Russian depositary receipt. Russian depositary receipts - their essence and mechanism of operation
Russian Depositary Receipt (RDR) - a registered issue-grade security that has no par value, certifying the ownership of a certain number of shares or bonds of a foreign issuer (securities represented) and securing the right of its owner to require the issuer of Russian depositary receipts to receive a Russian depositary receipt in return the corresponding amount the securities represented and the provision of services related to the exercise by the owner of the Russian depositary receipt of the rights enshrined in the represented securities. If the issuer of the underlying securities assumes obligations to the holders of the RDR, his security certifies the right of the holder of the RDR to demand the proper performance of these obligations.
The RDR mechanism works as follows: a large investment company - a depository, accredited on world stock exchanges, buys significant blocks of securities from foreign issuers. It then issues RDRs, which it sells to Russian investors (both legal and individuals). Then a market is formed from those willing to sell and buy the RDR. If necessary investment company can always buy additional packages of securities of foreign issuers from similar depository companies or directly on world stock exchanges.
Unlike the owner of shares, the owner of the RDR cannot attend the meeting of shareholders and vote with his securities. However, this is the only limitation. RDR can be sold, bought, exchanged or donated (and even bequeathed), like any other property in accordance with the Civil Code of the Russian Federation.
RDR is analogous to American Depositary Receipts and Global Depositary Receipts (GDR). ADRs and GDRs allowed foreign investors to buy obligations to deliver shares Russian companies and be the actual owners of the respective shares. Historically, the first (1996) were ADRs, but their action was limited American exchanges... In the name of the GDR itself, there is an opportunity to be quoted all over the world.
RDRs allow Russian investors to be the actual owners of foreign securities. At the same time, the restriction on the export of capital from the country is lifted, since the export does not actually take place. Now a Russian investor wishing to acquire securities foreign issuers is limited by the legislation in the field of capital export. In accordance with the legislation of the Russian Federation
he can invest in foreign securities no more than $ 20 thousand. In addition, access to the market through Western exchanges is associated with additional brokerage fees.
The issuer of Russian depositary receipts is a depository established in accordance with the legislation of the Russian Federation, which meets the established federal body executive power for the securities market size requirements equity capital (own funds) and carrying out depository activities for at least three years.
The issue of Russian depositary receipts is allowed provided that the registration of the rights of the depositary to the securities presented is carried out on an account opened for him as a person acting in the interests of other persons. In this case, these rights must be taken into account by an organization that records rights to securities and is included in the list approved by the federal executive body for the securities market.
The issue of Russian depositary receipts, according to which the issuer of the represented securities does not assume obligations to the holders of the Russian depositary receipts, is allowed provided that the represented securities are included in the quotation lists of foreign stock exchanges, the list of which is approved by the federal executive body for the securities market.
The procedure for the issue of Russian depositary receipts includes three stages:
1) approval of the decision on the issue of RDRs by the authorized body of their issuer - depository;
2) state registration of the RDR issue;
3) placement of RDR.
Additional issue of Russian depositary receipts is not subject to state registration and is carried out by amending the decision to issue them in terms of increasing the maximum number of RDRs that can be in circulation at the same time.
Circulation of Russian depositary receipts can be carried out after state registration of their issue, and placement and circulation of RDRs of an additional issue - after registration of changes in the decision on their issue.
