Date: 5 months ago   Category: Finance

The Central Bank has suggested to unite licenses of depositaries and registrars — Rambler News Service


The Bank of Russia has suggested participants of the market to discuss an opportunity and expediency of gradual transition to combination of the license for implementation of depository activity and the license for implementation of activities for maintaining the register, is reported in the report of the Central Bank. "Considering an obligation of the Russian Federation for harmonization of the legislation in the sphere of regulation of the financial markets within the contract on the Eurasian Economic Union and also in view of experiment of Armenia, Belarus, Kazakhstan on association of functions of registrars and depositaries, among offers on harmonization of the legislation the question of expediency of combination of functions of depositaries and registrars can be raised", - it is said in the statement. It is supposed that the uniform license will grant to registration institute the right of implementation of activities for accounting of the rights for securities. At the same time within one license various rights depending on compliance to certain requirements can be provided. The Central Bank expects that similar approach will allow participants of the financial market to define independently what services and in what volume they are ready to provide to the clients. "We believe logical combination of the license for implementation of depository activity and the license for implementation of activities for maintaining the register in the uniform license for implementation of activities for accounting of the rights for securities" — notes the regulator. Besides, it is offered to discuss balance of interests, the rights, duties and responsibility of issuers, registrars, depositaries and investors to define need of his change and a condition at which the Bank of Russia can refuse price regulation of tariff policy of registrars. Also the offers contributing to the development of crediting by securities with participation of registration institutes are considered.

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