National Settlement Depository is an Eligible Securities Depository

Rule 17f-7 of the Investment Company Act of 1940 provides that registered investment companies (“Funds”) may “place or maintain” its “Foreign Assets” with an “Eligible Securities Depository.”

An Eligible Securities Depository is defined by Rule 17f-7 as:

…a system for the central handling of securities that:

(i) Acts as or operates a system for the central handling of securities or equivalent book-entries in the country where it is incorporated, or a transnational system for the central handling of securities or equivalent book-entries;
(ii) Is regulated by a foreign financial regulatory authority as defined under Section 2(a)(50) of the Investment Company Act of 1940;
(iii) Holds assets for the custodian that participates in the system on behalf of the Fund under safekeeping conditions no less favorable than the conditions that apply to other participants;
(iv) Maintains records that identify the assets of each participant and segregate the system's own assets from the assets of participants;
(v) Provides periodic reports to its participants with respect to its safekeeping of assets, including notices of transfers to or from any participant's account; and
(vi) Is subject to periodic examination by regulatory authorities or independent accountants.

The National Settlement Depository meets the definition of an Eligible Securities Depository under Rule 17f-7 of the Investment Company Act of 1940.

If you have any questions regarding NSD’s compliance with Rule 17f-7, please contact Maria Krasnova, Deputy Chair of the Executive Board. Phone +7 495 956-09-41, Fax +7 495 956-09-38, Email .

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