The mechanism of deposit operations. Deposit operations
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Ministry of Education and Science Russian Federation
Federal State Budgetary Educational Institution
higher professional education
"Altai State University"
College of Altai State University
Course work
Organization, registration and accounting of depository operations of the bank
Barnaul 2012
INTRODUCTION
1.4 Procedure for registration of deposit operations of the bank
2. ANALYSIS OF DEPOSITARY OPERATIONS
2.1 Legal and regulatory framework for the regulation of bank deposit operations
2.2 Analytical and synthetic accounting of depository operations of the bank
2.3 The mechanism for conducting and accounting for depositary operations on the example of OJSC "Sberbank of Russia"
3. PROBLEMS AND PROSPECTS FOR THE DEVELOPMENT OF DEPOSITARY OPERATIONS OF BANKS IN RUSSIA
3.1 Problems of organization of depositary operations of banks in Russia
3.2 Prospects for the development of depository operations of banks in Russia
CONCLUSION
LIST OF USED LITERATURE
INTRODUCTION
To date, depository operations are relevant in the activities of the bank, since customers are quite actively transferring securities for storage and accounting, trust management, brokerage operations, etc., and banks, respectively, receive income from depository operations and accept securities as collateral on issued loans, which makes it possible in the event of a loan default to quickly turn securities into cash, provided that these are securities of reliable issuers with a stable financial position. From the foregoing, we see that depository operations are beneficial for banks in all respects. The presented course work will consider a topic devoted to the study of theoretical and practical aspects of the organization, registration and accounting of depository operations in credit institutions in modern conditions.
The purpose of writing this course work is to study the issue of operations of commercial banks with securities, and specifically about depository operations, accounting for these operations, accounting principles, the mechanism of conducting, the features of accounting in the market valuable papers, problems and prospects for the development of this type of operations in Russia.
From a specific goal in the presented course work, the following tasks were set and solved: to consider the procedure for registration and accounting of depository operations in credit institutions in modern aspect in theory and practice; to study the organization of depository operations and the mechanism of their conduct in credit institutions from the point of view of modern legislation; formulate conclusions and recommendations on the work done.
The solution of the tasks set in the work is carried out using the following methods: consideration of theoretical and practical material on the organization, registration and accounting of depositary operations in credit institutions, the procedure for their registration and participants; analysis of the received theoretical and practical materials; method of summarizing the information and materials obtained, conclusions.
The object of study of this course work is a complex of economic relations for the implementation of depositary operations in credit institutions.
The subject of the work is depositary operations, their organization and accounting, both analytical and synthetic.
The work structure is as follows - course work consists of an introduction, three chapters, a conclusion, a list of references and appendices.
In the course work, the works and teaching aids of Russian authors were used: Kolesnikov V.I., Platonov V., Golovin Yu.V., Lavrushin O.I., Beloglazova G.N., Chelnokov V.A. and etc.
depository bank accounting
1. ESSENCE OF DEPOSITARY OPERATIONS AND THEIR REGISTRATION IN THE BANK
1.1 The concept and essence of bank deposit operations
In accordance with the federal legislation "On the securities market" and the Regulations "On depositary activities", the following are the terms that will be mentioned in the text of the course work:
Depositor - a legal or natural person who has entered into a depository, inter-depository agreement or an agreement with a trustee with a depository. The Depositor may be the Owner, Depository-Depositor, Pledgee, Trustee, Issuer.
Owner - a natural or legal person who owns the securities on the basis of the right of ownership or other real right, and who uses the services of a depositary on the basis of a depository agreement to carry out depositary activities. The owner can also be a company or its branch (subdivision), which takes into account securities owned by the company on the basis of ownership, other real rights.
Depository-Depositor - a legal entity that is a professional participant in the securities market, carrying out depositary activities, using the services of a depository on the basis of an inter-depository agreement for carrying out depository activities and acting as a Nominal holder of the securities of its depositors.
Issuer (Person that issued the Security) - a legal entity, or executive authorities, or bodies local government, bearing on their own behalf obligations to the owners of securities to exercise the rights secured by them.
Trustee - a professional participant in the Securities market, carrying out trust management securities transferred to him for a certain period of time and belonging to another person, in the interests of this person or third parties indicated by this person on the basis of a license to carry out activities in the management of securities and / or a license to carry out activities in the management of investment funds, unit investment funds and non-state pension funds. A trustee may also be a company or its branch (subdivision) that takes into account securities transferred to the company for trust management or for other operations.
Pledgee - a legal or natural person to whom, in the manner prescribed by these terms and conditions, securities are transferred as security for any obligations under a pledge agreement or other agreement. The pledgee may also be a company or its branch (subdivision) that takes into account the securities transferred to the Company as security for any obligations under the agreement.
Authorized person - a person who has the right to represent interests, as well as submit and sign documents initiating depositary operations, on the basis and within the framework of a power of attorney issued to him by the depositor.
Trustee of the Depo Account - a person to whom the depositor, on the basis of an agreement between the depositor and the trustee of the Depo Account (hereinafter referred to as the "Client Trustee Agreement") and a power of attorney, has been delegated the authority to dispose of securities and exercise rights under securities that are held and/or the rights to which are recorded in the depository. Only persons who have a license as a professional participant in the securities market can act as trustees of Depo accounts. The Custodian of the Depo Account shall be obliged to conclude with the depository an agreement between the Custodian and the Custodian of the Depo Account (hereinafter referred to as the "Trust Agreement").
Operator of the Depo Account (Section of the Depo Account) - a legal entity that is not the owner of the Depo Account, but has the right, on the basis of the authority received from the depositor, to give instructions to the depository to perform depository operations on the Depo Account (Section of the Depo Account) of the depositor within the powers established by the depositor and the depository agreement.
Depo Account (Depo Account Section) manager - a natural person acting on behalf of a depositor, custodian of the Depo Account or Depo Account (Depo Account Section) operator and authorized on the basis of the charter or, in case the Depo Account ( Section of the Depo Account) is not entitled to act without a power of attorney, on the basis of a power of attorney, to sign documents initiating depository operations on the Depositor's Depo Account.
Depositary accounting (accounting for depositary operations) is understood as accounting for securities in order to reflect complete and reliable information about securities in the context of their owners, places of storage and depository operations applied to them.
Maintaining depositary accounting is assigned by the management credit institution to the accounting department or a special unit by issuing an appropriate order. All depositary operations conducted by a credit institution with emissive securities must be reflected in its depository accounting, this rule applies to securities owned by a credit institution and to securities transferred by depositors for safekeeping, recording ownership rights, trust management, as well as for the purpose of carrying out brokerage operations.
The basis for making postings on personal depo accounts that record securities belonging to a credit institution, transferred by clients for brokerage operations and trust management, are primary documents of the credit institution's divisions responsible for carrying out relevant actions with securities. These documents are drawn up based on the results of securities transactions carried out by the credit institution. The basis for making postings on the balance sheet are the same primary documents and the depositary's report on the completed posting on depo accounts.
A depo balance is a depositary's report on the status of synthetic depo accounts, compiled as of a certain date. The balance sheet is drawn up in the prescribed form and contains a complete list of synthetic depo accounts included in the chart of accounts, indicating the number of securities of each issue assigned to this account.
Accounting for securities on depo accounts is carried out in pieces; additionally, it is allowed to keep records in those units in which the par value of securities of a given issue is determined. Securities on depo accounts are accounted for on a double-entry basis:
By depot liabilities - in the context of owners;
By depot asset - in the context of storage locations.
In addition to depo accounts, for the organization of accounting within the framework of a depo account, personal accounts are opened, which are the minimum indivisible structural unit of depository accounting. The personal account holds securities of the same issue with the same set of allowable depositary operations. The opening of a personal account takes place within the framework of a depo account (including within the framework of a depositor's depo account) and does not require the conclusion of a separate agreement between the depository and the depositor. When opening an account, a registration card is filled in for it, which is placed in the file of personal accounts of the depo account, and each personal account is compared with a synthetic account, which reflects the securities on this personal account. To save information about transactions made with personal account two journals are maintained: an operating journal and a turnover journal. The set of personal depo accounts, depositary operations with which are regulated by one document, is called an accounting register. A depo account section is opened within a depo account and a unique code is assigned to the section.
1.2 Classification of depository operations of the bank
Depending on the nature of the actions performed, three classes of operations are distinguished: administrative, accounting and information operations.
Administrative operations - operations that affect the change of entries in the depo account questionnaire and other directories. In this case, the transaction record of the depo account itself does not change. Administrative activities include:
Opening and closing of a depo account. Opening an account - depositing accounting registers the depository of comprehensive information about the client (depositor) and its authorized persons, allowing to carry out operations in accordance with the Regulations of the depository. Opening a depo account is not necessarily accompanied by an immediate deposit of securities into it. Closing of a depo account - making entries in the accounting registers of the depositary that ensure the impossibility of carrying out any operations on this account. The basis for closing a depo account is the instruction of a depositor or a person authorized by him. The account may also be closed at the initiative of the depository in cases stipulated by the terms of depositary activities and the current legislation. A depo account can only be closed with zero balances of securities. By closed account no operations other than informational operations can be performed. A closed account cannot be reopened.
