In addition to the existing stipulations of the Act, the procedure of granting the Central Depositary status shall be further defined by the Ministry of Finance of Russia in a regulation expected to be passed by 1 February 2012. Following the publication of the status procedure, the applicant will file necessary documents to the FFSM; the latter passes a decision to grant Central Depositary status within four months of the application.

Central Depositary status allows the opening of Central Depositary nominee accounts that will be used for reconciliation to ensure the finality of settlement.

The Federal Central Depositary Act was passed by the State Duma on 17 November 2011 and approved by the Federation Council on 29 November 2011.

The opening of foreign nominee accounts is enacted on 1 July 2012.

Trading infrastructure, Project Group №1