Not-for-Profit Partnership “The National Depository Center” and the Republican Unitary Enterprise Republican Central Depository of Securities (Republic of Belarus) (RCDS) have signed a Memorandum of Cooperation. The Memorandum is aimed at expansion of bilateral cooperation and establishment of close business relations, which were previously set up under the auspices of the Association of Central Depositories of Eurasia. The cooperation anticipated includes exchange of information regarding the functioning of the clearing, settlement and accounting systems of the Russian Federation and the Republic of Belarus, preparation for establishment of correspondence relations between the two depositories, training and exchange of experience, as well as consulting on electronic document management and other matters concerning cooperation between the two depositories.
Nikolai Egorov, NDC Director, said:
"Undoubtedly, knowledge and understanding of the legal bases of both our countries' securities markets, as well as understanding of the clearing, settlement and accounting systems operational process will allow us in the future to successfully carry out projects aimed at integration of the equities markets of the Russian Federation and the Republic of Belarus, as well as to move towards the creation of a common depository space for the CIS states."
RCDS Director Valentina Timoshenko said:
"The Memorandum reflects our position regarding the development of trans-border settlements using securities with the Russian Federation. By signing this Memorandum we are asserting that we have joined forces in this field of depository activity."
In accordance with the Law "About Depository Activity and the Central Depository of Securities in the Republic of Belarus", the Republican Unitary Enterprise Republican Central Depository of Securities (RCDS) is a state-owned organization and is obliged by the President of the Republic of Belarus to carry out the functions of a central depository for shares and bonds (other than government bonds). With effect from Jan. 1, 2008, RCDS will become the common central depository for all types of equity securities in the Republic of Belarus.
The activities of RCDS are regulated by the Republic of Belarus Finance Ministry's Department of Securities, which is authorized to dispose of the property of RCDS and controls its financial and commercial activity.
As of April 1, 2007, 2,774 share issues of open and 1,820 share issues of closed joint-stock companies, as well as 13 bond issues, are held in centralized storage with the RCDS.
RCDS member depositories include 17 bank and 22 non-bank depositories.
For further information about RCDS: www.centraldepo.by, or tel: +375- (17)-226-90-97,email: