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Russian Central Bank Unveils Criteria for CD Deposits

31.05.2012 17:59 / Interfax

Draft requirements for Russian and foreign banks receiving cash deposits from the CD have been published on the Central Bank of Russia website.

The December 2011 Central Depositary Act establishes limits on cash deposits in Russian and foreign banks non-compliant with Bank of Russia requirements.

According to the draft, in order for the Central Depositary to place funds in a Russian bank, the bank should have a minimum long-term international rating of "ВВВ-" by Fitch Ratings / Standard & Poor`s or a minimum of "Ваа3" by Mood`s Investors Service.

The depositary may place deposits in a foreign bank registered in a country with a minimum 0/1 rating by export credit agencies bound by the OECD Arrangement on Officially Supported Export Credits.

The Bank should also act as an international centralized registrar for title to securities or clearing, or as a central depositary in accordance with the laws of its country of origin or act as a clearing house for securities traded in foreign stock exchanges or other regulated markets or clearing trades executed in such markets.

Rating requirements to such foreign banks are the same as for Russian.

The Central depositary has the right to place funds in CIS banks if they act as central depositaries in accordance with the laws of these countries.

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