Appointment of the manager - entering into the accounting registers of the depository of comprehensive information about the person appointed by the client as the operator of the depo account. A depositor may appoint a depository account operator who has the right to issue instructions for the execution of custody operations within the scope of authority established by the agreement or power of attorney.
Acceptance of a new type of securities for servicing and withdrawal of any type of securities from servicing.
Making changes to the questionnaires means registering with the depository a change in the data on the person who is a depositor or operator of a depo account/depo account section.
Administrative operations are recorded in a special journal, and based on the results of their implementation, all necessary reporting can be issued and appropriate commissions charged.
Accounting operations- transactions related to the transfer of ownership of stored securities, with a change in the status of stored securities or their physical movement. Accounting transactions change the transaction records of custody accounts. If the accounting operation is performed for the first time, then a new subaccount is opened. If an accounting transaction is carried out on an already existing sub-account, then it only changes its contents (account balance and number in the Transaction Journal) or leads to the creation of a new transaction entry. Accounting operations of the depositary, in turn, are divided into four types: income, expenditure, movement, transfer. Arrival - acceptance of securities to the depository. TO credit operations includes acceptance of securities certificates from a depositor for storage in a vault; acceptance of a newly placed issue from the issuer for servicing.
Expenditure - disposal of securities from the depository. Debit transactions- these are operations related to the issuance of securities certificates from the vault into the hands of the owners; withdrawal by the issuer of the issue from servicing in connection with redemption.
Movement - the physical movement of securities certificates between different storage locations or from one Nostro account to another. Such operations include the transfer of securities certificates between vaults of one depository; transfer of securities from a Nostro account in one depository to a Nostro account in another.
Transfer - the transfer of ownership of securities between different depositors. Transfer transactions represent the transfer of ownership of securities from one depositor to another; reservation or release of securities, i.e. restriction of access to securities; pledge of securities and return from pledge.
Information operations - operations related to the implementation of requests for a specific status of operational records of the depo account, questionnaire of the depo account, directories, file cabinets maintained in the depositary, but not making any changes there. As with any operation of the Depositary, an information transaction may be registered with a refusal indicating its reason. Information operations include drawing up a statement of operations on the depositor's account for a certain period; reporting on account balances on a specific date; obtaining data on a specific depositor in order to send him data on the meeting of shareholders.
According to the requirements of regulatory documents, upon completion of the processing of the order, a report on its execution should be generated.
For the purpose of proper exercise by depositors of the rights to their securities, the depository, on the basis of concluded agreements, provides the following types of services:
Accounting and certification of rights to securities, accounting and certification of the transfer of securities, encumbrance of securities with obligations;
Opening and maintenance of a depo account for each depositor;
Carrying out operations on depo accounts.
The Custody Department is also entitled to provide related services:
Verification of certificates of securities for authenticity and solvency;
Implementation of collection of certificates of securities;
Implementation of withdrawal from circulation and destruction of certificates of valuable
securities in accordance with federal laws;
Tracking corporate actions of the issuer, informing the depositor about these actions and possible negative consequences;
Implementation of the operation of re-registration of property rights, etc.
Thus, there are three types of depository operations: administrative, accounting and information. To ensure the efficiency of the depositary's activities, these operations must interact with each other, since each of them is a component of the transaction.
1.3 Participants of depositary operations of the bank and their brief description
Participants of depository operations are a depository - a legal entity professionally engaged in depository activities, and a depositor - a client - a person using the services of a depository for safekeeping of securities and/or recording rights to securities. The relations entered into by the depositor and the depository are formalized by a depository agreement (deposit account agreement).
A depository is a legal entity that has a license to carry out depositary activities, in its activities is guided by federal laws and other regulatory legal acts, orders, regulations and instructions of the Bank of Russia, as well as an agreement with a client. Depositories can be of several types: global depositories (custodians) and regional depositories (sub-custodians, sub-depositories); central depositories and their agents in the field.
Global (international) depository organizations - custodians are used by institutional funds in order to receive a wide range of services for the storage and administration of the funds' assets. In modern conditions, custodial activity is based on the ability to provide integrated banking services. In particular, custodial institutions should provide facilities for making cash payments. Global depository organizations (custodians), which are non-banking institutions, are forced in this regard to use the services of attracted banking structures. Global depositories (custodians) usually play the role of intermediaries in the investment process, involving regional depositories - sub-custodians, integrated into the sub-custodian network, to provide depository services.
Sub-custodians (sub-custodians) usually provide retail custody services that support the activities of international depositories (custodians). In performing their main functions, sub-custodians (sub-custodians) often establish direct relationships with end investors in securities.
The next type of depository organizations is central depositories, which can be conditionally divided into international and national ones. International CSDs include Cedel and Euroclear. They carry out the delivery of securities against payment, clearing and settlement of securities, crediting clients with securities and cash secured by securities, and provide brokerage services. Membership rules in international depositories limit the ability of institutional funds to directly participate in them, although asset managers may be members of these organizations.
National central depositories currently exist in most of the developed financial markets of the world. They provide services for the supply of securities against cash payments. Membership opportunities in central national depositories are usually provided only for banking and brokerage organizations, which turns them into wholesale depository organizations. The types of depositary services and operations provided by national central depositories are usually very limited and differ significantly in financial markets, which makes direct use of the services of central depositories outside of any country practically impossible.
It is important to note that the issuer of securities must choose ("accredit") only one depository, which will confirm to him the rights of other persons enshrined in securities. Such a depository is conventionally referred to as the "lead registering depository", in domestic legislation it bears the name of the registrar. Each issuer must have only one head registrar for all issues of its securities, unless otherwise specified by the regulatory authorities. The head depository performs the following actions:
a) enters into an issuing depo account agreement with a client;
b) keeps one copy of the global single (total) certificate of the issue of securities on the basis of the issuance account "depo" agreement, may store single or summary certificates;
c) takes into account the rights to securities owned by sub-depositories;
d) keeps records of the rights to securities of sub-depositors, to whom the securities are transferred for trust management, according to the "depo" account in trust management, and management company management of pension savings;
e) take into account in total on the correspondent "depo" account of the sub-depository the rights to securities of all depositors that have the owner's "depo" account and (or) the "depo" account in trust management of the sub-depository;
f) have the right to take into account in aggregate the rights to securities on the "depo" correspondent account of a specialized depository that records the rights to bonds acquired as a result of investing pension savings.
In turn, a sub-custodian is an organization that records the rights to securities of owners who are not sub-custodians on the owner's "depo" account and can store single and (or) summary certificates; has entered into a correspondent account "depo" agreement with the head depository for accounting in the aggregate of rights to securities accounted in this sub-depository; is not entitled to open "depo" accounts with other sub-custodians or for other sub-custodians; and keeps records of the rights to securities of depositors who are not sub-depositors and to whom the securities have been transferred for trust management, according to the "depo" account in trust management.
In order to transfer rights to securities between depositors who have entered into agreements with different depositories, these depositories must be in contractual relations with each other - directly or indirectly. Such relations are called "inter-depository" relations, and the agreements concluded to maintain them are called "agreements on inter-depository relations". For each issue of securities between the head depository and any other depository that has entered into agreements with the owners of the same securities, there must be an "accreditation" relationship - either directly or through other depositories. "Accreditation" relations are relations that mediate the transfer of information that allows confirming the rights of owners: "from below" from the depositories that have concluded depository account agreements with the owners - "up", to the head depository, they are drawn up by special agreements.
In carrying out its activities, the depository is obliged to develop and approve the conditions for the implementation of depository activities, which must contain information relating to: operations performed by the depository; the procedure for the actions of the clients and the personnel of the depositary when performing these operations; grounds for conducting operations; samples of documents to be filled in by clients of the depository; samples of documents that clients receive in their hands; timing of operations; tariffs for depository services; procedures for acceptance for servicing and termination of servicing the issue of securities by the depository; the procedure for providing depositors with statements from their accounts; the procedure and terms for providing depositors with reports on transactions performed, as well as the procedure and terms for providing depositors with documents certifying rights to securities.
A depositor is a natural or legal person who uses the services of a depository on a contractual basis to carry out depositary activities. Thus, a depository's depositor may be a legal or natural person who owns securities by right of ownership or other real right (the owner of securities), as well as another depository, including acting as a nominal holder of its clients' securities. The clients of the depository may also be securities pledgees and securities trustees. A depository or its branch accounting for securities owned by the depositary by the right of ownership or other real right, as well as transferred to the depositary for trust management or for carrying out other operations, may also be a depositor.
The depositor may transfer the authority to dispose of securities and exercise rights under securities held or rights to which are recorded in the depository to another person - the account custodian. Persons holding a license as a professional participant in the securities market may act as such trustees. An agreement must be concluded between the account custodian and the depository establishing their mutual rights and obligations.
