On 9 September 2015, a meeting of the members of the Supervisory Board of National Settlement Depository, Russia’s central securities depository, was held.
The Supervisory Board made a decision to terminate the powers of Svetlana Yakovchenko, Head of Control and Accounting Department, Deputy General Director responsible for internal control (controller), Irkol CJSC, member of the National Settlement Depository Customer Committee (Central Securities Depository Customer Committee), and to appoint Anastasiya Povalyaeva, Deputy Head of the Document Receipt Department, Irkol CJSC, as the new member of the Committee.
The members of the Supervisory Board approved new versions of internal documents establishing key principles of risk management in NSD:
- NSD’s Rules of Managing Risks associated with the CSD operations;
- NSD’s Risk Management Policy;
- NSD’s Regulations on Financial Risk Management;
- NSD’s Regulations for Operational Risk Management.
The need to amend the above mentioned internal documents is connected with the amendments in the legislation and with the NSD’s risk management system development in respect of managing financial and non-financial risks.
The documents will enter into force once they are approved by the Bank of Russia.
In addition, the Supervisory Board approved the new version of the NSD Clearing Rules. The amended document will be put into force once the Bank of Russia registers the document.
The Supervisory Board took into consideration a number of reports, including:
- the report on fulfillment of the NSD’s Budget of income, loss and profit and the Budget of Capital expenditures for 1H 2015;
- the report on results of the CSD risk assessment for the period from 1 January to 30 June 2015;
- the report on the efficiency of NSD risk management activities associated with the CSD operations as of 30 June 2015.
- the report by Internal Audit Department on fulfillment of the plan for 1H 2015 and information on measures taken for fulfilling recommendations and eliminating identified violations in 1H 2015.