The decision to issue Russian depositary receipts must indicate:
1) the full name of the issuer of Russian depositary receipts, its location and postal address;
2) the date of approval of the decision to issue Russian depositary receipts and the name of the authorized body of the RDR issuer that approved the said decision;
3) the name and location of the issuer of the securities being represented, as well as other data allowing to identify him as entity in accordance with the personal law of the issuer;
5) the rights secured by the represented securities;
6) the number of represented securities, the ownership of which is certified by one Russian depositary receipt of the given issue;
7) conditions for the placement of Russian depositary receipts;
8) the maximum number of Russian depositary receipts of the issue that can be in circulation at the same time;
9) the rights of the owners of Russian depositary receipts, as well as the procedure for exercising (exercising) by the owners of Russian depositary receipts of the rights secured by the securities represented;
10) the obligation of the depositary to provide, at the request of the owner of the Russian depositary receipt, the corresponding number of the presented securities;
11) if the securities represented are shares, the procedure for issuing (sending) instructions to the depositary on the procedure for voting on such shares by the owners of Russian depositary receipts and the obligation of the depositary to ensure the exercise of the right to vote on shares of a foreign issuer only in accordance with the instructions of the owners of Russian depositary receipts , as well as the obligation to present the voting results to the holders of Russian depositary receipts;
12) the obligation of the depositary to disclose information in the amount, procedure and terms that are stipulated by the legislation of the Russian Federation and regulatory legal acts the federal executive body for the securities market;
13) the obligation of the depository to ensure that the number of securities presented, the registration of rights to which is carried out on the account opened for him as a person acting in the interests of other persons, corresponds to the number of Russian depositary receipts in circulation;
14) the obligation of the depositary to provide services for the exercise by the owners of Russian depositary receipts of the rights on the securities represented, including the receipt of income from the representation
securities and other payments due to the owners of securities;
15) the term for making payments due to the holders of Russian depositary receipts for the securities represented;
16) maximum size Money held by the issuer of Russian depositary receipts in connection with the payments specified in clause 14, as well as the grounds for such withholdings;
17) information on whether the issuer of the presented securities assumes obligations to the holders of Russian depositary receipts;
18) the procedure for storage, accounting and transfer of rights to Russian depositary receipts;
19) the procedure and terms for compiling a list of owners of Russian depositary receipts for the fulfillment of obligations under Russian depositary receipts;
20) the possibility and procedure for splitting Russian depositary receipts;
21) other information in accordance with the requirements of Russian legislation.
The decision to issue RDRs must be signed by the person performing the functions of the executive body of the issuer of Russian depositary receipts and certified by the seal of their issuer.
If the issuer of the underlying securities assumes obligations to the holders of the RDR, then these obligations must be stipulated by the agreement between the issuer of the securities and the issuer of the RDR. Amendments to this agreement do not require the consent of the owners of Russian depositary receipts.
State registration of the RDR issue, registration of their prospectus, including cases when the issuer of RDR are depositories - credit institutions, are carried out by the federal executive body for the securities market.
If the issuer of the underlying securities assumes obligations to the holders of the RDR, an agreement between the issuer of the underlying securities and the issuer of Russian depositary receipts is submitted for state registration of the RDR issue, which is an integral part of the decision to issue such securities.
The RDR register can be maintained by their issuer-depositary, regardless of the number of holders of Russian depositary receipts.
Russian depository receipts of one issue can certify the ownership of the securities presented by only one foreign issuer and only one of their type (category, type).
The rights secured by the represented securities, including those related to the receipt of income from them, shall be exercised in favor of the owners of the RDR, who are them as of the date of compiling the list of owners of the represented securities.
Payments to the holders of Russian depositary receipts are made by the RDR issuer in foreign currency Russian Federation, unless otherwise established by the decision on the issue of RDR. The term for the fulfillment of obligations for these payments may not exceed five days from the date of receipt of the corresponding payments by the depositary from the issuer of securities.
The fragmentation of RDRs is carried out in accordance with the list of their owners, drawn up as of the date specified in the message on state registration of changes to the decision on their release. This list cannot be drawn up earlier than three days from the date of sending (delivery) to the owners of the RDR of the message on the state registration of changes in the decision on their release or disclosure of the message about it. Splitting of the RDR is allowed provided that, as a result of such splitting, one Russian depositary receipt will certify the ownership of at least one represented security.
Greetings to future investors! We continue our acquaintance with investment instruments and today, following, we will consider what a depositary receipt is.
Let's start traditionally with the official definition. So…
A depositary receipt is a document confirming the fact of placement of securities with a custodian bank (depositary bank) located in the country of the issuer of shares and giving the owner of shares the right to dispose of them and receive economic benefits from their growth.
Difficult, huh? Let's simplify the definition and just say that a depositary receipt is a kind of tool that allows traders and investors to work without barriers with shares of foreign companies.