There is another type of participants in depository relations - the operator of the "depo" account section, - this is a legal or natural person who is not a depositor on this "depo" account, but who has the right to give instructions to perform operations on one or more sections of the depositor's "depo" account on the basis of authorization received from the depositor, or under federal laws.
1.4 Mechanism for conducting and recording depositary operations
Relations between the depositor and the depositary begin with the conclusion of the depository agreement. The subject of the depository agreement is the provision by the depositary to the depositor of services for the storage of securities certificates, accounting and certification of rights to securities by opening and maintaining a depositor's "deposit" account by the depositary, and performing operations on this account. The subject of this agreement is also the provision by the depositary of services facilitating the realization by the owners of securities of the rights to the securities they own, while the depository provides services for the storage of securities certificates, accounting and certification of rights to securities, if the securities are issued in documentary form. If securities are issued in non-documentary form, the depository provides services for accounting and certification of rights to these securities.
The depository agreement between the depositor and the depository must be concluded in a simple writing, moreover, the depository is obliged to approve the conditions for the implementation of depository activities by him, which are an integral part of the concluded agreement. The conclusion of a depositary agreement does not entail the transfer to the depository of the ownership of the depositor's securities. Thus, the depository does not have the right to dispose of the depositor's securities, manage them or carry out on behalf of the depositor any actions with securities, except for those carried out on behalf of the depositor in cases provided for by the depository agreement, but he bears civil liability for the safety of securities certificates deposited with him papers.
The deposit agreement must contain the following essential terms:
a) definition of the subject of the contract: provision of services for the storage of securities certificates and / or accounting for rights to securities;
b) the procedure for the depositor to transfer to the depository information on the disposal of the depositor's securities deposited with the depository;
c) the duration of the contract;
d) the obligations of the depository, the amount and procedure for payment for its services;
e) the form and frequency of reporting by the depository to the depositor;
The conclusion of a depository agreement provides for the proper performance of all of its obligations, both by the depository and the depositor.
The obligations of the depository in the course of carrying out depositary activities consist in registering the facts of encumbrance of the depositor's (depository's client's) securities with obligations; maintaining a separate "depo" account of the depositor (client) with the obligatory indication of the date and reason for each transaction on the account; and transfer to the depositor of all complete information about securities received by the depository from the issuer or the holder of the register of securities owners.
After the conclusion of the depository agreement, the depository performs all transactions with securities of clients (depositors), but only on behalf of these depositors or persons authorized by them, including trustees of "depo" accounts, and within the time period established by the depository agreement. The depository makes entries on the customer's (depositor's) depo account only if there is primary documents, which are the basis for making such entries (instruction of the depositor or a person authorized by him that meets the requirements of the depository agreement; as well as other documents confirming the transfer of rights to securities in accordance with existing laws and other legal acts).
For the purposes of the proper exercise by the holders of securities of the rights to the securities they own, the depositary is obliged, first of all:
Take all the actions provided for by the depositary agreement, necessary for the implementation of the rights of the owner under the securities;
Ensure proper storage of securities certificates and depositary accounting documents, the storage of which is necessary;
Provide the issuer or registrar with the necessary securities certificates, including redemption certificates, coupons, and other income documents providing for payment upon presentation;
Ensure owners exercise the right to vote on general meetings shareholders in the manner prescribed by the depository agreement;
Take all measures provided for by the agreement and the law to protect the rights of a bona fide purchaser to the securities belonging to him and to prevent the seizure of securities from a bona fide purchaser;
Ensure, on behalf of the client (depositor), in accordance with the concluded depository agreement, the transfer of securities to the depo accounts specified by the depositor, both in this depository and in any other depository, while transferring the client's (depositor's) securities to another depository specified by the client ( depositor) is not carried out in cases when another depository cannot service this issue of securities only on legal grounds;
Ensure, on behalf of the depositor, the transfer of registered securities to the personal account "depo" in the register of holders of registered securities;
Ensure the acceptance of securities transferred to the accounts of clients (depositors) from other depositories or directly from the registrar;
Ensure the acceptance of securities certificates for storage, while the depository is obliged to ensure the control of the authenticity of securities certificates accepted for storage, as well as that the deposited securities certificates are not declared invalid, stolen, not wanted, not included in the stop lists by issuers , law enforcement or state regulation securities market;
Take all measures provided for by federal laws and other regulatory legal acts to protect the interests of clients (depositors) in the course of corporate actions by the issuer;
When the issuer compiles the lists of holders of registered securities, transfer to the issuer or registrar all information about clients (depositors) and securities of clients (depositors) necessary for the exercise of the rights of owners: receiving income from securities, participation in general meetings of shareholders and other similar rights; transfer to the issuer all the information on bearer or order securities accounted for on the accounts of clients (depositors) necessary for the holders to exercise their rights under securities in the manner prescribed by law and the depository agreement, etc.
The depository shall be liable for non-fulfillment or improper fulfillment of its direct obligations to record rights to securities, including for the completeness and correctness of entries made on depo accounts. The depository may also render services to the depositor (client) related to the receipt of income from securities and other payments due to the holders of securities.
The depository is also entitled, under the concluded agreement with the depositor, to provide him with related services, for example, maintenance of cash, currency and multicurrency accounts of clients related to the conduct of transactions with securities and the receipt of income from securities; verification of securities certificates for authenticity and solvency; collection and transportation of securities certificates; withdrawal from circulation, redemption and destruction of certificates, etc.
In carrying out its activities, the depository must ensure the confidentiality of information about the "depo" accounts of the clients (depositors) of the depositary, including information about the operations performed on the accounts and other information about the clients (depositors) that became known to him in connection with the implementation of the depositary activities. In case of disclosure of confidential information about depositors' depo accounts, clients whose rights have been violated have the right to demand compensation from the depository for damages caused in accordance with a certain procedure.
Thus, information about the "depo" accounts of clients (depositors) can be provided only to the clients themselves, their authorized representatives and the licensing authority within its powers. The licensing body, within the framework of its powers, constantly monitors the activities of depositories (the depositary provides for verification - reporting on depositary operations; documents of the depositary submitted upon request; verification of activities, etc.).
If the facts of carrying out depositary activities in violation of the requirements of laws and other regulatory legal acts are revealed, the licensing authority has the right to apply sanctions and measures to such a depository provided for by laws and other regulatory legal acts, including suspending or even canceling the depositary's license as a professional participant in the securities market for depository activities.
2 ANALYSIS OF DEPOSITARY OPERATIONS
2.1 Regulatory framework for regulating custody operations
Depository activities of credit institutions are regulated by the following regulations:
"Rules for keeping records of depository operations of credit institutions in the Russian Federation" determine the procedure and scope of application of the rules for conducting depository operations; terms and concepts related to the accounting of custody operations; general principles accounting for depository operations; analytical and synthetic accounting of depository operations, this regulatory act also refers to the rules for the formation of a control code and recommendations for coding depo accounts, provides a plan of synthetic accounting accounts for accounting depository operations, a brief description of the purpose of synthetic depo accounts and the procedure for reflecting depository operations on synthetic accounts.
The Regulations “On Depository Activities in the Russian Federation”, which defines the basics of depository activities, depository activities in the securities market, the object of depository activities is defined by this provision as equity and non-equity securities, the conditions for the implementation of depository activities, the rights and obligations of the depositary, the content and conditions of the depository agreements, the procedure for conducting depository accounting, existing depository operations, related services of the depository, control over depositary activities, requirements for the implementation of depositary activities and some other issues.
Decree of the Federal Commission for the Securities Market of October 16, 1997 No. 36 “On Approval of the Regulations on Depository Activities in the Russian Federation, Establishing the Procedure for Enacting it and the Scope of Application”. In this resolution, the FCSM, in agreement with the Central Bank of the Russian Federation and the Ministry of Finance of the Russian Federation, decides to approve the Regulations developed on the basis of the “Report on conceptual approaches to the place and role of depository activities in the modern securities market” and establishes the procedure for putting the Regulations into effect.
Accounting Rules in Credit Institutions Located on the Territory of the Russian Federation No. 61 dated 01.01.98. The rules are developed in accordance with the requirements of the Civil Code of the Russian Federation, the Federal Law of the Russian Federation "On the Central Bank", "On Accounting" establish uniform legal and methodological foundations organization and accounting, mandatory for all credit institutions in the territory of the Russian Federation.
CBR Regulation No. 19-P “On the procedure for granting loans to banks secured by government securities by the BR” determines the general conditions for granting and repaying loans to the BR, the specifics of granting and repaying certain types loans (lombard, "overnight", "overdraft"), depository operations in the provision and repayment of loans to the BR, the procedure for obtaining the status of an authorized depository, accounting for operations to provide the BR with loans to banks secured by the pledge of government securities.
