ROLE AND OPPORTUNITIES OF SPECIALIZED DEPOSITORIES

Transcription

1 XIII INTERNATIONAL CONFERENCE OF ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES ROLE AND OPPORTUNITIES OF SPECIALIZED DEPOSITORIES PAVEL PRASS MANAGING DIRECTOR INFINITUM ASSET SERVICES SEPTEMBER 8-9, 206 TBILISI

2 ROLE AND OPPORTUNITIES OF SPECIALIZED DEPOSITORIES IN RUSSIA

3 RUSSIAN MARKET OF COLLECTIVE INVESTMENTS ASSETS 35,4 /% GDP SELF-REGULATORY ORGANIZATIONS 0,07 MORTGAGE PARTICIPATION CERTIFICATES 2 GOVERNMENT CORPORATIONS, RUSSIAN MILITARY MORTGAGE 7 MORTGAGE BONDS 0 INSURANCE COMPANIES 9 MUTUAL INVESTMENT FUNDS 25 PENSION FUND OF RUSSIA ASSETS - AT THE EXCHANGE RATE OF THE CENTRAL BANK OF THE RUSSIAN FEDERATION AS OF (64.26) 3

4 RUSSIAN MARKET OF COLLECTIVE INVESTMENTS QUANTITY 2272 PARTICIPANTS RUSSIAN MILITARY MORTGAGE PENSION FUND OF RUSSIA GOVERNMENT CORPORATIONS 6 MORTGAGE PARTICIPATION CERTIFICATES 70 SELF-REGULATORY ORGANIZATIONS INSURANCE COMPANIES 06 MORTGAGE BONDS 65 MANAGEMENT COMPANIES 36 MUTUAL INVESTMENT FUNDS 380 *DATA AS OF

5 DEVELOPMENT HISTORY OF RUSSIAN MARKET OF COLLECTIVE INVESTMENTS NUMBER OF SPECIAL DEPOSITORIES LICENSES SPECIALIZED DEPOSITORIES 39 SPECIALIZED DEPOSITORIES INSURANCE COMPANIES SELF-REGULATORY ORGANIZATIONS MORTGAGE PARTICIPATION CERTIFICATES MORTGAGE BONDS 9 0, PENSION FUND OF RUSSIA 2,8 PENSION FUND OF RUSSIA 29 4 SPECIALIZED DEPOSITORIES RUSSIAN MILITARY MORTGAGE 6 GOVERNMENT CORPORATIONS RUSSIAN MILITARY MORTGAGE 7 20 MANAGEMENT COMPANIES 22 MANAGEMENT COMPANIES 36 MANAGEMENT COMPANIES 40 MUTUAL INVESTMENT FUNDS 0, MUTUAL INVESTMENT FUNDS 3,6 380 MUTUAL INVESTMENT FUNDS , , *ASSETS AT THE EXCHANGE RATE OF THE CENTRAL BANK OF THE RUSSIAN FEDERATION AS OF (64.26) 5

6 DEVELOPMENT HISTORY OF RUSSIAN MARKET OF COLLECTIVE INVESTMENTS REQUIREMENT OF MANDATORY EXISTENCE OF SPECIALIZED DEPOSITORIES IN VARIOUS CATEGORIES OF MARKET PARTICIPANTS IS ENSHRINED BY LEGAL ACTS (PENSION RESERVES) RUSSIAN MILITARY MORTGAGE GOVERNMENT CORPORATIONS CONTROL OF MORTGAGE COLLATERAL (PROPERTY DISPOSITION CONTROL OF THE MORTAGE COVERAGE) (PENSION SAVINGS) MUTUAL AND STOCK INVESTMENT FUNDS PENSION FUND OF RUSSIA (PENSION SAVINGS) SELF-REGULATORY ORGANIZATIONS INSURANCE COMPANIES 6

7 PARTICIPANTS OF COLLECTIVE INVESTMENTS MARKET IN RUSSIA GOVERNMENT CORPORATIONS RUSSIAN MILITARY MORTGAGE SELF-REGULATING ORGANIZATIONS FUND SHAREHOLDERS INVESTORS PENSIONERS POLICYHOLDERS MUTUAL INVESTMENT FUND PENSION FUND OF RUSSIA INSURANCE COMPANIES MANAGEMENT COMPANIES BANKS EXCHANGES BROKERS NATIONAL SETTLEMENT DEPOSITORY SPECIALIZED DEPOSITARY CENTRAL BANK OF THE RUSSIAN FEDERATION FEDERAL FINANCIAL MONITORING SERVICE SPECIALIZED SELF REGULATING ORGANIZATIONS EUROCLEAR CLEARSTREAM OTHER CUSTODY 7

8 MARKET OF SPECIALIZED DEPOSITORIES CURRENTLY, 39 LICENSES FOR SPECIALIZED DEPOSITORY ACTIVITY ARE VALID IN RUSSIA, INCLUDING 23 SPECIALIZED DEPOSITORIES 0 SPECIALIZED DEPOSITORIES - BANKS 6 SPECIALIZED DEPOSITORIES - INVESTMENT COMPANIES 5 TOP SPECIALIZED DEPOSITORIES CONSOLIDATE* 96% 90% 77% ON SERVICE INSURANCE COMPANIES ON SERVICE MUTUAL INVESTMENT FUNDS ON SERVICE *EXPERT VALUATION AS OF

