What is depository services? Depository services

The Russian stock market is gaining momentum every year, and there are many people willing to purchase various securities. Today, most papers exist in electronic form and are located in certain accounts. In addition to electronic records, their analogues in the form of familiar documents (certificates and bills of exchange) are still common. For accounting and storage, many banks offer to act as a depository. Owners can re-register, keep records and store their exchange assets. Since banks work with a license, they can carry out the procedure for paying dividends and make settlements on transactions. Sberbank, which is trusted by many investors, provides similar depositary services to clients.

The institution has a perpetual depository license, which gives it the right to service investment funds. Depositors use an electronic signature. With its help, they can remotely carry out all financial actions with exchange assets, sending the necessary orders. EDS guarantees the confidentiality of transmitted orders.

Depository services at Sberbank include the following operations:

storage of any type of certificates (possibly in electronic form);
when receiving papers for storage, the banking institution does not take ownership of them, it only provides assistance in recording the rights to them;
opening and formation of securities accounts, transfer of securities under purchase and sale or gift agreements between securities accounts of different depositors;
carrying out transactions;
transactions with bank bills;
imposition and removal of encumbrances on securities that are pledged;
crediting income and paying dividends;
participation in shareholder meetings, as well as other actions in the interests of issuers;
providing information and lending.

Depository services

The Sberbank Online platform gives clients additional opportunities:

control over position balances;
viewing outstanding payments for using the depository;
issuing an order to transfer securities in open storage;
filling out an application for registration of new securities;
obtaining information about the client.

To carry out such actions, just log into your personal account on the website.

Advantages

One of the significant positive aspects for clients who have entered into an agreement for depository services with Sberbank is that it is the largest depository in the Russian Federation. Thanks to the huge number of divisions, its functions include maintaining more than 390 thousand securities accounts. The Bank offers depositors (both residents of the Russian Federation and non-residents) a variety of services and transactions with exchange assets of issuers in the Russian Federation and other countries. Clients receive these services in 70 divisions located throughout the Russian Federation. To exchange information with depositors, remote service systems are used (Bank-Client, EDI, SWIFT). The bank’s specialists have developed a unique “Depository” system, which allows accounting under conditions of strict adherence to information security.

Advantages of a depository

Tariffs for small businesses

Depository services offered by Sberbank include low tariffs. Some services for depositors are free. Thanks to this, small businesses can use the service to work with exchange assets. The Bank has established different costs for depository services for individuals and legal entities. Tariffs for individual entrepreneurs are the same as for legal entities. You can view the list and tariffs on the website by going to the “Depository Services” section.

One who carries out depositary activities is called a depository. A person who uses the services of a depository for storing securities and/or recording rights to securities is called a depositor. The agreement governing their relationship is called a depository agreement (or a custody account agreement).

The depository performs quite a lot of operations, but among them the following key ones can be distinguished:

Services for storing securities certificates- Securities can be stored in the depository’s vault; it is also possible to keep records of securities in intangible form in the form of entries in electronic registers.
Services for accounting of rights to securities. The transfer of securities for storage to the depository does not mean the transfer of ownership rights to these securities to the depositary.
Settlements for transactions with securities- carrying out operations on the exchange and over-the-counter markets.
Dividend payment services- Accrual and payment of dividends, payment of income tax.
Other services- depositories also offer other services, including securities lending, repo transactions, information services, etc.

The depositary is obliged to ensure the safety of securities or rights to securities and act exclusively in the interests of the depositor. The depositary has no right to dispose of the securities, manage them or carry out any transactions with them. Due to the fact that the securities deposited with the depository are not its property, they cannot be recovered for its obligations. Depository activities can be combined with other types of activities:

activities to determine mutual obligations (clearing)

Regulation in Russia

In Russia, only legal entities that have received a depository license from the Federal Financial Markets Service can engage in depository activities. A license for a professional participant in the securities market to carry out depository activities is issued for three years. One of the main conditions for issuing a depositary license is a sufficient amount of own funds - at least 20 million rubles. In addition to financial requirements, it is necessary to have appropriate technical support and an accounting system, as well as qualified personnel who have passed special exams.