List of other legal acts regulating the activities of depositories:
1. Federal Law No. 39-FZ of April 22, 1996 “On the Securities Market”;
2. Federal Law No. 46-FZ of 05.03.1999 “On Protection of the Rights and Legitimate Interests of Investors in the Securities Market”;
3. Decree of the Federal Securities Commission of Russia No. 46 dated November 10, 1998 “On approval of the Regulations on the procedure for terminating the performance of the functions of a nominal holder of securities”;
4. Decree of the Federal Securities Commission of Russia dated May 22, 2003 No. 03-28/ps “On the Procedure for Recording Additional Issues of Equity Securities in the Accounting System and Cancellation of Individual Numbers (Codes) of Additional Issues of Equity Securities”;
5. Order of the Federal Service for Financial Markets of Russia dated March 21, 2006 N 06-29/pz-n “On Approval of the Regulations on the Internal Control of a Professional Participant in the Securities Market”;
6. Order of the FFMS of Russia dated September 29, 2005 N 05-43/pz-n “On Approval of the Methodology for Calculating Own Funds professional participants securities market";
7. Order of the Federal Financial Markets Service of Russia dated April 24, 2007 N 07-50/pz-n “On Approval of Equity Capital Adequacy Standards for Professional Participants in the Securities Market, as well as Management Companies investment funds, mutual investment funds and non-state pension funds” (as amended by Order No. 07-112/pz-n of the Federal Financial Markets Service of Russia dated December 25, 2007);
8. Order of the Federal Financial Markets Service of Russia dated 06.03.2007 N 07-21/pz-n “On Approval of the Procedure for Licensing Types of Professional Activities in the Securities Market”;
9. Decree of the FCSM of Russia and the Ministry of Finance of the Russian Federation No. 33/109n dated 11.12.2001 “On Approval of the Regulations on Reporting of Professional Participants in the Securities Market”;
10. Order of the FFMS of Russia dated August 21, 2007 N 07-90/pz-n “On Approval of the Administrative Regulations for the Execution Federal Service on financial markets state function on licensing the activities of professional participants in the securities market”;
11. Order of the Federal Financial Markets Service of Russia dated 05.04.2007 N 07-39/pz-n “On Approval of the Regulations on the Procedure for Making Changes to the Register of Owners of Registered Securities and Carrying out Depository Accounting in Cases of Shares Buyout by a Joint Stock Company at the Request of Shareholders”;
12. Order of the FFMS of Russia dated April 27, 2007 N 07-52/pz-n “On approval of the List of organizations in which Russian depositories can open accounts for recording rights to foreign securities for the purpose of issuing Russian depositary receipts”;
13. Order of the Federal Financial Markets Service of Russia No. 07-105/pz-n dated October 23, 2007 “On Approval of the Regulations on Qualifications of Foreign financial instruments as securities.
2.2 Analytical and synthetic accounting of depositary operations
Accounting in credit institutions is divided into analytical and synthetic.
Analytical accounts serve for a detailed reflection of accounting objects and are maintained in the context of synthetic accounts in order to supplement and specify the data contained in them.
Synthetic accounts group accounting objects in generalized indicators. Synthetic accounting serves to control analytical accounting, as well as to compile various kinds of reporting documents.
There is a direct relationship between analytical and synthetic accounting, which is expressed as follows:
the debit and credit turnovers of the synthetic account must be equal to the corresponding totals of turnovers on analytical accounts;
the balance of the synthetic account must be is equal to the sum balances of the corresponding analytical accounts and should be the same with it in value.
The task of analytical accounting is to reflect each transaction in all the necessary details in order to have accurate data on the state of the account of each client, each type of property and obligations of a credit institution at any time.
The forms of analytical accounting registers are established by the Central Bank of Russia in accordance with the nature of funds, settlements and values recorded on a balance or off-balance account.
Analytical accounting is maintained in personal accounts, sections, cards, magazines.
For each personal account opened, a personal account registration card is created, which is placed in the personal account file; for each section, a section registration card is entered, which is stored in the filing cabinet of the depo accounts section. In analytical accounting, two journals are kept: the journal of operations - contains information about all operations during business day with securities held on a depo account; turnover log - contains information on the balance of securities on the depo account and on the movement of securities on personal accounts.
In order to maintain analytical accounting, the depository opens analytical depo accounts: depo accounts of depositors and depo accounts of places of storage. When opening a passive account, a depository agreement (depo account agreement) must be concluded between the depositary and the depositor, containing, in accordance with the current regulatory enactments, the main rights and obligations of the parties, but it may not be concluded if the depositary is a depository or if the depositor is a branch or another subdivision of the depository. In some cases, a passive depo account may be opened with a delay in the conclusion of an agreement, for example, in the case of transactions in favor of a third party or when securities are credited in favor of a client who does not have an account with a depository in his absence, but it is not allowed to write off securities from the account before the conclusion of the deposit agreement.
An active account is opened on the basis of an order from the administration of the depositary, which determines the main characteristics of the account to be opened. Opening an account is not necessarily accompanied by the transfer of securities to it; no securities may be taken into account on the account. When an account is opened, a unique code is assigned to it, and the account is registered in the depo account register. The registration log consists of 2 sections: depositors' depo accounts and custody accounts, which can be divided into subsections for the purpose of separate registration of depo accounts of different types. When opening a depo account, an account questionnaire is filled in, if the depositor did not have a depo account with the depository before, then a questionnaire of an individual or legal entity is filled in for him. The profile of the account may include the profile of its owner and, in addition to the questionnaire, a short questionnaire may be filled out containing part of the information of the full questionnaire and necessary for conducting operational work.
When an account is closed, the closing date is entered in the register, but the account is closed only if there are no securities on it. Closing of the account with zero balances is carried out on the written instruction of the depositor, but the account
can also be closed at the initiative of the depository, if no transactions were made on it within 1 year and such an account closing procedure is provided for by the regulations of the depository. A previously closed account cannot be reopened; it is also not allowed to use the codes of previously closed accounts until the account is written off to the archive.
Synthetic accounting is a generalization, a grouping of analytical accounting data for balance and off-balance accounts. It gives in monetary terms an idea of the changes in the balance sheet that have occurred under the influence of accounting records.
Synthetic accounting is carried out in summary cards, in turnover sheets, in depot balances. Consolidated cards are compiled on a daily basis on the basis of the turnover log data separately for securities issues. Summary cards of securities issues record the totals of daily turnovers and balances at the beginning and end of the trading day on synthetic depo accounts of this issue, grouped by depo asset and liability. On a quarterly basis, according to the summary cards for reconciliation of turnover, a turnover sheet is compiled, which contains, in the context of synthetic accounts with the derivation of totals for assets and liabilities, balances at the beginning of the year, turnover from the beginning of the year and balances at the end of the reporting period. The summary turnover sheet contains the results obtained by summing up the corresponding fields for all turnover sheets of securities issues.
There are three types of deposit balances:
Brief balance - is compiled daily according to the summary cards and contains the summary results for all issues of securities.
Generalized balance - compiled daily according to the summary cards, which are integral part short balance sheet and contains totals for assets and liabilities of depo accounts
Full balance - compiled monthly and provided to the institution of the Central Bank. to control the depository activities of a credit institution; made in two copies.
Until the monthly signing of the full deposit balance and the quarterly signing of the total turnover sheet these materials must be verified with checklists compiled according to analytical accounting data.
To maintain a synthetic accounting of securities held in the depositary, the chapter is used: D. Depo accounts. The plan of synthetic depo accounts looks like this:
Active accounts:
98000 Securities held with a depository;
98010 Securities held in the head depository (NOSTRO basic);
98015 Securities held in other depositories (NOSTRO settlement);
98020 Securities in transit, being checked, being reissued;
98030 Shortage of securities;
98035 Securities seized from the depository.
Passive Accounts
98040 Securities of holders;
980 Securities held by the depositary;
98053 Securities of clients under brokerage agreements;
98055 Securities held in trust;
98060 Securities accepted for safekeeping from grass-roots depositories (LORO basic);
98065 Securities accepted for safekeeping from other depositories (settlement LORO);
98070 Securities encumbered with obligations;
98080 Unidentified securities;
98090 Securities, out of circulation.
Let us give a brief description of some depositary operations on synthetic depo accounts. The total number of securities certified by certificates is reflected in the debit of account 98000 in correspondence with the accounts:
98010 - when transferring certificates of securities for safekeeping to this depository from the depository being the leader for this issue;
98020 - upon completion of delivery, verification or reissuance of securities certificates;
98030 - in relation to securities, certificates of which were found or purchased instead of lost ones;
98040 - upon acceptance for storage of certificates from the owner for crediting securities to his depo account;
98050 - when accepting securities certificates for storage to be credited to the balance of the depository;
98070 - when accepting for safekeeping certificates of securities encumbered with obligations;
98080 - upon acceptance for storage of certificates of securities, the owner of which has not been identified;
98090 - when accepting for safekeeping certificates of new issues of securities accepted for custody services from the issuer.
