requirements to the information security of the said systems have been also stipulated by the Regulation;
Ban to give a consent to the specialised depositories to dispose of its customers’ property, resulting in the remittance of funds to a bank account of the customer, whose agreement with a lending credit institution does not include a condition about mandatory signature by the specialized depository of the respective payment document. The said provision does not cover customers who are insurers;
Agreement of services rendered by a specialized depository shall envisage liability of a specialized depository for a full or partial loss of the customers’ property in case it has been kept or records on the title of property have been kept with the third parties. The requirement is not complied with a registrar, central depository, depository of mandatory centralized custody of securities, or a foreign institution, included in the list, specified in Clause 4, Article 25 of Federal Law No.
If a customer chooses another specialized depository the previous specialized depository shall transfer all the available documents and information in the form and format ensuring unimpeded performance of its functions by a new specialized depository.
The Regulation has been submitted for the state registration to the Ministry of Justice of the Russian Federation.
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16.06.2015 00.00.00