MOSCOW - The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, announced today that it has joined the Russian National Association of Securities Market Participants (NAUFOR).
The decision on NDC membership was made at a general meeting of NDC shareholders held 12 Dec. The shareholders voted in favor of joining NSMA. This decision was the result of long cooperation and joint work between NDC and NAUFOR on Russian stock market development.
The National Association of Securities Market Participants (NAUFOR) is a Russian self-regulatory organization (SRO) which unites professional securities market participants: brokers, dealers, trust managers and depositories. The association includes about 400 companies. NAUFOR's offices are located in 14 major Russian cities. NAUFOR's status as an SRO is based on the Federal Law "On the Securities Market" and permission issued by the Federal Financial Markets Service (FFMS). According to the law, a self-regulatory organization is a voluntary association of professional securities market participants which operates as a non-profit organization.
NAUFOR, according to the requirements of professional activities and operations on the securities market imposed by FFMS, sets mandatory rules of conduct for its members, standards of securities transactions and controls its observation. NAUFOR is an affiliated member of IOSCO and a member of IOSCO SRO Consultative Committee.
NAUFOR's mission is to improve securities regulation and promote a fair and efficient market which benefits investors and intermediaries alike. With the mandate of its members, NAUFOR develops rules and standards for the securities industry that support market confidence and integrity. As a self-regulatory organization, NAUFOR is a key vehicle between federal regulation and the industry which provides arbitration services for market participants as well as oversees their activities.