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Domestic Fund Services
Deutsche Bank Ltd. offers specialized depository services pursuant to License No. 22-000-1-00060 dated 25.01.2005, issued by the Federal securities market regulator of the Russian Federation for the operations of a specialized depository for investment funds, unit investment funds and non-government pension funds.
Specialized Depository offers its services for the following types of funds:
- Unit investment funds (UIFs) of all categories
- Joint-stock investment funds (JSIFs)
- Non-government pension funds (NGPFs)
Deutsche Bank specialized depository offers:
1. A complete range of custody services:
- Centralized accounting for, and safekeeping of, all types of securities comprising a fund's assets (Deutsche Bank Ltd. Custody Division runs an extensive network of correspondent relations with major Russian registrars, custodians and clearing centers in Russia and abroad)
- Re-registration of ownership rights
- Opening and maintaining trading sub-accounts of securities accounts with clearing depositories for securities-related payments after the exchange trading
- Support of the issuers' corporate actions (assistance in exercising rights related to securities comprising the fund's assets; transfers of dividends, interest and other income on securities comprising the fund's assets; posting the transactions related to reporting all the corporate actions undertaken by issuers on securities accounts in the depository accounting system; regular provision of information on shareholders meetings, amount and time of the dividend payments to the customers)
2. Exercise of control functions with respect to the operations of unit investment funds and joint stock investment funds pursuant to the applicable FFMS requirements, such functions being performed, inter alia, in the following areas:
- Submission by the management company of copies of all source documents related to the operations conducted with the Fund’s assets
- Monitoring the management of the fund's assets
- Control over the calculation of the net asset value and the investment unit price
- Monitoring the investment operations of the management company
- Monitoring the transactions involving the investment units, including the timeframe of the transactions, the accuracy of calculation of the number of investment units and/or monetary funds due to the unit holders
- Monitoring the payment of remuneration to the Managing Company, Specialized Depositary, auditor, assessor, and payment of other expenses chargeable to the Fund’s assets
- Other controlling functions depending of the type of the fund
3. Exercise of control functions with respect to the placement and investment of pension reserves by Non-Governmental Pension Funds and managing companies, such functions being exercised, inter alia, in the following areas:
- Submission by the Fund of all documents related to operations with pension reserves
- Conduct of operations on the Fund’s bank accounts, to the extent that such operations are related to the disposal of cash comprising pension reserves
- Placement of cash on bank deposits
- Conduct of investment operations
- Compliance of the composition and structure of the Fund’s assets with the requirements stipulated by the applicable laws and regulations and by the Pension Reserves Placement Plan
- Compliance with the applicable requirements to the composition of reserves in terms of the yields generated by investments
- Compliance with the applicable requirements to the composition of reserves in terms of the risks associated with investments
- Distribution of income received from the placement of pension reserves
4. Maintaining registers of UIF unit holders:
- Opening and maintenance of personal accounts of registered persons
- Re-registration of ownership rights of investment units
- Making credit and debit entries in respect of the issuance, redemption and exchange of investment units
- Keeping record of charges and encumbrances on investment units
- Calculating the number of investment units during their issue and exchange
- Calculation of the amount of monetary funds payable in connection with the redemption and exchange of investment units
- Day-to-day monitoring and matching of the monetary amounts credited to the account (accounts) of the unit investment fund in payment for the investment units with the applications received by the specialized depository
- Issuance of statements, notices and other information on requests of registered persons
- Daily electronic transmission of information concerning the execution of transactions in the unit holders register to the management company, in formats agreed upon with the management company
- Collection of data required for the preparation by the management company of reporting mandated by the current statutory acts and the regulations adopted by the FSFM of Russia and their transmission (including electronic transmission) to the management company
Additional services for management companies:
- Provision of advisory services to management companies, including those relating to drafting and amending the trust management rules of a unit investment fund
- Collection of information concerning the amounts due to registered persons as income on the investment units, the amount of tax deductible from the income of the registered persons and payable to the state budget, transmission of such information to the management company
- Calculation of fees payable to management company and the issuance, redemption and exchange agents based on surcharge and discount rates
- Ensuring the management company's technical capability to meet requests for unit acquisition, redemption and exchange, as well as other instructions of the registered persons
- Advising management company and agents' staff on the matters of meeting the requests for unit acquisition, redemption and exchange and issues relating to the provision of service to registered persons
Other offered services include the following:
- Generation of any forms of special reports and their provision to the management company
- Setting up electronic data exchange over secure communication channels based on the electronic document flow system and the use of digital signatures
Operating principles:
- Integrated service philosophy and flexible rates policy
- Reliability and quality assurance
- Use of state-of-the-art technologies
- Separation of the custody business line from the business lines of professional broker, dealer, trustee or credit institution
- Privacy of customer information and confidential treatment of information on securities held in customer accounts
- Excellent professional skills and expertise of the staff
Information about the order and conditions of exchange by electronic documents
While exchanging the documents in electronic-digital form with electronic-digital signature the Specialized Depository uses the system of electronic document circulation NDC (SEDC NDC “Luch”).
SEDC NDC “Luch” provides cryptographic protection of electronic documents and possibility to use electronic-digital signature, the certifying center is close corporation “MMVB”. The information about joining SEDC NDC can be found in the Internet: www.ndc.ru (in the section EDC).
In case of joining SEDC NDC, to exchange electronic documents with the Specialized Depository is necessary to sign a contract (an agreement) where the format of documents (documents in graphic format which were scanned from respective hard-copy documents or electronic documents in the format which was worked out by limited corporation “Deutsche Bank”), the list of documents, the time of processing and conducting the operations and other peculiarities of cooperation will be defined.
[E-docs Exchange Agreement]
For additional information about Specialized Depositary Operations, contact the following Deutsche Bank Ltd. employees:
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Contact information
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Natalia Karasyova
Head of the Specialized Depository
Tel: (+7 495) 797 50 00
Fax: (+7 495) 797 50 17
[db.moscow@db.com]
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Larisa Borisova
Head of the Specialized Registrar
Tel: (+7 495) 797 50 00
Fax: (+7 495) 797 50 17
[db.moscow@db.com]
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Info
Domestic Fund Services is an important element necessary for Unit Investment Funds, Joint Stock Investment Funds and Non-Governmental Pension Funds work. It is responsible for the safekeeping and registration and also for the disposal of investment fund assets.
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