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Simplified Account Opening for Retail Investors

20.10.2015 10:00 / Moscow exchange

Licensed stock market participants and asset managers now have access to simplified client ID procedure that does not require a trip to the office. This will boost the number of private individuals investing in Russian stock market instruments.

On 14 October 2015, the Ministry for Telecommunication and Mass Communication granted licensed stock market participants access to the Unified ID and Authentication System (ESIA), following consultations between the Ministry, NAUFOR and Moscow Exchange.

On 15 October, the first seven stock market companies received ESIA access, others are in preparation.

NAUFOR CEO Alexey Timofeev says e-communication is an important step in stock market development. “This will bring investor money to our economy from every region, giving a boost to market competition”, he thinks.

By end-2015, NAUFOR plans to draft standards of e-contracts between licensed market participants and retail clients.

Unified ID and Authentication System (ESIA) is a government and municipal service network. For more information, visit www.gosuslugi.ru.

The Ministry for Telecommunication and Mass Communication estimates the number of ESIA users at 18.6 million as of October 2015, with over 6.5 thousand access points.

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