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Corporate law and governance, financial transaction taxes

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Financial infrastructure and financial market regulation


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Ministry of Finance Finalizes Draft of Central Depository Status Decree

28.02.2012 17:30 / Interfax

The Ministry of Finance of the Russian Federation has finalized the Central Depositary Status Decree, a ministry source told Interfax.

According to him, the draft has been already forwarded to the Federal Financial Markets Service (FFMS) for approval and the Ministry for Economic Development, the Central Bank and Alexander Voloshin’s MIFC Taskforce.

"We have tried to incorporate all recommendations, including the ones given by the MIFC Taskforce", said source.

The Central Depositary Act was enacted on 1 January 2012. It stipulates that the Ministry of Finance is to draft the procedure of granting the Central Depositary status and the FFMS is to accredit the candidate. The only contender for the Central Depositary status is the National Settlement Depositary (part of MICEX-RTS Group).

In early February, the Ministry of Finance drafted the Central Depositary Status Decree that sparked serious debate and was discussed by the MIFC Taskforce.

The Ministry of Finance source said that the suspension and revocation of Central Depositary status was eliminated from the first draft. "We propose to have these points covered by a law”, he said.

The new draft also includes more liberal criteria for types of documents required from applicants. The obligatory audit for the preceding three years of business was also removed.

However, said the source, a number of requirements were not incorporated in the draft, for instance, the idea of including a development plan and management bonus plan in the list of required documents.

Trading infrastructureProject Group №1Alexander Voloshin