Deposit services. Custody services for individuals in Sberbank. About securities

Custody service is a banking service that is completely unrelated to deposits, despite the consonant name. Not to be confused: both deposits and depository operations got their name from the general term “deposit”, which means “to store” in translation. Only in the case of depository services are completely different assets stored - securities. Actually, depository services are a set of services of banks for organizing the storage of securities and carrying out appropriate operations with them in the interests of the client.

Custody services may be required by a wide range of legal entities, one way or another connected with the financial market. In particular, companies apply for these services to solve the following tasks:

Storage of assets in the form of securities (diversification of capital, investment in financial assets)
Implementation and maintenance of the issue of securities
Necessity of registration of pledge operations on securities
Brokerage
Conducting complex structured transactions involving residents and non-residents

Let us consider in more detail the main aspects associated with the use of depository operations.

How are securities stored?

The whole mechanics of providing these services is based on the opening and maintenance of securities accounts. These are special accounts in which the unit of account is not the dollar or the ruble, like a simple current account, but the number of pieces of a certain security. Today, Russian banks open depo accounts for accounting for securities of both domestic and foreign origin. In this case, both equity securities (shares, bonds) and non-equity securities (bills of exchange, bills of lading, certificates of deposit) can be taken into account. The difference between these securities is that stocks and bonds are issued in large quantities, systematized and undergo a mandatory state registration... Non-equity securities are not issued systematically, but as needed, and do not require special registration.

Asset management on a modern securities account is not much different from the management of liquid funds on a regular current account. In most cases, there is a Client - Bank system that provides the client with a user-friendly interface and allows them to automatically carry out transactions with their securities. If there is no such system, transactions are carried out either by telephone or directly at a bank branch. However, the principle of accounting for ownership of securities does not differ from accounting for simple monetary assets: there is a certain number of standardized securities (for example, shares of a certain company) and there is a typical toolkit that provides the possibility of transfer of ownership.

If you issue securities

If a company is an issuer and issues securities (be it stocks or bonds), it needs to ensure that the technical side of the issue is met. Serving securities is always associated with a number of technical difficulties. For example, if you issue shares, you need to accrue dividends, and if you placed bonds, you need to pay a coupon. Doing this on your own is not only difficult, but also prohibited by law. Your securities must be serviced by a depositary.

Russian banks offer comprehensive service issuers, from the initial public offering of stocks or bonds on the securities market to last payment for these securities. In particular, the receipt and distribution of income is carried out in accordance with the obligations. This allows the issuing company to transfer funds intended to repay securities obligations to the depositary account, and all other manipulations will be carried out without its participation, in strict accordance with the conditions specified in securities, as well as current legislation.

In addition to simple servicing of issued securities, custody services also imply the implementation of a number of corporate actions of issuers. This can be the consolidation or splitting of property rights assigned to securities, conversion, as well as participation in shareholders' meetings.

If you own shares

A company that has financial assets will also benefit from the services of a depository. In particular, they allow solving the following tasks:

Reliable accounting of property rights. It is much easier to manage assets when they are displayed as a digital indicator of the number of shares in the custody account.
High level security: when a company entrusts its assets to a reliable custodian, a number of risks associated with theft, destruction and other extraordinary circumstances that may occur with securities are eliminated.
If the company leads foreign economic activity and when settlements with counterparties abroad, the use of securities is required, depository services can simplify the transfer of property rights.
Custody service involves not only keeping assets, but also acting in the interests of clients. For example, if you hold shares in a certain company, you can instruct a depository institution to participate in a shareholders' meeting on your behalf.
Through the depository, it is possible to carry out operations related to the encumbrance of securities as safely as possible (i.e., using them as collateral for debt operations).

Eventually

When you have cash assets, you open a checking account. Likewise, you should open a depo account if you are dealing with assets in securities. The services of depository institutions can significantly optimize and simplify all procedures related to the use of securities in economic activity companies.

Banks' depository activities 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. She refers to professional activity on the securities market, therefore, in order 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 the depositor.

IN last years the demand for depository services of banks increased sharply. This is due, firstly, to the widespread use of paperless technologies for the circulation of securities, when they are not drawn up on paper - certificates; secondly, with the desire of banks to provide customers with comprehensive and deep services in the securities market, including brokerage operations, trust management, custody services. Banks, in comparison with other professional market participants, have a good material and technical base that allows them to provide such customer service, to constantly expand and update the range of services in the securities market.

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

Depository activities include the obligatory provision of services to clients (depositors) for accounting and certification of rights to securities, as well as their transfer, including cases of encumbrance of securities with obligations. Depository accounting (accounting of 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 depositary provides its client with the listed services for a certain fee. The procedure, forms and conditions for their implementation are determined depositary agreement, or depo account agreement, between the depositary and his client, regulating their relationship. This agreement must contain the following essential conditions:

unambiguous definition of the subject of the agreement: provision of services for the storage of securities and (or) registration of rights to them;
the procedure for the transfer by the depositor to the depositary of information on the disposal of the securities of their owner deposited with the bank;
the obligations of the depositary to fulfill the instructions of the depositor, the timing of their implementation;
the procedure for the provision of services by the depository related to assisting the owners in exercising the rights of securities, including by transferring relevant information and documents from the owner to the issuer and the registrar and vice versa;
the term of the agreement, grounds, procedure for changing and terminating it, including the depositor's right to terminate the agreement with the depositary unilaterally;
the procedure and form of the depositary's reporting to the depositor;
the amount and procedure for payment for the depositary's services.