The credit of the account reflects the total number of securities certified by certificates withdrawn from the custody of the depository, transactions are carried out in correspondence with the accounts:
98010 - when transferring securities certificates for safekeeping to the leading depository;
98020 - when certificates are withdrawn for transportation, verification or reissuance;
98030 - upon detection of the loss of securities certificates;
98040 - when issuing certificates of securities in the hands of owners;
98055 - when issuing certificates of securities held in trust;
98070 - when issuing certificates of securities encumbered with obligations;
98090 - upon withdrawal from storage of certificates of securities withdrawn from circulation.
2.3 The procedure for registration of depositary operations on the example of Gazpromabnk CJSC
The procedure for registering depositary operations in Gazprombank's subdivisions includes: the procedure for accepting instructions, forms of reports on the execution of depositary operations, rules for recording operations in depositary accounting, intermediate stages of execution of operations, the list of recipients of reports and other features of the execution of depository operations. This procedure is included in the operational regulations of the depository and is determined by it independently, taking into account the requirements of the Rules for keeping records of depositary operations and other documents of the Bank of Russia regulating depositary activities in the territory of the Russian Federation.
Registration of depositary operations begins with the conclusion of a depositary agreement between the depositary and the client, which is the basis for the emergence of the rights and obligations of the client and the depositary when the depositary provides the client with services for storing securities certificates, recording and certifying rights to securities by opening and maintaining a client depo account, as well as carrying out transactions on this account. The subject of the depository agreement is also the provision by the depository of services that facilitate the realization by the holders of securities of the rights to the securities they own. The contract is concluded in a simple written form and must contain all the essential conditions.
The basis for the execution of a depositary operation is an instruction - a document signed by the initiator of the operation and submitted to the depository. Depending on the initiator of the operation, the following types of instructions are distinguished:
Client orders - instructions for which the initiator is a client (depositor), a person authorized by him or an account custodian;
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One of the oldest, traditional banking services are deposit services related to the storage of temporarily free Money customers on bank accounts with the condition of accruing certain interest on them.
Deposit (deposit) operations of a commercial bank are operations to attract funds from legal entities and individuals in deposits for a certain period of time or on demand, as well as balances on customer settlement accounts to use them as credit resources and in investment activities.
Deposit operations are a fairly broad concept, since they include all the bank's activities related to raising funds for deposits. A feature of this group of passive operations is that the bank has relatively weak control over the volume of such operations, since the initiative to place funds in deposits comes from depositors. At the same time, as practice shows, the depositor is interested not only in the interest paid by the bank, but also in the reliability of saving the funds entrusted to the bank.
The object of deposit operations are deposits. A deposit is a form of expression of the bank's credit relations with depositors regarding the provision latest jar their own funds for temporary use. “Deposit” in Latin is a thing deposited, and, therefore, a deposit can be any bank account opened for a client in which funds are stored.
Deposit accounts are diverse and are classified:
– by sources of deposits;
- on intended purpose stored funds;
- by the level of profitability;
– by deposit currency;
- depending on the conditions for depositing, using and withdrawing funds.
The most significant are the fifth and sixth classifications.
– deposits of legal entities (enterprises, organizations, other banks);
- deposits of individuals.
Depending on the conditions for depositing, using and withdrawing funds, there are:
– demand deposits;
- time deposits (with their varieties - deposit and savings certificates);
– savings deposits of the population (Fig. 1).
Figure 1 - Classification of deposits according to the terms of depositing, using and withdrawing funds
Demand deposits are funds that can be withdrawn at any time without prior notice to the bank by the client. As a rule, they are used for settlement transactions, much less often as savings. The initiative to open such accounts comes from the clients themselves in connection with the need to make settlements, make payments and receive funds at their disposal. The movement of funds on these accounts (receipts and debits) can be issued in cash, checks, transfers, and other settlement documents.
Demand deposits include:
Funds on settlement, current, budget and other accounts;
Funds on the bank's correspondent account opened with the RCC;
Funds on the LORO account when establishing relations with other banks;
Demand deposits.
The so-called checking account should also be referred to the number of demand deposits. A current account is a connection between a current account and a loan account. A credit balance means that the client has his own funds, a debit balance means a debt to the bank. Interest on the balance on the current account is accrued in favor of the bank for more than high rate than in favor of the client. Checking accounts are opened to reliable clients, first-class borrowers as a sign of special trust. A certain similarity with a checking account has an overdraft account. This is an account for which, on the basis of an agreement between the client and the bank, it is allowed in a certain amount to exceed the amount of write-off on the account over the amount of the balance of funds, which means borrowing a loan. However, differences between these accounts should be taken into account. With an overdraft, unlike a current account, such borrowings are carried out from time to time and are irregular. Accordingly, a passive balance is more typical for this account. In addition, checking accounts are opened for business organizations - legal entities, while overdraft accounts can be opened for non-legal entities, as well as individuals to cover temporary gaps in the receipt and expenditure of funds.
In general, the features of demand deposits can be characterized as follows:
The deposit and withdrawal of money is carried out at any time without any restrictions;
The account holder pays the bank a commission for using the account in the form of a fixed monthly rate or as a percentage of the debit turnover on the account;
The bank pays low interest rates or does not pay at all for keeping funds on demand accounts (funds in settlements);
The bank on demand deposits allocates higher norms to the liability fund in the Central Bank of the Russian Federation.
Due to the high mobility of funds, the balance on demand accounts is extremely volatile. The owner’s ability to withdraw funds at any time or transfer them to the accounts of his counterparties in commodity transactions requires the presence in the bank’s turnover of an increased share of liquid assets (cash balances, correspondent accounts, etc.), formed by reducing less liquid, but bringing high returns on long-term assets. For these reasons, banks pay owners enough low interest on balances on demand accounts or do not accrue any income at all.
With the help of demand deposits, the problem of making a profit by the bank is solved, since they are the cheapest resource, and the costs of servicing settlement and current accounts of customers are minimal. In most commercial banks, demand deposits occupy the largest share in the structure of attracted funds. However, the optimal share of these funds in the bank's resources is up to 30-36%. In Russia, the share of these funds is much higher. An increase in the share of demand deposits in the financial resources of the bank reduces its interest expenses and allows you to get a higher profit from the use of these funds in bank assets. But at the same time, demand accounts are the most unpredictable element of liabilities. And here an important task of management is to determine the optimal structure of the bank's deposit base.
In second place in terms of importance for banks are term deposits, as they are stable and allow the bank to have depositors' funds for a long time. Term deposits - deposits attracted by the bank for a certain period. Term deposits imply the transfer of funds to the full disposal of the bank for a period and on the terms of the agreement, and after this period the term deposit can be withdrawn by the owner at any time. The amount of remuneration paid to the client depends on the term and amount of the deposit. Generally, the longer the terms and/or more amount deposit, the higher the interest rate on the deposit and, consequently, the amount of remuneration.
Term deposits are not used to make current payments. The amount of the term deposit must remain unchanged during the entire term of the agreement (an exception may be a type of term deposit - a term deposit with additional contributions). If the depositor wishes to change the fate of the deposit (reduce or increase) or demand the return of the invested funds before the expiration of the deposit agreement, then he can terminate the concluded agreement, withdraw or re-register his deposit on new terms. However, in case of early withdrawal by the depositor of funds, he may lose the interest provided for by the agreement in part or in full. As a rule, in this case, the interest is burned up to the amount of interest paid on the demand deposit.
Term deposits in banks are divided by term:
Up to 30 days;
31 to 90 days;
91 to 180 days;
From 181 days to 1 year;
From 1 year to 3 years;
Over 3 years.
In addition, there are two forms of term deposits:
Term deposit in the strict sense of the word;
Term deposit with prior notice of withdrawal, including early. In this case, banks require the account holder to submit a special notice of intent to withdraw funds. The deadline for submitting such an application is agreed in advance, taking into account this period, the interest rate for the deposit is also set; the specified period can vary from a week to several months, depending on the term and size of the deposit.
The advantage of term deposit accounts for the client is to receive a high interest, and for the bank - the ability to maintain liquidity with a smaller operating reserve. The disadvantage of term deposit accounts for clients is low liquidity. For the bank, the disadvantage is the need to pay increased interest on deposits and thus reduce the interest margin.
A variety of term deposits are deposit and savings certificates. The certificate is a written certificate of the issuing bank on the deposit of funds, certifying the right of the depositor or his successor to receive, after the expiration of the established period, the amount of the deposit and the interest stipulated in the certificate in the bank that issued the certificate, or in any of its branches.
Deposit certificates are issued only to legal entities, while savings certificates are used for individuals. Certificates are issued both in a single order and in series, and are also nominal and bearer. They cannot serve as a settlement or means of payment for goods sold or services rendered. Cash settlements for the purchase and sale of certificates of deposit, payments of amounts on them are made in a cashless manner, and savings certificates - both in a cashless manner and in cash. Certificates must be current. The maturity period for certificates of deposit (from the date of issuance of the certificate to the date when the holder of the certificate receives the right to demand a deposit under the certificate) is limited to one year. The term of circulation of savings certificates is limited to three years.
