The Bank of Russia assessed the quality of the NSD’s Valuation Center’s performance

Based on the results of consideration of the petition, together with the attached set of documents, for assessing the quality of the NSD’s Valuation Center’s performance when determining value of ruble-denominated bonds, the list of such bonds being limited by the scope of the Methodology for determining value of ruble bonds in the version dated 01.12.2017, the Bank of Russia, guided by the criteria specified in the Bank of Russia information letter of March 29, 2013 No. IN-06-51/15 “On the assessing of valuation centers’ quality of functioning”, has acknowledged the quality of functioning of the NSD’s Valuation Center (with regard to documents, processes and program code) as satisfactory.

The Bank of Russia’s assessment of quality of functioning of the Valuation Center is limited by the frames of analysis of the following characteristics:

— Valuation Center has established procedures to prevent abuse in the process of determining the value of financial instruments;

— adequacy of the results of modeling of the value of financial instruments to the declared methodology of determining the value of financial instruments;

— continuity and transparency of the Valuation Center’s activities in determining the value of financial instruments;

— organizing treatment of complaints and recommendations of Valuation Center’s clients;

— reliability and quality of information sources used to determine the value of financial instruments.

This information on the acknowledgement of quality of the Valuation Center’s functioning as satisfactory does not represent:

— recommendation and (or) incentive to use services of the Valuation Center, and does not establish mandatory use of such services;

— confirmation that value of financial instruments determined by the Valuation Center is the result of valuation activities carried out in accordance with Federal Law No. 135-FZ dated July 29, 1998 “On Valuation Activities in the Russian Federation” and (or) may be used by interested parties as a product of this activity. In particular, information of the Valuation Center on value of financial instruments does not represent a report on valuation of an object of evaluation and does not replace such in cases when evaluation of an object of evaluation is binding in accordance with legislation in force;

— confirmation of adequacy of the methodology, as well as of conformity of estimated value of financial instruments with its fair value.

Valuation Center is an organization that performs activities to determine value of financial instruments, which can be used by interested parties along with other existing sources of information on financial instruments’ value, techniques and methods for determining of financial instruments’ value.

The reference to the Press Service is mandatory if you intend to use this material.