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

Ancillary services include: maintenance of depositors' cash accounts associated with transactions with securities and receiving income from them; verification of 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 on general meetings shareholders, providing depositors with available information about issuers, information about the state of the securities market; assistance in optimization of taxation of income from securities; and etc.

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

Customers 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 depositary. The custodian has no right to dispose of the client's securities, manage them or perform any other actions with the securities on behalf of the latter, except on behalf of the client, stipulated by the depositary agreement. Securities of depositors cannot be levied on the bank's obligations. In case of its 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 for the accounting of rights to securities. Therefore, the actual storage of securities certificates is not a depository activity.

IN Russian Federation Due to the existence of various forms of securities circulation, two possible options for depository activities have developed:

the depositary records the rights to securities, but does not store their certificates (uncertified securities, securities with mandatory centralized storage);
the depository stores certificates and takes into account the rights to them (documentary securities, the certificates of which are stored in the depositories' repositories).

Consequently, custody of securities necessarily implies accounting for the rights to them.

The implementation of depository operations in the bank is assigned by the management to a separate unit for which this activity should be exclusive. This is necessary to prevent the bank employees from misusing information about the ownership of securities and related transactions for purposes not directly arising from their job responsibilities.

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

the procedure for performing transactions and document flow of the depositary;
the rules for keeping records of depository operations and the corresponding procedures ensuring and supporting the segregated storage of securities and (or) accounting for the rights to them of each client (depositor), as well as accounting for securities belonging to the depositary itself;
internal control rules to ensure data integrity, including in the event of emergencies, delimitation of access rights and ensuring the confidentiality of information, preventing the possibility of its use in their own interests by the depositary, its employees and third parties to the detriment of the interests of clients (depositors);
procedure for handling complaints and inquiries from clients (depositors).

The aforementioned documents establish the internal procedure for the functioning of the depository and the actions of its employees when registering depository operations. Internal documents and conditions for the implementation of depository activities constitute the so-called depositary regulations.

When the rights to securities are recorded in the depository, the rights to the securities are transferred to the acquirer from the moment the credit entry is made on his securities account. The accounting of rights to securities in the depository is carried out by keeping records on special accounts - depo accounts. Accounting is carried out in pieces. Additionally, credit institutions can keep records in units in which the par value of a security is established. The depository opens a separate depo account for each client to record the rights to the securities held by him. Thus, separate storage of securities and (or) separate accounting of the rights to them of each depositor from the securities of other depositors of the depository is ensured.

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

In the chart of accounts of banks, a separate chapter E "Securities accounts" is allocated to reflect depository operations.

Carrying out depository activities is called a depository. The person using the services of the depository for the safekeeping of securities and / or accounting for rights to securities is called the depositor. The agreement governing their relationship is called a depository (or a depo account agreement).

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

Storage services for securities certificates - Securities can be stored in the depository's vault, it is also possible to keep records of securities in an intangible form in the form of entries in electronic registers.
Services for registration of rights to securities... The transfer of securities for safekeeping to the depositary 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 market.
Dividend payment services - Accruals and payments 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 to act exclusively in the interests of the depositor. The depositary has no right to dispose of securities, manage them or perform any transactions with them. Due to the fact that the securities held by the depository are not its property, they cannot be foreclosed on its obligations. Depository activities can be combined with other types of activities:

activity 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. The license of 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 depository license is a sufficient amount of own funds - at least 20 million rubles. In addition to financial requirements, you must have appropriate technical support and an accounting system, as well as qualified personnel who have passed special examinations.

The fundamentals of licensing the activities of the securities market are established by the Federal Law of 22.04.1996, No. 39-FZ "On the Securities Market".

Sources

Law of the Russian Federation dated 28.12.2002. No. 39-FZ " About the securities market»
« Standards for the Issue of Securities and the 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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Good afternoon, dear readers. In today's article we will touch upon such a topic as depository services individuals, the need for which arises for almost all people operating in the stock market, regardless of whether they are traders, investors or anyone else.

After analyzing the depository services market, our team identified the offer that seemed the most acceptable and convenient. And now I will tell you more about it.

Let's start, nevertheless, by defining the term and listing the specific functions of the depository organization.

So, depository services are commercial services related to the storage of securities by a depositary company, as well as the implementation of operations related to the change of their owner.

Simply put - a certain organization licensed to conduct depository activities (depository) enters into an agreement with a shareholder (depositor), transferring its assets to its custody, on the basis of a depositary agreement.

Some companies offer both traditional and specialized custody services. One of the leaders in this area is the Region group of companies. Priority area its activity is the provision of specialized depository services for maintaining registers of mortgage coverage.