The owner of the certificate may assign the right to claim the certificate to another person. For a bearer certificate, this assignment is carried out by simple delivery, for a nominal one, it is drawn up on the reverse side of the certificate by a bilateral agreement. Name certificates can be transferred by the owner to another person by means of an endorsement (cession). At the time of claim sums of money the owner of the certificate must present it to the bank along with an application indicating the method of redeeming the certificate.
Interest rates on certificates are established by the authorized body of the credit institution. Interest at the rate originally set when issuing the certificate, due to the owner after the expiration of the circulation period, is paid by the credit institution, regardless of the time of its purchase. In case of early presentation of a savings (deposit) certificate for payment, the credit institution shall pay the amount of the deposit and interest at the rates of demand deposits, unless the terms of the certificate stipulate a different amount of interest.
If the term for receiving the deposit under the certificate is overdue, then the credit institution is obliged to pay the amounts of deposit and interest indicated in the certificate at the first request of its owner. For the period from the date of claiming amounts under the certificate to the date of actual presentation of the certificate for payment, no interest is paid.
The credit institution cannot unilaterally change (reduce or increase) the interest rate stipulated in the certificate, established when issuing the certificate. Payment of interest on the certificate is carried out by the credit institution simultaneously with the redemption of the certificate upon its presentation.
A special group is bank savings deposits opened by individuals. They are divided into contributions:
Poste restante;
Urgent, including:
Urgent with additional contributions;
winning;
Cash and clothing winning;
Target;
Conditional;
With advance payments, etc.
They are deposited and withdrawn in full or in part and are certified by the issuance of a savings book. These can be deposits, the payment of which is timed to coincide with the vacation period, birthdays, new year, etc. Savings deposits include deposits formed for the purpose of accumulating or maintaining monetary savings. They are characterized by a specific motivation for the emergence - the encouragement of thrift, the accumulation of targeted funds and a high level of profitability, although lower than on term deposits. Savings deposits have their advantages and disadvantages for banks. The significance of savings deposits for banks lies in the fact that with their help unused incomes of the population are mobilized and converted into productive capital. The disadvantages for banks are the need to pay increased interest on deposits and the exposure of these deposits to economic, political, psychological factors, which increases the risk of a rapid outflow of funds from these accounts and the loss of liquidity by the bank.
In foreign practice, the classification of commercial bank deposits is somewhat different from that presented above. It includes:
Check (transactional) deposits;
Savings deposits;
Term deposits.
Check (transactional) deposits - accounts that give the right to depositors to issue a check subject to mandatory redemption, are intended for settlement transactions.
Checkable deposits have the following main forms:
Demand deposits are checkable deposits on which no explicit interest is paid. It is possible to pay implicit interest due to the reduction or complete absence of commission fees charged for settlement transactions, which is used to attract depositors in the conditions of banking competition;
Auto-clearing accounts - the bank transfers any excess funds with the consent (but without the required notice) of the client from a regular demand deposit to accounts that earn interest or in repurchase agreements. At the same time, the bank and the client determine in advance the minimum amount of funds to be transferred;
Compensation balance - a balance on demand account that banks may require to maintain to pay for their services, sometimes represents part of the interest payments on a bank loan;
NAU - accounts (eng. NOW - negotiable order of withdrawal) - checking deposits on which interest income is paid; according to it, the bank has the right to require prior notification of the withdrawal of funds by the client. Open to individuals and non-profit organizations;
SuperNAU accounts - NAU-accounts with a floating interest rate;
SAPS (accounts for automatic transfer of funds) - a type of deposits that allows you to automatically transfer funds from savings accounts to cover an overdraft on checking deposits or to maintain a compensatory balance;
LORO accounts of correspondent banks.
Savings deposits - designed to attract funds from clients who wish to save money in anticipation of future expenses or the need for financial resources. These include:
Savings book accounts are non-checkable deposits that can be withdrawn at any time upon presentation of the savings book. Banks are legally entitled to require advance notice of withdrawals, but generally do not use it. In some cases, banks charge a special fee for private withdrawals from a deposit (for example, more than 3 times a month);
Accounts with a statement of the state of the savings deposit - are used without the use of savings books, so the client gets the opportunity to deposit or receive money through the mail without visiting the bank;
Deposit accounts money market- demand deposits with a floating interest rate and a limited number of transfers and withdrawals from the account. Interest rates are adjusted weekly. Initially, these accounts were required to maintain a minimum
remainder, this requirement was subsequently abolished. No prior notice is required for transactions. Open for both individuals and companies. More often used for savings than for settlement transactions;
Demand bills issued for the US State Treasury - bills of commercial banks with a floating interest rate, which are issued against Treasury funds (taxes transferred and payments to the fund social insurance) located in this bank.
Term deposits - savings deposits, which have a fixed term. This type of deposits is divided into:
Small term deposits;
Deposit certificates - deposits with minimum size; are transferable and non-transferable, fixed-rate and floating-rate pegged to government securities;
An Individual Retirement Account is a special tax-advantaged savings or term account designed to provide for those who are employed. retirement income. Withdrawal before the established retirement age is not permitted without the payment of a fine. Upon reaching retirement age, this deposit becomes similar to a savings deposit.
For registration of operations on deposits, the following are used: personal account, deposit agreement, savings book, settlement and check books, receipts, cash receipts, depositor's instruction to write off the amount, notice to subsequent control, application for the transfer of the deposit, register for recording applications, book of registration of lost passbooks.
Opening a bank deposit is carried out when the client provides an identity document. When opening a deposit, a bank employee identifies the depositor (depositor), makes copies of identification documents, fills out a personal account card and draws up a bank deposit agreement or a deposit agreement
(Annex 1). In confirmation of the receipt and disbursement of funds on the deposit, the depositor is issued a credit cash warrant, and when crediting by bank transfer, a copy of the payment order. At the request of the depositor, an extract on the state of the bank deposit account is issued.
All deposit operations are performed upon presentation by the person making the operation of an identity document, a bank deposit agreement and a power of attorney of the representative (if any), issued by the depositor (Appendix 2). When a representative contacts the bank for the first time, the bank employee identifies the representative, makes copies of documents proving his identity. When closing the deposit, the client submits to the bank a deposit agreement and a deposit book, which must be redeemed. The Bank pays the depositor the amount of the deposit and interest accrued in accordance with the terms of the agreement.
Thus, deposits are an important source of resources for commercial banks. Their structure in the bank is mobile and made dependent on the money market conditions. However, this source of formation of banking resources has some disadvantages. First of all, we are talking about the significant material and monetary costs of the bank when attracting funds in deposits, the limited availability of funds within a particular region. In addition, the mobilization of funds for deposits depends to a large extent on the clients, and not on the bank itself. And, nevertheless, the competition between banks in the market of credit resources forces them to take measures to develop services that help attract deposits.
1.3 Mechanism for depository operations
Relations between the depositor and the depositary begin with the conclusion of the depository agreement. The subject of the depository agreement is the provision by the depositary to the depositor of services for the storage of securities certificates, accounting and certification of rights to securities by opening and maintaining a depositor's "deposit" account by the depositary, and performing operations on this account. The subject of this agreement is also the provision by the depositary of services facilitating the realization by the owners of securities of the rights to the securities they own, while the depository provides services for the storage of securities certificates, accounting and certification of rights to securities, if the securities are issued in documentary form. If securities are issued in non-documentary form, the depository provides services for accounting and certification of rights to these securities.
The depository agreement between the depositor and the depositary must be concluded in a simple written form, and the depositary is obliged to approve the terms of its depositary activities, which are an integral part of the concluded agreement. The conclusion of a depositary agreement does not entail the transfer to the depository of the ownership of the depositor's securities. Thus, the depository does not have the right to dispose of the depositor's securities, manage them or carry out on behalf of the depositor any actions with securities, except for those carried out on behalf of the depositor in cases provided for by the depository agreement, but he bears civil liability for the safety of securities certificates deposited with him papers.
The deposit agreement must contain the following essential terms:
a) definition of the subject of the contract: provision of services for the storage of securities certificates and / or accounting for rights to securities;
b) the procedure for the depositor to transfer to the depository information on the disposal of the depositor's securities deposited with the depository;
c) the duration of the contract;
d) the obligations of the depository, the amount and procedure for payment for its services;
e) the form and frequency of reporting by the depository to the depositor;
The conclusion of a depository agreement provides for the proper performance of all of its obligations, both by the depository and the depositor.
The obligations of the depository in the course of carrying out depositary activities consist in registering the facts of encumbrance of the depositor's (depository's client's) securities with obligations; maintaining a separate "depo" account of the depositor (client) with the obligatory indication of the date and reason for each transaction on the account; and transfer to the depositor of all complete information about securities received by the depository from the issuer or the holder of the register of securities owners.
After the conclusion of the depository agreement, the depository performs all transactions with securities of clients (depositors), but only on behalf of these depositors or persons authorized by them, including trustees of "depo" accounts, and within the time period established by the depository agreement. The depository makes entries on the client's (depositor's) depo account only if there are primary documents that are the basis for making such entries (instruction of the depositor or a person authorized by him that meets the requirements of the depository agreement; as well as other documents confirming the transfer of rights to securities in accordance with the applicable laws and other regulatory legal acts).
