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Duma Passes Repositary Amendments in 1st Reading

04.12.2015 12:00 / TASS

Today the State Duma passed in the first reading Minfin amendments to the Securities Market Act, granting repositories a separate market infrastructure status.

The bill passed with 291 votes in favor and zero against. “The bill aims to establish a separate type of license for repositories, set business and risk management requirements, list trade types eligible for repository reporting and assign reporting duties to particular officers”, states the bill memo.

Repositories accumulate, record, process and store data on repo contracts, derivative contracts and other trade types listed by the Central Bank.

Today, SROs or clearing houses are allowed to perform repository functions with no need for a separate license.

The Minfin bill proposes Bank of Russia licensing for repositories. Licenses may be granted to a stock exchange, settlement or central depositary, or a clearing house which does not act as central counterparty.

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