The basis for licensing the activities of the securities market is established by the Federal Law of April 22, 1996 No. 39-FZ “On the Securities Market”.

Sources

Law of the Russian Federation dated December 28, 2002. No. 39-FZ " About the securities market»
« Standards for the issuance of securities and registration of securities prospectuses"(approved by Order of the Federal Financial Markets Service of Russia No. 05-4/pz-n dated March 16, 2005)

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Depository services are a type of commercial services that are associated with storage as well as operations to change their owner. An organization that has a license to carry out depository activities enters into an agreement with the shareholder, who transfers his assets to it for safekeeping. as well as investments of funds, have nothing to do with depository services, despite the fact that these concepts are consonant.

What do depository services mean?

Custody of securities

According to the depository who wishes to transfer his securities for storage to a depository organization, an individual account is assigned in the same way as is done with ordinary current and savings accounts. Only in this case, it is securities, not cash, that are credited to the account. And the unit of measurement here is precisely certain assets, and not a specific amount of currency. Banking services for legal entities are now very diverse.

The shareholder has the right to manage his account, as well as the assets stored on it, as he sees fit. This can be done using a special interface, as well as software provided by the depository organization. These transactions are also very similar to those carried out in relation to regular accounts. What are the service rates?

Payment to the organization providing depository services is made in proportion to the number of days during which the depositary account was opened. This is about 0.12% per annum, at least 10 rubles per day. There is no charge for storing assets that have expired. For example, opening a new holder will cost approximately 10,000 rubles. For each operation on behalf of the depositor (the person who made the deposit), a fee from 150 to 800 rubles is charged, depending on its type.

Depository services

Depository services for individuals and legal entities include:

account opening and maintenance;
accounting of ownership rights to various types of securities and their storage;
depository transfers of these assets at the request of the client, as well as transfers of bills;
registration of securities pledges under guarantees, as well as loans;
accounting of securities for trading operations carried out through a broker;
encumbrance of bills or removal of such encumbrance, which is carried out for the purpose of securing property transactions;
payment of profit on securities;
redemption of securities coupons;
other services that may be related to account management.

Advantages of depository services

These benefits include:

the possibility of unimpeded implementation of depositary transfers to any region of the country;
wide range of securities;
storage reliability;
reduction in maintenance costs.

Depository services for individuals assume that clients have the right to register securities as collateral to obtain bank guarantees or loans.

About securities

To ensure the fulfillment of any obligations related to loans and bank guarantees, the following securities are accepted - bills, savings, as well as certificates, shares, assets of constituent entities of the Russian Federation and municipalities, corporate issuers and credit organizations, as well as ordinary shares of OJSC NK “ Lukoil”, OJSC NK “Rosneft”, OJSC “Rostelecom”, OJSC “Gazprom”, RAO “UES of Russia”, OJSC “Surgutneftegaz”, OJSC “MMC Norilsk Nickel” and others.

Banking services provided to legal entities

Banking services for legal entities differ significantly from those that can be provided to individuals. Their difference lies in the very nature of economic relations and participants in financial turnover. On the one hand, the range of services for organizations and companies is much wider than for citizens, and on the other hand, the responsibility here is much higher. These services include:

Lending. Loans are the most convenient way out for those entrepreneurs who experience significant financial difficulties when purchasing any movable property, equipment or real estate to carry out their business tasks. The parameters and forms of providing loans to them can also vary significantly, depending on the level of relationship between the bank and this organization, on the form of ownership and on the field of activity of a particular entrepreneur.
Deposit services. This service also has differences between deposits for individuals and involves the accrual of interest income on the free funds of a legal entity, and additional conditions for such accruals are usually negotiated in advance with each specific bank client. Depository service is very convenient.
Servicing current accounts. This service may not be a single service, but even complex. When servicing the accounts of organizations, it is assumed that there is a high speed of settlement and monetary transactions, as well as their high quality. This area includes a service for optimizing cash management operations.
Maintenance and issue of plastic cards. Typically this service involves servicing so-called salary accounts.
Investment. In this case, the bank client can be both an investor and an investment object.
Factoring services. They provide for the transfer of financial resources to an enterprise that is a client of the bank, in exchange for the right to demand from the debtor (third party) the transfer of goods, services, and debt reimbursement. However, the debtor has the right to receive a deferred payment. This service is very convenient for those businesses for which this is standard practice.
Various operations related to documents. These may be international operations carried out with the aim of minimizing the risks arising when carrying out foreign economic activity.
Collection. This service consists of timely transportation, as well as the safety of cash or other valuables.

