Bank of Russia issues first depository activity licence to organisation licensed to maintain security holders register

On 10 March 2021, for the first time over the entire history of the financial market, the Bank of Russia issued a depository activity licence of a professional securities market participant to an organisation licensed to maintain a security holders register (hereinafter, the registrar) — JSC KRC Registrar (JSC KRC).

The Bank of Russia analysed the area of provision of the services offered by the accounting infrastructure segment. Given the financial market’s needs, appropriate amendments were introduced into the law on the securities market. Namely, these are the amendments¹ that became effective on 20 July 2020, which made it possible for the registrar to expand its list of services offered.

It should also be noted that an operating market participant willing to receive the licence is required to submit a reduced package of documents to the Bank of Russia.²

¹ Pursuant to Federal Law No. 212-FZ, dated 20 July 2020, ‘On Amending Certain Laws of the Russian Federation Regarding Financial Transactions Performed Using a Financial Platform’.

² Including with account of the amendments introduced into Bank of Russia Instruction No. 192-I, dated 17 October 2018, ‘On the Procedure for the Bank of Russia to License the Types of Professional Activity in the Securities Market Specified in Articles 3— 5, 7 and 8 of Federal Law No. 39-FZ, Dated 22 April 1996, ‘On the Securities Market’ and on the Procedure for Maintaining the Register of Professional Securities Market Participants’ and effective from the end of 2020.

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10.03.2021 14.58.00