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. Last Updated: 07/27/2016

RECENT LEGISLATION: Securities Law




"On Peculiarities and Limits of Combining Brokerage, Dealer Activity and Activity on Trust Management with Securities with Operations on Centralized Clearing, Depository and Payment Service" -- a regulation adopted by a resolution of the Federal Securities Commission of Jan. 20, 1998.


The regulation states that a professional participant of the securities market that combines, on the basis of licenses, depository activity and/or clearing activity on the securities market with brokerage activity or dealer activity on the securities market, or activity on trust management with securities, is not allowed from June 1, 1998 to conduct the following operations: (i) payment depository; (ii) clearing center; (iii) payment center. Professional securities market participants, conducting functions of payment depositories and clearing centers for transactions with securities, are required to cease conducting brokerage activity, dealer activity on the securities market, activity in trust management of securities (with an appropriate exchange of license of the professional participant of the securities market), or to transfer: payment depository functions to other depositories that do not conduct brokerage, dealer or trust management of securities activity; payment center functions (for credit organizations) to nonbanking credit organizations; clearing center functions to organizations with the right to conduct clearing activity, but not to conduct brokerage, dealer or trust management of securities activity. Professional participants of the securities market having the right to conduct the above operations are prohibited to conduct these types of activities with the securities of dependent organizations and dependent organizations of organizations depending on them.