The depository activities of banks in the securities market are usually carried out in conjunction with their brokerage and dealer functions.

Depository activities– is the provision of services for the storage of securities certificates and (or) accounting and transfer of rights to them. It relates to professional activities in the securities market, therefore, to work as a depository, banks must obtain a special permit - a license of a professional participant in the securities market, which is issued by the Federal Financial Markets Service of Russia.

A professional participant in the securities market carrying out depository activities is called depository. The person using the listed services is called depositor.

In recent years, the demand for depository services of banks has increased sharply. This is due, firstly, to the widespread use of paperless technologies for the circulation of securities, when they are not issued on paper - certificates; secondly, with the desire of banks to provide clients with comprehensive and in-depth services in the securities market, including brokerage operations, trust management, and depository services. Banks, compared to other professional market participants, have a good material and technical base that allows them to provide such customer service and constantly expand and update their line of services in the securities market.

The object of depository activity can be securities of any form of issue (documentary with and without mandatory centralized storage, uncertificated), issued by both residents and non-residents of the Russian Federation.

Depository activities include the mandatory provision of services to clients (depositors) for accounting and certification of rights to securities, as well as their transfer, including cases of encumbering securities with obligations. Depository accounting(accounting for depository operations) is the accounting of securities in order to obtain complete and reliable information about securities in the context of their owners, places of storage and depository operations applied to them.

The depository provides its client with the listed services for a certain fee. The procedure, forms and conditions for their implementation are determined deposit agreement, or agreement on a securities account, between the depository and its client, regulating their relationship. This agreement must necessarily contain the following essential conditions:

an unambiguous definition of the subject of the agreement: provision of services for the storage of securities and (or) recording of rights to them;
the procedure for the depositor to transfer information to the depositary about the disposal of their owner’s securities deposited in the bank;
responsibilities of the depositary to carry out the depositor’s instructions, the timing of their implementation;
the procedure for the provision by the depository of services related to assistance in the implementation by owners of securities rights, including by transferring relevant information and documents from the owner to the issuer and registrar and vice versa;
the duration of the agreement, the grounds, the procedure for its amendment and termination, including the right of the depositor to terminate the agreement with the depositary unilaterally;
the procedure and form of reporting by the depositary to the depositor;
amount and procedure for payment for depositary services.

In addition to the specified mandatory services, which are the depository activity itself, the depositary may, under an agreement with the depositor, provide him with related services that improve the quality of such services. The procedure for providing related services can be specified both in the depository agreement and established by a separate agreement between the parties.

Related services include: maintaining cash accounts of depositors associated with conducting transactions with securities and receiving income from them; checking securities certificates for authenticity and payment; withdrawal from circulation, redemption and destruction of securities certificates, separation and redemption of coupons in cases established by law; but on behalf of the owner, representing his interests at general meetings of shareholders, providing depositors with available information about issuers, information on the state of the securities market; assistance in optimizing the taxation of income from securities; and etc.

The depositary is obliged to approve the conditions for carrying out depository activities, which must contain information relating to the operations it performs, the procedure for the actions of depositors and depository personnel during their implementation, the grounds for carrying out operations, sample documents that must be filled out by clients of the depositary and which depositors receive in their hands, deadlines execution of operations, tariffs for depository services, procedures for accepting the issue of securities by the depository for servicing and its termination, the procedure for providing depositors with statements from their accounts, the procedure and timing for providing depositors with reports on transactions performed, as well as documents certifying the rights to securities. The conditions for carrying out depository activities are open in nature and are provided at the request of all interested parties.

Clients of the depository can be not only the owners of securities, but also other depositories, issuers that place securities through the depository, holders of pledged securities, and trustees of securities.