9 FUNCTIONS OF SPECIALIZED DEPOSITORIES CUSTODY AND DEPOSITORY SERVICES RESPONSIBLE SAFEKEEPING OF ASSETS ASSET OPERATIONS ACCOUNTING NET ASSETS VALUE (NAV) CONTROL OF COMPOSITION AND STRUCTURE OF ASSETS APPROVAL OF TRANSACTIONS REGISTRY CREATING MAINTENANCE OF STATUTORY FILING AND ADDITIONAL CREATING REPORTS OF REPORTS OF MUTUAL INVESTMENT FUNDS 9

10 INFINITUM POSITION ON THE MARKET 6 YEARS ON THE MARKET ST PLACE А++ QUANTITY OF CLIENTS (PARTAD, AS OF ) RELIABILITY RATING DEPOSITORIES OF RUSSIA (AK&M AND EXPERT RA) >300 5 ** 37 ** THE NUMBER OF EMPLOYEES TOTAL ASSETS IN CUSTODY TOTAL ASSETS UNDER ADMINISTRATION THE NUMBER OF CLIENTS SERVICED* 35% 23% 33% 65% 77% 67% MUTUAL INVESTMENT FUNDS INSURANCE COMPANIES QUALITY MANAGEMENT IT SERVICE MANAGEMENT INFORMATION SECURITY MANAGEMENT ISO 900:2008 ISO/IEC :20 ISO/IEC 2700:203 * DATA AS OF ** ASSETS - AT THE EXCHANGE RATE OF THE CENTRAL BANK OF THE RUSSIAN FEDERATION AS OF (64.26) 0

11 THE VOLUME OF SPECIALIZED DEPOSITORIES OPERATIONS (THE EXAMPLE OF "INFINITUM") THE VOLUME OF OPERATIONS OF SPECIALIZED DEPOSITORIES PER DAY INCOMING DOCUMENTS OPERATIONS WITH SECURITIES BY BROKERS` REPORTS DEPOSITARY OPERATIONS OPERATIONS IN MUTUAL INVESTMENT FUND REGISTERS AGREEMENTS ON A DEAL AGREEMENTS ON PAYMENTS REPORTS TO CLIENTS AND CENTRAL BANK PER YEAR

12 TRENDS AND CHALLENGES BUSINESS TRANSPARENCY. CONTROL AND SUPERVISION STRENGTHENING. IDENTIFICATION OF ULTIMATE BENEFICIARIES CONTRACTORS COMPLIANCE, KYC (KNOW YOUR CLIENT) DEOFFSHOREZATION PROCESS DISCOURAGE OF DISHONEST BEHAVIOR AT FINANCIAL MARKETS MUTUAL FUND REFORM NEW BRANCH ACCOUNTING STANDARDS FOR MFIS NEW RULES FOR THE SUPERVISORY REPORTING FORMATION (XBRL) REQUIREMENT TO PROVIDE THE CONTINUITY OF THE RISK MANAGEMENT SYSTEMS 2

13 FEATURES OF SPECIALIZED DEPOSITORIES INSTITUTION AND THE COLLECTIVE INVESTMENTS MARKET IN RUSSIA DUPLICATING OF ACCOUNTING: MANAGEMENT COMPANIES AND SPECIAL DEPOSITORIES THE REQUIREMENT FOR THE ASSETS CUSTODY IN A SPECIALIZED DEPOSITORY CASH PAYMENTS FOR TRANSACTIONS COMPLEX, NUMEROUS AND NOT ALWAYS LOGICAL REGULATIONS EXCESSIVE AMOUNTS OF REQUIREMENTS AND LIMITATIONS VARIOUS CONTROL SUBJECTS: MUTUAL INVESTMENT FUNDS INSURANCE COMPANIES SELF-REGULATORY ORGANIZATIONS 3

14 OPPORTUNITIES ON THE EAEU COUNTRIES FINANCIAL MARKETS

15 COLLECTIVE INVESTMENT CONTROL MODELS STATE (REGULATOR) CONTROL CENTRAL DEPOSITORY CONTROL CONTROL OF SPECIALIZED DEPOSITORIES CUSTODY CONTROL FUND ADMINISTRATOR CONTROL COMBINED CONTROL MODEL 5

16 AECSD AND INFINITUM MUTUAL INTERESTS FOREIGN MARKETS OF COLLECTIVE INVESTMENTS STUDY AND THEIR INFRASTRUCTURE PROVIDING OF INFINITUM CLIENTS ACCESS TO THE MARKETS OF EAEU COUNTRIES, AECSD THROUGH DIRECT OR INDIRECT COMMUNICATION WITH THE AECSD PARTICIPANTS STIMULATING PROCESSES OF DEVELOPMENT AND DISTRIBUTION OUTSOURCING PARTICIPATION IN THE HARMONIZATION PROCESS OF FINANCIAL LEGISLATION OF EAEU COUNTRIES. STANDARTIZATION OF CROSS-BORDER COOPERATION PRACTICAL IMPLEMENTATION OF EFFECTIVE PROTECTION SYSTEM OF INVESTORS' RIGHTS TOGETHER WITH THE AECSD PARTICIPANTS METHODOLOGICAL ASSISTANCE IN THE ESTABLISHMENT AND DEVELOPMENT OF THE EFFECTIVE SYSTEM OF PROTECTION OF INVESTORS' RIGHTS ACCESSING OF FOREIGN INVESTMENT FUNDS ON THE RUSSIAN MARKET. CREATING THE SYSTEM OF PROTECTION OF INVESTORS' RIGHTS ORGANIZATION OF EFFECTIVE SERVICE FOR FOREIGN INVESTORS 6

17 XIII INTERNATIONAL CONFERENCE OF ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES THANK YOU FOR ATTENTION! INFINITUM ASSET SERVICES 562, RUSSIA, MOSCOW, SHABOLOVKA STREET, BLD. 3-B TEL.: , EXT