On 6 September 2016, a meeting of the Supervisory Board of National Settlement Depository (NSD), Russia’s central securities depository, was held.
The Supervisory Board set the number of the Executive Board members as five persons and appointed Maria Krasnova, Deputy Chairman of the Executive Board, as member of the Executive Board for a term of two years. In her new role, Maria Krasnova will manage the client relations unit, supervise the development of correspondent relations and the legal support of company’s operations, improve risk management procedures and organize the company’s activities in the sphere of marketing research and financial market analysis.
The Supervisory Board approved the new versions of the following documents:
- NSD’s fees for conducting general meetings of bond holders;
- NSD’s fees for services related to issuer securities account and treasury securities account agreements (for issues of securities with the state registration/identification numbers assigned before 1 January 2012, as well as for foreign issuers’ security issues);
- NSD’s fees for services related to issuer securities account and treasury securities account agreements (for issues of securities with the state registration/identification numbers assigned after 1 January 2012, as well as for foreign issues of securities).
The change in fees for conducting general meetings of bond holders was connected to the introduced payment for processing the electronic messages which do not comply with ISO standards and formats established by NSD’s EDI Rules, and to the change in the fee for performing the functions of the meeting’s secretary.
NSD’s fees for services related to issuer securities account and treasury securities account agreements changed because it was expected that the paper document interchange with issuers not connected to NSD’s EDI would grow due to the changed procedure for interactions between NSD and issuers when exchanging information related to securities repurchase, acquisition or repayment.
In addition to this, a fee for replacing a certificate of an additional bond issue when changing the maturity term was introduced. Previously, clients had paid the full price for replacing each additional issue.
During the meeting, the Supervisory Board approved the Technical Policy in the Sphere of Basic Information Technologies, as well as the Corporate Governance Policy. The latter document will come into effect once the Bank of Russia approves it.
The Supervisory Board took into account the following reports:
- The report on NSD’s operational results;
- The report on implementation of NSD’s Budget of Income, Loss and Profit and the Budget of Capital Expenditures for H1 2016.