On 6 December 2013, the Customer Committee (CSD Customer Committee) of National Settlement Depository (NSD), Russia’s central securities depository, held a meeting with the following agenda:
- On approval of the new version of the Terms and Conditions of Depository Operations of NSD;
- On approval of the new version of NSD’s Electronic Data Interchange (EDI) Rules.
The Customer Committee approved the new versions of the Terms and Conditions of Depository Operations and NSD’s EDI Rules.
The new version of the Terms and Conditions of Depository Operations has been developed due to the recent changes in Russian law, in particular, to the clarified procedure of opening and maintaining the depository sub-accounts, the accounts of the nominees’ clients, broker accounts, as well as the procedure of paying yield on securities and associated taxes by NSD as a tax agent. In addition to that, the time for receipt of electronic orders was extended till 8pm.
The EDI Rules have been updated due to prohibition against use of the non-qualified certificates of the electronic signature verification keys issued for a legal entity without indicated name of its authorized representative. In the meantime, the new EDI strengthen the EDI Participants’ responsibility for the improper use of the qualified certificates of the keys issued for a legal entity without indicated name of the authorized representative.
The participants of the meeting clarified a number of other NSD's EDI terms and procedures.
The Customer Committee recommended the company’s Supervisory Board to approve the new versions of the documents; the approved documents are to be published by NSD afterwards.