No connection with bank deposits and investments money does not have a depository service, contrary to the consonant names.

Securities storage mechanism

According to the depositary agreement, a shareholder wishing to leave his securities for safekeeping is assigned an individual depo account, just as it happens with ordinary savings, trading and settlement accounts.

The only thing that will be credited to the depo account will be not currency, but securities. And its main measure is not the amount of money, but the specific number of units of a particular asset (stocks, bonds, etc.).

The client can manage his depo account and the assets stored on it at his own discretion, using the interface and softwareprovided by the company by the depositary. Again, the management of such an account is not much different from operations with an ordinary cash account. The difference is only in units.

Zerich custody service

And here is the very offer that seemed to our team the most preferable of several dozen options. It comes from the brokerage company Zerich, which specializes in operations with the stock market and has a professional license to carry out depository activities.

We chose this company for a number of reasons. Firstly, the combination of brokerage and custody services, available to Zerich clients, can significantly save time on all operations related to securities. They can be produced, as they say, without leaving the checkout. Purchased a package of shares - immediately, without leaving personal account, transferred them for storage.

Secondly, significant savings in commission costs, as well as costs associated with the registration of a new owner of securities.

Thirdly, the broker, which has all the capabilities and functionality to carry out a full range of operations with securities, guarantees you timely payment of dividends and compliance with all the deadlines set aside for asset re-registration operations. Which is logical, considering the purchase that is being made through his platform.

Zerich offers its clients the following services:

Accounting and fixing of ownership rights to securities.
Execution of client orders related to the pledge of securities and all forms of settlement on them.
Opening a full-fledged depo account for certificates of ownership of securities.
Assistance in all operations related to the exercise by shareholders of their rights to securities, including: transferring dividends and interest on shares to the client's account, information Support and support at all stages.
Representing the client's interests at meetings of shareholders (if necessary).
The control primary documentationassociated with the change of ownership of securities, "tracking" of purchase / sale transactions.
Consulting services related to filling out documents and much more.

There is also a detailed agreement for depository services, with the rights and obligations of the parties specified in it, as well as the client regulations with all provisions that somehow relate to the client.

The agreement is freely available and no additional operations are required to download it.

As for the tariffs for depository services, they are also listed on the official website and client regulations, and their size is small and quite reasonable.

Summing up, I will say that if you work with securities, no matter what type they belong to, it is rather difficult to do without depository services, because it allows you to greatly simplify all the procedures associated with them, and quietly make a profit, without being distracted by "paper" issues.

Best regards, Nikita Mikhailov

Custody service is a kind of commercial servicesthat are associated with storage as well as with operations to change their owner. An organization that is licensed to carry out depository activities enters into an agreement with a shareholder who transfers its assets to it for safekeeping. as well as investments of funds, they have nothing to do with depository services, despite the fact that these concepts are consonant.

What does the depositary services mean?

Safekeeping of securities

According to the custodian who wishes to transfer his securities for safekeeping to the depositary organization, an individual account is assigned in the same way as is done with ordinary checking and savings accounts. Only securities are credited to the account in this case, and not cash. And the unit of measurement here is precisely certain assets, and not a specific amount of currency. Bank 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 depositary organization. These transactions are also very similar to those that are carried out in relation to ordinary accounts. What are the service rates?

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

Depository services

Custody services for individuals and legal entities include:

account opening and maintenance;
registration of ownership rights to various types of securities and their storage;
depositary transfers of these assets at the request of the client, as well as transfers of bills of exchange;
registration of pledges of securities for 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 in order to ensure property transactions;
payment of profit on securities;
redemption of coupons of securities;
other services that may be related to account management.

Benefits of depository services

These benefits include:

the possibility of unimpeded implementation of depository transfers to any region of the country;
a wide range of securities;
storage reliability;
reduced maintenance costs.

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

About securities

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

Banking services provided to legal entities

Bank 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 is much higher here. These services include:

Lending. Loans are the most convenient way out for those entrepreneurs who are experiencing significant financial difficulties in purchasing any movable property, equipment or real estate to carry out their business objectives. The parameters and forms of granting loans to them may also differ significantly, it depends on the level of relations between the bank and this organization, on the form of ownership and on the scope of activity of a particular entrepreneur.
Deposit services. In this service, there are also differences between deposits for individuals and imply the accrual of interest income on free funds. legal entity, and additional conditions for such charges are usually negotiated in advance with each specific client of the bank. The depository service is very convenient.
Maintenance of current accounts. This service may not be a single one, but even complex. When servicing the accounts of organizations, a high speed of settlement and monetary transactions, as well as their high quality, is implied. This area includes a service to optimize cash management operations.
Service, as well as the issue of plastic cards. Usually this service involves the maintenance of the so-called payroll accounts.
Investment. In this case, a 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 is entitled to a deferred payment. This service is very convenient for those enterprises for which it is a standard practice.
Various operations related to documents. These can be international transactions carried out in order to minimize the risks arising from the implementation of foreign economic activity.
Cash collection. This service consists in timely transportation, as well as the safety of funds or other valuables.