NSD Announces Results of Supervisory Board Meeting

26 October 2016
Print version

On 25 October 2016, a meeting of the Supervisory Board of National Settlement Depository (NSD), Russia’s central securities depository, took place.

The Supervisory Board appointed the following chairmen of NSD’s newly elected Customer Committees:

  • Natalia Sidorova, Head of Global Securities Services, Transaction Banking Services Department, AO UniCredit Bank (Customer Committee for Quality Control and Risk Management);
  • Evgenia Klimova, Head of Custody Services Department, AO Raiffeisenbank (Customer Committee for Settlement and Depository Services and Tariffs); and
  • Lyudmila Mironova, General Director, Registrar R.O.S.T. JSC (Customer Committee for Registrar and Depository Relations).

The new chairmen were authorized to prepare proposals on the new composition of their respective Committees.

The Supervisory Board approved new versions of the following documents:

  • NSD’s Fees for depository services;
  • NSD’s Fees for services related to conducting operations with securities in respect to which NSD opened a CSD nominee account or in respect to which NSD acts as a party providing mandatory centralized custody of securities (CSD Fees);
  • NSD’s Fees for services related to collateral management agreements;
  • NSD’s Fees for clearing services;
  • NSD’s Fees for repository services;
  • NSD’s Fees for information services.

NSD’s Fees for depository services now include amended Fees for services related to tax support when paying the yield on securities.

NSD amended the term “State Lender” in the Fees for depository services, the CSD Fees, the Fees for services related to collateral management agreements, and the Fees for clearing services due to recent amendments in the Russian Federation’s Budget Code and the Company’s plans to expand interactions with governmental organizations within the framework of the collateral management system. In addition, NSD clarified the wording of the paragraph that establishes the amount of NSD’s fees for securities custody paid by companies within the same group. This paragraph is included in the Fees for depository services and the CSD Fees.

The fee for the use of the collateral management system when conducting operations with the general collateral certificate (which is a part of NSD’s Fees for services related to collateral management agreements) was extended until 30 June 2017.

NSD’s Fees for repository services were amended due to new services that are planned to be launched by the end of 2016, to the introduced mandatory reports for corporate clients, and to the division of services for basic and auxiliary services.

In accordance with regulatory requirements, the Supervisory Board approved internal documents that are necessary to receive a license for repository operations. These documents will come into force once they are registered with the Bank of Russia. Previously, repository activities were not subject to mandatory licensing.

The Supervisory Board approved the new version of NSD’s Clearing Rules which will go into effect once the Bank of Russia registers it.

In addition, the Supervisory Board took into account NSD’s performance report for 9M 2016 and the Q3 2016 report by NSD’s controller of the professional securities market participant.

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