Republican Central Securities Depository

Establishment of Correspondent Relationships with Foreign Depositories

In accordance with the Decree of the Ministry of Finance of the Republic of Belarus of September 4, 2009 № 110 "On Some Issues of the Establishment of Correspondent Relations by the Central Securities Depository in the Republic of Belarus" (hereinafter - the Decree) RUE "RCSD" subject to agreement with the Ministry of Finance of the Republic of Belarus is allowed to establish correspondent relations with foreign securities depositories which meet the following requirements: 

  • implementation of depository activities by the foreign depository for at least 3 years;
  • if there is the special permit (license) for depository activities, which expires no earlier than one year from the date of the contract for establishment of correspondent relationships;
  • in the presence of the foreign depository’s permanent office in the state where the depository is registered.

The contract for establishment of correspondent relations with the foreign depository shall contain the following terms: 

  • prohibition on transfer of securities, registration of rights to which is carried out by the foreign depository except for bonds which will be placed outside the territory of the Republic of Belarus, to other depositories except the depositories having established correspondent relations with the Central Depository;
  • prohibition on entering into  foreign depository contracts for  depository service for the Belarusian issuers, except contracts for depository service for issuers of bonds, which will be placed outside the territory of the Republic of Belarus;
  • obligation of the foreign depository to provide information on the securities owners,  information on the nominee accounts of the securities owners and the transactions on the accounts to the legal entities and individuals who are entitled to request confidential information on the depositor from the Belarusian depositories.

In accordance with the Decree, the transfer of securities of Belarusian issuers to the correspondent nominee account of the foreign depository which has established correspondent relations with the Central Depository shall be carried out after obtaining the permission of the Securities Department of the Ministry of Finance of the Republic of Belarus with the consent to such transfer and (or) of the Republican body of the State Administration, other state organization subordinated to the Government of the Republic of Belarus, the issuer is subordinate to or forms part of.