MOSCOW - The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, announced today approval by Russia’s Federal Financial Markets Service (FFMS) of NDC’s proposed Changes and Amendments to the Terms of Implementation of Depository Activities. The FFMS decision took place on 15 Feb.
The Changes and Amendments were previously approved by orders # 83 dated 10 Nov., 2006 and # 3 dated 12 Jan., 2007 by NDC’s Director. The Changes and Amendments are related to implementation of a new technology for the creation of the list of depositors and owners of securities. Previously this technology used by NDC only for owners of Gazprom shares.
NDC also specified the notification procedure for depositors concerning the need to submit lists of owners of securities and registration with NDC, as well as the procedure for amending previously submitted lists. Depositors will now be able to access additional reports on registered lists and list amendments, as well as an ability to cancel old lists and to advise depositors about lists already registered by NDC.
The changes and amendments will go into effect in late February.
Not-for-Profit Partnership “The National Depository Center” (NDC) is a settlement depository of the MICEX Group, and is Russia’s largest settlement and safekeeping provider in terms of assets held, and the only national securities settlement system handling the full range of Russian issue-grade securities. NDC is an authorized depository for most issues of state, corporate, municipal and sub-federal bonds. It services 100% of deals conducted in the state bonds market and more than 90% of turnover in corporate shares and bonds, and sub-federal and municipal bonds.
Among NDC’s founders are Bank of Russia and MICEX CJSC. The members of Not-For-Profit Partnership “The National Depository Center” include Bank of Russia, MICEX CJSC, Sberbank, International Moscow Bank, JP Morgan Bank International LLC, Vneshtorgbank OJSC, Bank Rossiysky Credit OJSC, Evrofinans Mosnarbank OJSC, Rosbank, Gazprombank CJSC, ING Bank Eurasia CJSC and Deutsche Bank LLC.