NDC Board of Directors Meeting was held on 4 July, 2006. ZAO Deloitte & Touche CIS was appointed NDC's auditor for RAS (Russian accounting standards) and IFRS (international financial reporting standards).The Board of Directors also made a decision to lower safekeeping fees for shares by 20% for all lines of the regressive fee scale including fees set for nominee securities accounts for holders acting as settlement depositories.
According to NDC CEO Nikolay Egorov, “the decision to lower fees is planed and is in line with the NDC's strategy. It also takes into account preliminary financial result for the first half of 2006. We reason that the estimated income decrease from change in fees in shares segments will be compensated by additional income from increase in the amount of services rendered”.
Furthermore, in light of development of correspondent relations with the CSD in CIS countries and in order to set fees for servicing new financial instruments the Board of Directors approved fees for NDC' services related to servicing securities held in the central securities depositories in CIS countries.
New fees for NDC services will come into effect in accordance with the terms and conditions established in the depository agreements.