For the purposes of the proper exercise by the holders of securities of the rights to the securities they own, the depositary is obliged, first of all:
▬ take all the actions provided for by the depository agreement, necessary for the exercise of the rights of the owner under the securities;
▬ ensure proper storage of securities certificates and depositary accounting documents, the storage of which is necessary;
▬ provide the issuer or registrar with the necessary securities certificates, including redemption certificates, coupons and other income documents providing for payment upon presentation;
▬ ensure that the owners exercise the right to vote at general meetings of shareholders in the manner prescribed by the depository agreement;
▬ take all measures stipulated by the contract and the law to protect the rights of a bona fide purchaser to the securities belonging to him and to prevent the seizure of securities from a bona fide purchaser;
▬ ensure, on behalf of the client (depositor), in accordance with the concluded depository agreement, the transfer of securities to the depo accounts specified by the depositor, both in this depository and in any other depository, while transferring the client's (depositor's) securities to another depository specified by the client (depositor) is not carried out in cases when another depository cannot service this issue of securities only on legal grounds;
▬ to ensure, on behalf of the depositor, the transfer of registered securities to the personal account "depo" in the register of holders of registered securities;
▬ ensure the acceptance of securities transferred to the accounts of clients (depositors) from other depositories or directly from the registrar;
▬ ensure the acceptance of securities certificates for storage, while the depository is obliged to ensure the control of the authenticity of securities certificates accepted for storage, as well as that the deposited securities certificates are not declared invalid, stolen, not wanted, not included in the stop lists issuers, law enforcement agencies, or state securities market regulators;
▬ take all measures provided for by federal laws and other regulatory legal acts to protect the interests of clients (depositors) in the course of the issuer's corporate actions;
▬ when the issuer compiles the lists of holders of registered securities, transfer to the issuer or registrar all information about clients (depositors) and securities of clients (depositors) necessary for exercising the rights of owners: receiving income from securities, participating in general meetings of shareholders and other similar rights ; transfer to the issuer all the information on bearer or order securities accounted for on the accounts of clients (depositors) necessary for the holders to exercise their rights under securities in the manner prescribed by law and the depository agreement, etc.
The depository shall be liable for non-fulfillment or improper fulfillment of its direct obligations to record rights to securities, including for the completeness and correctness of entries made on depo accounts. The depository may also render services to the depositor (client) related to the receipt of income from securities and other payments due to the holders of securities.
The depository is also entitled, under the concluded agreement with the depositor, to provide him with related services, for example, maintenance of cash, currency and multicurrency accounts of clients related to the conduct of transactions with securities and the receipt of income from securities; verification of securities certificates for authenticity and solvency; collection and transportation of securities certificates; withdrawal from circulation, redemption and destruction of certificates, etc.
In carrying out its activities, the depository must ensure the confidentiality of information about the "depo" accounts of the clients (depositors) of the depositary, including information about the operations performed on the accounts and other information about the clients (depositors) that became known to him in connection with the implementation of the depositary activities. In case of disclosure of confidential information about depositors' depo accounts, clients whose rights have been violated have the right to demand compensation from the depository for damages caused in accordance with a certain procedure.
Thus, information about the "depo" accounts of clients (depositors) can be provided only to the clients themselves, their authorized representatives and the licensing authority within its powers. The licensing body, within the framework of its powers, constantly monitors the activities of depositories (the depositary provides for verification - reporting on depositary operations; documents of the depositary submitted upon request; verification of activities, etc.).
If the facts of carrying out depositary activities in violation of the requirements of laws and other regulatory legal acts are revealed, the licensing authority has the right to apply sanctions and measures to such a depository provided for by laws and other regulatory legal acts, including suspending or even canceling the depositary's license as a professional participant in the securities market for depository activities.
The main purpose of the study is to analyze the features of the organization, registration and accounting of depository operations in a credit institution.
To achieve this goal, the following tasks are solved in this work:
1) explore the concept, economic importance and legal regulation of custody operations;
2) to analyze the range of participants in depository operations;
3) to consider the mechanism for the implementation of custody operations;
4) study the procedure for registration of depository operations;
5) to identify the features of the reporting of depositories in credit operations;
6) to investigate the analytical and synthetic accounting of depositary operations;
7) analyze ways to improve the organization and accounting of depository operations in credit institutions.
Maintenance……………………………………………………………………………………..3
Section 1. Theoretical aspects of the organization of depositary operations in credit institutions…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..6
1.1 Concepts, economic significance and legal regulation of custody operations ……………………………………………………………………………………..…..6
1.2 Participants of custody operations………………………………………………..…10
1.3 Mechanism for depository operations………………………….…..14
Section 2. Registration and accounting of depository operations in credit institutions ... 18
2.1 The procedure for registration of depository operations………………………………….…..18
2.2 Reporting of depositories in credit transactions……………………………..…20
2.3 Analytical and synthetic accounting of depositary operations………………....22
Section 3. Ways to improve the organization and accounting of depository operations in credit institutions…………………………………………………………………………………….…….26
3.1 Problems of organization, registration and accounting of depository operations in credit institutions……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
3.2 Prospects for the development of custody operations…………………………………...28
Conclusion………………………………………………………………………………..31
Bibliographic list……………………………………………………………...33
Annex A - Deposit Agreement………………………………………………….36
Appendix B - Scheme of depository accounting…………………………………………...39
Appendix B - Scheme of interaction between participants in deposit operations when concluding a General Deposit Agreement (GDS)……………………………………40
Annex D - Active accounts of depository operations……………………………..41
Appendix D - Comparative analysis of depository systems "……………………...42
Appendix E - Grouping of CIs that have concluded DEPO agreements with the Bank of Russia in accordance with Bank of Russia Regulation No. 203-P dated November 5, 2002, by the amount of registered authorized capital as of 01.11.2011”…………………...43
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Prospects for the functional development of custodial depositories are aimed primarily at expanding the range of personal services. Simultaneously with the improvement of the functions of storage and accounting of securities, custodial depositories should provide cash settlements for transactions with securities. For their clients, they need to provide additional guarantees of ownership. An important component should be the provision of securities lending.
Thus, a decentralized depositary system does not allow depositories to establish correspondent relations, and, consequently, to have a single database for the most efficient operation. Despite state licensing, the state cannot perfectly control depository activities, because each depository has its own organizational structure and set of services.
In addition, modern depositories have a low level of unification, that is, the lack single form documents. In addition, commercial banks cannot pay such close attention to depositary operations, so it is quite difficult to provide an effective information protection system.
3.2 Prospects for the development of custody operations
It should be noted that, when determining the prospects for the development of deposit operations in its activities, the Bank of Russia assumes:
Provide the credit institution with the opportunity to fulfill obligations under the concluded deposit transaction using both the correspondent account(s) opened in the subdivision(s) of the settlement network of the Bank of Russia and the account(s) opened in the authorized choice of a credit organization;
In order to fulfill the obligations of credit institutions under concluded deposit transactions, provide for a mechanism for using collection orders of the Bank of Russia (both in paper and in electronic form, depending on the technical capabilities of the units of the Bank of Russia settlement network / authorized correspondent accounts by credit institutions;
Possibility for credit institutions that are direct participants in BESP settlements to send applications for participation in deposit transactions using the opportunities provided by BESP;
Provide credit institutions with the opportunity to early demand a deposit placed with the Bank of Russia for a certain period;
Change the time when the Bank of Russia concludes deposit transactions with credit institutions using the Reuters Dealing system at fixed interest rates.
For the development of the Russian securities market, it becomes necessary to improve depository activities by ensuring the safe storage of securities, prompt access to them and re-registration of property rights with minimal risk for owners. This is one of the conditions for ensuring the attractiveness of the stock market of the Russian Federation for national and foreign investors. Formation of an effective depository system is necessary condition to stimulate savings and transform savings into investments, and ensure the full range of investor rights.
Thus, the improvement of depository operations in credit institutions of the Russian Federation, taking into account the forecast of the state of the financial market for 2012, should take place in the following areas:
1. Introduction of a new ideology of working with a client, based on a combination of standard technologies with an individual approach to each client. Ensuring implementation effective methods working with clients and improving the quality of their service.
1. The use of special incentives to attract new customers to settlement and cash services(in foreign currency).
2. Organization of the work of the CO, aimed at the accumulation of cheap resources, rational management of these resources;
3. Strengthening work with corporate clients.
4. Ensuring a balanced state of the structure of assets and liabilities, implementation modern methods managing them, diversifying the resource base of a credit institution.
5. Attracting to the KO and fixing the maximum number of first-class clients in the long term.
6. Revision interest rate policy bank both in the field of attracting resources (increasing fees for cheap types of resources in order to attract new clients), and in the field of their placement (to obtain the necessary interest margin). Accounting for market conditions in the development of interest rate policy.