The depositary bears civil liability for the safety of the securities certificates deposited with it. It should be noted that the conclusion of a depository agreement does not entail the transfer of ownership of the depositor's securities to the depository. The depositary does not have the right to dispose of the client’s securities, manage them or carry out any other actions with securities on behalf of the latter, except on the client’s instructions stipulated by the deposit agreement. Depositors' securities cannot be seized for the bank's obligations. In the event of bankruptcy, the securities of the depositors are not included in the bankruptcy estate.

When characterizing depository activities, it is important to distinguish between a custody agreement and a securities account agreement. Both of these agreements provide for the storage of securities certificates. But at the same time, the storage agreement does not provide accounting for rights to securities. Therefore, the actual storage of securities certificates is not a depository activity.

In the Russian Federation, due to the existence of various forms of securities circulation, two possible options for depository activities have emerged:

the depositary records rights to securities, but does not store their certificates (book-entry securities, securities with mandatory centralized storage);
the depositary stores certificates and records the rights to them (certificate securities, the certificates of which are stored in the depositary's vaults).

Consequently, depository storage of securities necessarily implies accounting for rights to them.

The management of depository operations in a bank is assigned to a separate division for which this activity must be exclusive. This is necessary to prevent bank employees from inappropriately using information about the ownership of securities and related transactions for purposes that do not directly arise from their official duties.

In addition to the conditions for carrying out depository activities, the bank depository is obliged to develop and approve internal documents defining:

the procedure for performing transactions and document flow of the depositary;
rules for keeping records of depository operations and relevant procedures that ensure and support separate storage of securities and (or) recording of the rights to them of each client (depositor), as well as accounting for securities owned by the depository itself;
internal control rules to ensure data integrity, including in case of emergency situations, delimitation of access rights and ensuring the confidentiality of information, preventing the possibility of its use in their own interests by the depository, its employees and third parties to the detriment of the interests of clients (depositors);
procedure for considering complaints and requests from clients (depositors).

These documents establish the internal procedure for the functioning of the depository and the actions of its employees when processing depository operations. Internal documents and conditions for carrying out depository activities constitute the so-called Depository regulations.

When recording rights to securities in the depository, the right to the security passes to the acquirer from the moment a credit entry is made on his securities account. Accounting for rights to securities in the depository is carried out by maintaining records in special accounts - securities accounts. Accounting is carried out in pieces. Additionally, credit institutions can keep records in units in which the denomination of the security is established. The depository opens a separate securities account for each client to record the rights to the securities he owns. Thus, separate storage of securities and (or) separate accounting of the rights to them of each depositor from the securities of other depository depositors is ensured.

As already noted, the depository can carry out operations with the depositor's securities account only on behalf of the depositor or persons authorized by him. The basis for making entries is an order from the client or his authorized person that meets the requirements of the depository agreement, as well as documents confirming the transfer of rights to securities in the event of transfer of rights to securities not as a result of civil transactions. For example, when placing a new issue of securities among shareholders by capitalizing dividends, the securities are credited to securities accounts in the depository on the basis of documents provided by the issuer or registrar, extracts from the register maintenance system for the nominal holder's account and the conditions for issuing securities.

In the chart of accounts of banks, a separate chapter D “Depo Accounts” is allocated to reflect depositary operations.

The depositary of Sberbank PJSC rightfully occupies a leading position in its market segment. However, despite the growing activity of the population in matters of exchange activity in 2019, many still do not know what it is.

A division of a financial institution acting as a professional participant in exchange activities is perceived as a depository. This division, unlike brokers, takes on responsibilities not for carrying out purchase and sale processes, but for recording and storing securities, as well as records of actions with them.

A client wishing to purchase securities must open a deposit account to deposit them. They will be listed on this account and will be used to manage them.

The depository is responsible for servicing such accounts.

Services are provided for both enterprises and individuals. persons

What is the Sberbank depository used for:

transfer of securities from one account to another in accordance with the documentary support of the process;
exchange of securities between different depositories;
receiving statements or other reports from depo accounts;
crediting income and dividends on existing assets.

Sberbank depository for individuals addresses