On Nov. 19, RUS CB issued rules for foreign accounting companies.
RUS CB issued ord 6867-U on rules choosing for accounting institutions abroad.
Key Points
It is permitted to open accounts in a foreign organization if it is either a central depository or an international centralized system for recording rights to securities.
Or if it carries out settlements on securities based on the results of exchange trades.
if the organization does not have such status it must ensure equality of securities reflected in the Russian depository’s account with the number recorded in its account.
Also, local legislation must prevent the inclusion of the Russian depository’s assets in the bankruptcy estate of the foreign accounting institution in case of bankruptcy.
The ordinance defines locations of foreign accounting institutions can be located in countries from the Asia-Pacific region, Africa, South America, and the Middle East.
