A Client may delegate the authority to deal with a securities account or securities sub-accounts to a securities account operator or a securities sub-account operator (an "Operator").
An Operator must be an organization, other than the Client owning the securities account in question, and must be authorized (either by the Client, or by law) to give instructions to make transactions in one or more than one securities sub-account.
One of the conditions for the opening of an owner securities account for a person who, in accordance with Article 25 (paragraph 1) of Federal Law No. 414-FZ dated 7 December 2011 “On the Central Securities Depository”, must delegate his right to give instructions with respect to his owner securities account to a professional securities market participant, is the mandatory delegation by such person of his rights to give instructions to make transactions in the owner securities account to another organization, a securities account operator, which is a professional securities market participant that meets the eligibility requirements set forth by the Terms and Conditions of Depository Operations of NSD.
An Operator may be designated for certain pre-defined sub-account types or for particular sub-accounts (a "Sub-account Operator"), or for all sub-accounts of a securities account (an "Account Operator").