Russia’s National Settlement Depository announces its development strategy

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On 30 March 2012, the National Settlement Depository (NSD) announced its development strategy for 2012-2015.

The NSD also highlighted its plan to obtain Central Securities Depository (CSD) status in the third quarter of 2012, subject to publication of the corresponding regulations, to be introduced by the Ministry of Finance (MinFin) and the Federal Service for Financial Markets (FSFM).

At the same time, the Foreign Nominee Concept, which is part of the CSD Law signed by President Medvedev last December, will come into force as of 1 July 2012 to allow for participant accounts to be opened at the CSD when it is established.

We continue to monitor the situation and will provide more information when it becomes available.