Russian depositary announces election to supervisory board user committees
Posted 5 December 2011 - 6:20pm by Fundamentals magazine
The elected the chairpersons of NSD user committees were as follows:
- Tatiana Chepeleva, a representative of OTKRITIE Brokerage House JSC, Head of Moscow representative office of OTKRITIE Securities Limited, UK, was elected the Chairwoman, Committee of Settlement and Depository Operations and Tariffs, NSD.
- Yuri Dubin, Director, Depository, Sberbank, was elected the Chairman of the Quality Control and Risk Management Committee, NSD.
- Natalia Sidorova, Head Securities Services, ING Commercial Banking, was elected the Chairwoman of the Committee for Interactions with Registrars and Depositories, NSD.
The members of the Supervisory Board approved the number of the members of the Committee of Settlement and Depository Operations and Tariffs (22 members), of the Quality Control and Risk Management Committee (20 members), and of the Committee for Interactions with Registrars and Depositories (17 members).
The Supervisory Board authorizes the chairpersons of the Committees to nominate the candidates to the members of the respective Committees and to submit the lists of the candidates to the Board for approval.
NSD Supervisory Board also approved the Policy for Reputation Risk Management, as well as the corrected NSD's Budget of revenues, expenditures and profit for 2011, and considered few other issues.
National Settlement Depository (NSD) is the largest settlement depository in Russia, a part of the MICEX Group, servicing on-exchange and OTC transactions with all types of debt and equity securities of Russian issuers and providing settlement services to participants in financial markets of the Russian Federation.
NSD provides storage of global certificates and depository accounting for 99% of corporate bond issues, sub-federal and municipal bond issues. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 99% of transactions conducted in the corporate and regional bond markets, the majority of transactions with equities and also services UIT units and securities of foreign issuers.
In accordance with agreements concluded between NSD and the Bank of Russia, NSD acts as a settlement center for the organized securities market.