New Orders Adopted to Facilitate the Activity of the Central Depository

May 13, 2013

A number of orders were adopted in the second part of 2012 by the Federal Service for Financial Markets (the “FSFM”) in order to facilitate the activity of the central depository of the Russian Federation (the “Central Depository”) and address practical issues relating to its operations. These orders, inter alia, provide procedures for risk management, internal control, the opening and maintenance of depo accounts, and disclosure of information by the Central Depository. The relevant orders were introduced as part of the Federal Law On the Central Depository No. 414-FZ, dated December 7, 2011 (the “CD Law”) (please see the article on this topic in the September 2012 issue of the CIS Legal Update),which established the Central Depository and provided for the following.

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