<b>On Repository order of business during transition period</b>

07 December 2012
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Due to the publication of the draft Order “On amending FFMS of Russia Order 11-68/pz-n issued on November 28, 2012 “On Procedures for the maintenance of the register of contracts concluded on the terms and conditions of the master agreement (an integrated agreement), the provision of information required for the maintenance of the said register, and the submission of the register of contracts concluded on the terms and conditions of the master agreement (an integrated agreement) to the Federal Financial Market Service”, National Settlement Depository (hereinafter referred as “NSD”, “Repository”) informs on the following:

  1. On December 7, 2012 NSD filed to FFMS of Russia a Notice of intention to maintain register of contracts regarding repo and currency swap contracts, the latter identified as derivatives in accordance with FFMS of Russia Order “On adopting the status of derivatives types” 10-13/pz-n issued on March 4, 2010; in accordance with Agreements on the terms and conditions for the provision of repository services and the Terms and conditions for the provision of repository services; and awaits information disclosure on starting to maintain register of mentioned above contracts by NSD on FFMS of Russia official website (hereinafter referred as “Information disclosure”).
  2. On December 7, 2012 NSD has adopted new versions of Agreements on the terms and conditions for the provision of repository services in Russian and English languages (hereinafter referred as “Agreements”) and the Terms and conditions for the provision of repository services (hereinafter referred as “Terms”) in Russian. The Terms in English shall be adopted and disclosed on NSD’s website before December 31, 2012. Renewal of the Agreements, concluded between NSD and Clients in the previous versions, is not required.
  3. Special order of interaction  with Clients who entered into Agreements with NSD is in effect In order to instruct the Clients about practical interaction with repository; to lower Client’s expenses for repository services when correcting erroneous entries in register of contracts; and because of extending the actual period for providing repository with information on contracts, made by Clients from August 11, 2011 until the date of Information disclosure (hereinafter referred as “Special order”):
    • 3.1. Special order allows Clients, their Principal reporting agents and Reporting agents to reconcile information on contracts, concluded from August 11, 2011 that require to be registered in the register of contracts before NSD repository will officially begin its operations.
    • 3.2. During the Special order is in effect:
      • 3.2.1. NSD accepts messages, stipulated in the Terms in order that is set by the Terms, from Clients’ Principal reporting agents and Reporting agents. Information, accepted by NSD, is placed in NSD’s temporary registers which are not to be considered as NSD repository’s logs and register of contracts. After received information is processed, NSD will send to Principal reporting agents, Reporting agents and to Clients messages, stipulated in the Terms, which are not to ne considered as repository messages.
      • 3.2.2. No fees will be imposed for all NSD actions with information received from Principal reporting agents, Reporting agents and from Clients.
    • 3.3. On the next business day, following the day when Information disclosure was made, NSD shall register current Clients’ contract data, which is stored in temporary registers, in message logs and register of contracts and also shall send to Clients’ Principal reporting agents and Reporting agents official repository messages, stipulated in the Terms.
    • 3.4. Contract questionnaires shall be registered in repository’s message logs and register of contracts with all amendments made, that were actual on the date of Information disclosure.
    • 3.5. A 25% discount to the repository Tariffs shall be applied to Clients for registering actual data on contracts, containing in temporary registers in accordance with repository Tariffs in effect on the day of information input into register of contacts is made.
  4. Clients, intending to interact with NSD under the terms of the Special order, shall enter into Agreement and Supplementary agreement to the Agreement on the terms and conditions for the provision of repository services, disclosed on NSD website at www.nsd.ru in “Repository” section.
  5. Those Clients, who have not entered into Supplementary agreement to the Agreement on the terms and conditions for the provision of repository services, will not be able to participate in Special order of interaction with NSD.
  6. To participate in Special order of interaction Clients, who have entered into Agreement before December 10, 2012, shall enter into Supplementary agreement to the Agreement on the terms and conditions for the provision of repository services. Supplementary agreement could be signed at NSD office (12, Spartakovskaya str., Moscow, Russia).
  7. In accordance with NSD Supervisory Board decision dated November 16, 2012, Repository Tariffs are in effect starting December 3, 2012. Tariffs are disclosed at NSD’s website at www.nsd.ru.

In order to minimize Client’s expenses, on the first stage of repository operation, from the moment of Information disclosure is made and until April 1, 2013 a marketing period is in effect within the framework of which a monthly invoice for repository services, provided to each Client for registration of contacts, shall not exceed 100 000 (one hundred thousand) rubles per month.

Additional information on entering into Supplementary agreement and on interaction between NSD and the Clients could be obtained by phones:

  • (495) 956-27-90 Nikita Zverev
  • (495) 956-27-91 Victoria Strogaleva

and by e-mail::

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