8. Increasing the profitability of the bank's active operations and improving their structure, reducing the share of assets with a high degree of risk.
9. Revision of the interest rate policy of KOs in the field of resource allocation, taking into account market conditions in the development of interest rate policy
Conclusion
In this work, the topic was studied - "Organization, registration and accounting of depositary operations in credit institutions". A specific goal was set - to analyze the features of the organization, registration and accounting of depositary operations in a credit institution. During the research, the following tasks were solved:
1) the concept, economic significance and legal regulation of depository operations were studied;
2) the circle of participants in depositary operations was analyzed;
3) the mechanism for the implementation of depository operations was considered;
4) the procedure for registration of depositary operations has been studied;
5) features of reporting of depositories in credit operations are revealed;
6) researched analytical and synthetic accounting of depository operations;
7) ways of improving the organization and accounting of depository operations in credit institutions are analyzed.
Based on the results of the research, conclusions can be drawn.
Custody operations are operations carried out by a bank or other credit organization as part of its depository activities.
The main subjects (participants) of depository activities in the Russian Federation are depositories and depositors. A depositary is a legal entity licensed to carry out depository activities, in its activities it is guided by laws and regulations, orders, regulations and instructions of the Bank of Russia, as well as an agreement with a client. A depositor is a natural or legal person who uses the services of a depository on a contractual basis for safekeeping of securities and/or registration of rights to securities. Their relationship is formalized by a depository agreement on a depo account.
After the conclusion of the depository agreement, the depository performs all transactions with securities of clients (depositors), but only on behalf of these depositors or persons authorized by them, including trustees of "depo" accounts, and within the time period established by the depository agreement. The depository makes entries on the customer's (depositor's) depo account only if primary documents are available.
Further, all depository operations must be reflected in its depository accounting - synthetic and analytical, the main purpose of which is to prepare standard reports on all depository operations performed in detail and in a more generalized form in accordance with the adopted depo account chart. At the same time, the basis of synthetic accounting is the analytical accounting of securities.
The procedure for registration of depositary operations in credit institutions is included in the operational regulations of the depository and is determined by it independently, taking into account the requirements of the Rules for keeping records of depository operations and other documents of the Bank of Russia regulating depository activities in the Russian Federation.
One of the main conclusions of this work is that the depository activity in our country leaves much to be desired: the requirements of investors for high-quality depository services are not always fully satisfied, and the degree of development of depository technologies in the Russian Federation does not allow for a unified and high-quality level of their service. All this gives rise to additional risks for investors and a decrease in confidence in the infrastructure of the stock market of the Russian Federation as a whole.
In connection with the above, as a proposal for the development of the Russian securities market is the improvement of depository activities by ensuring the safe storage of securities, prompt access to them and re-registration of property rights with minimal risk for owners. This is one of the conditions for ensuring the attractiveness of the Russian stock market for national and foreign investors. The formation of an effective depository system is a necessary condition for stimulating savings and transforming savings into investments, and ensuring the full range of investor rights.
With the help of a clearer and more thoughtful regulatory and legal regulation of depository activities, it is possible to help credit institutions of the Russian Federation ensure the safety of clients' assets and the proper quality of depository services, ensure readiness for long-term depository specialization and guarantee the optimal cost of such services, assume the possibility of access to additional services and interaction with clients in other areas.
Bibliographic list
Regulations:
1. The Constitution of the Russian Federation of December 12, 1993// Russian newspaper dated 12/25/1993. No. 237.
2. Civil Code Russian Federation. Part one dated October 30, 1994 No. 51-FZ // Collection of Legislation of the Russian Federation, December 5, 1994, No. 32, Art. 3301.
3. The Tax Code of the Russian Federation, part one of July 31, 1998 N 146-FZ, and part two of 05.08. 2000 N 117-FZ. - M.: NORMA, 2011.- 346 p.
4. Federal Law of the Russian Federation "On Banks and banking"of December 2, 1990 N 395-1.// Rossiyskaya Gazeta, N 27, 02/10/1996.
5. Federal Law of the Russian Federation “On the Securities Market” dated November 22, 1996 No. 39-FZ. / / Rossiyskaya Gazeta, No. 79, April 25, 1996.
6. Federal Law of the Russian Federation "On central bank RF (Bank of Russia)” dated 10.07. 2002 No. 86-FZ // Rossiyskaya Gazeta, No. 44, 2002.
7. Order of the Federal Financial Markets Service of Russia dated March 21, 2006 N 06-29/pz-n “On Approval of the Regulations on the Internal Control of a Professional Participant in the Securities Market”// Collection of normative acts of the FC RZB. M. 2006.
8. Order of the Federal Financial Markets Service of Russia No. 07-50/pz-n dated April 24, 2007 “On Approval of Equity Capital Adequacy Standards for Professional Participants in the Securities Market, as well as Management Companies of Investment Funds, Mutual Investment Funds and Non-Governmental Pension Funds” (as amended by the Order of the Federal Financial Markets Service of Russia dated December 25, 2007 No. 07-112 / pz-n) / / Collection of normative acts of the FC RZB. M. 2007.
9. Order of the Federal Service for Financial Markets of Russia dated August 21, 2007 N 07-90/pz-n “On Approval of the Administrative Regulations for the Federal Service for Financial Markets to Perform the State Function of Licensing the Activities of Professional Participants in the Securities Market”// Collection of regulatory acts of the Federal Financial Markets Service. M. 2011.
Scientific literature:
10. Adamova K.R. Depository operations of a credit institution. Economic fundamentals and international experience. / K.R. Adamova. - GUMER-INFO, 2011. - 236 p.
11. Banks and Bank operations: Textbook for universities / Ed. prof. E.F. Zhukov. M.: Banks and stock exchanges, UNITI, 2010. - 224 p.
12. Banking: Textbook for students of higher and secondary educational institutions / Ed. Korobovoy G.G. - M.: Jurist, 2009. - 751 p.
13. Banking: Textbook for university students / Ed. Lavrushina O.I. - 2nd ed., revised. and additional – M.: Jurisprudence, 2011. – 667 p.
14. Bukato V.I., Golovin Yu.V. Banks and banking operations in Russia: textbook / V.I. Bukato. - M.: UNITI-DANA, 2010. - 367 p.
15. Melekhin Yu.V. Savings market / Yu. V. Melekhin M .: Shareholder, 2011. - 152s
The money invested is called bank deposit or deposit. Money can be invested by both people and legal entities. Funds are placed for a fixed or indefinite period.
For the most part, the motivation for the transfer of financial resources to the bank in this case is the derivation of interest income by the depositor (with the exception of a number of demand deposits). The source for paying interest is income from the use of attracted working capital by the bank:
- for lending to legal entities and individuals;
- currency transactions;
- operations with securities;
- trade precious metals(in bullion), collectible coins.
In addition, the source of payments can be funds received from other depositors who do not yet need to make payments on deposits. A certain income is provided by bank commissions for various services and operations (cash withdrawal, transfer of funds, covering cash gaps, etc.).
Deposit Policy
Any bank should have a deposit policy. This document defines the main directions in terms of solving the problems of generating resources for banking activities. Based on the policy, all employees from senior management to ordinary clerks must understand how to work to attract financial resources to the accounts of a credit institution, minimize its costs and ensure the required level of liquidity.
The policy should not be just a declarative document, it should be surrounded by appropriate lower-level instructions that govern the solution of typical day-to-day tasks. And these instructions should cover all areas of the bank's activities. The main indicators of the effectiveness of the policy and its implementation are most often:
- stability of receipt of deposits and provision of planned volumes of attracted funds;
- fulfillment of planned indicators for profitability;
- fulfillment of planned indicators for the liquidity and solvency of the bank;
- speed of response to changes in external environment(exchange rate, refinancing rate, household income, etc.).
As a rule, the deposit policy covers current and strategic issues and consists of the following sections (main parts):
- deposit process strategy;
- formation and organization of the resource base;
- implementation control.
For efficient implementation deposit policy most financial institutions:
- analyze the state and trends of the deposit market;
- study and define target market segments;
- minimize the costs associated with attracting deposits;
- maintain a given level of liquidity;
- improve internal processes (document flow, procedures for working with clients, etc.);
- improve the qualifications of staff;
- form an effective corporate culture.
Classification of deposits
According to the form of withdrawal, they are divided into deposits:
- urgent;
- poste restante;
- conditional (financial resources that are given away upon the occurrence of certain events).
Demand deposits include demand deposits, money on current and current accounts, accounts on a correspondent account with the RCC or funds of other banks on a correspondent account.
Term deposits are classified depending on the term, while in accordance with accounting standards, the minimum period of attraction does not exceed 30 days, and the maximum one starts from three years.
Ways to attract deposits
To make deposits an attractive product, banks offer compound interest to depositors and increase the range of deposits. Also, certain target audiences of clients are identified that have preferences compared to a standard contributor (pensioners, students, young families, employees of partner organizations). A lot of efforts are being made to simplify and increase the availability of deposit processing, including the possibilities of the Internet. Individual offers are formed.