If we consider this by example, then the mechanism of action of a depositary receipt will look something like this: let's say you are a trader who has a trading account with an American broker. In this case, you want to acquire a block of shares in a company located, say, in Japan. It is not always possible to make a purchase operation directly. Often you have to carry out a purchase according to the following procedure - you leave an application to your broker, who through personal channels forwards it to a Japanese broker so that he can buy the shares you are interested in and transfer them to the custody bank for safekeeping.
In turn this bank transfers all these shares to the account of the US depositary bank, which issues depositary receipts. They can be of different denominations. For example, one such receipt can be equal to 1000 shares. Receipts are forwarded to a US broker who closes your order.
So, if you ordered 5000 shares, you will have 5 receipts on your account, which you are free to dispose of as you like.
Well, has it become a little clearer? For clarity, I will attach a diagram of how this happens:
Do not be alarmed that the described process is too long and complicated. You, as a trader or investor, should not be interested in this at all, because all these procedures have long been brought to automatism and specially trained people are engaged in them. Therefore, how, where and why the issuer places shares, we are often not very interested, since in the end, they will still go to our account.
By the way, it often does not reach depositary receipts at all, tk. if you have expressed a desire to purchase shares of a foreign company, your broker will easily find someone who just wants to sell them, and everything will be done without any receipts.
Depositary receipts can be divided into three broad groups:
Global Depositary Receipts (GDRs)
Produced in developed world countries (mostly European). The largest depository bank working with them is Deutsche Bank.
American Depositary Receipts (ADR - American Depositary Receipt)
Issued by the largest American banks for the shares of world famous corporations. Almost all ADRs issued are attributable to three banks Citigroup, Morgan Stanley and Bank of New-York.
Russian Depositary Receipts (RDR)
They appeared relatively recently, in 2007. According to their official definition, RDR is a registered security that certifies the investor's right to own shares. foreign companies with no par value.
Finally, let us consider what, in fact, the benefit we, investors, can get from depositary receipts.
Firstly, new trading instruments and the right to buy shares of foreign companies. If the stock market was limited by state borders, it would be extremely inconvenient to work with it.
Secondly, depositary receipts, despite the long system of their work, greatly simplify operations with foreign shares, in comparison with their direct purchase.
Thirdly, they are as liquid as ordinary shares and give the same rights (receiving dividends, voting rights, etc.), while I repeat, it is easier to work with them.
As for the shortcomings, then, in fact, they do not exist. Trading risks do not change, rights are not curtailed.
So, expand the boundaries of your activities, replenish your investment portfolio, and the depositary receipt will help you with this. Until next time.
Best regards, Nikita Mikhailov
The processes of globalization and the integration of financial markets contribute to the emergence of new financial instruments that allow the movement of capital and with significant differences in national legal systems. Depositary receipts are a tool widespread in the world practice that allows organizing the circulation of securities outside the jurisdiction where they were issued.
The need for such a financial instrument to appear in Russia began to be discussed several years ago. The starting point in the creation of Russian depositary receipts should be considered June 2006, when the “Development Strategy financial market Of the Russian Federation for 2006-2008 ". The strategy envisaged that in order to stimulate the concentration of transactions with financial assets of other countries by Russian exchanges it is necessary to create a legal basis for the issuance and circulation of Russian depositary receipts for these assets. In fact, this was the first step towards opening up to foreign issuers Russian market valuable papers.
Features and prospects of Russian depositary receipts
Let's consider in more detail what depositary receipts are in general and Russian depositary receipts in particular.
Simplistically, depository receipts can be viewed as securities representing a certain number of underlying shares (or bonds) and certifying the rights of their owner in relation to the underlying asset (shares, bonds) of a foreign issuer. Depository receipts are traded and settled outside the country in which the issuer of the underlying shares (or bonds) is registered. The issuers of depositary receipts are depositories operating on the national stock market. They also transfer the rights to the corresponding number of securities issued abroad. The custodians of the underlying assets are depositories in foreign countries.
Basic terms
When describing the procedure for issuing and circulating Russian depositary receipts, the following terminology will be used:
- RDR issuer - a depository created in accordance with the legislation of the Russian Federation, which meets the requirements for the amount of equity capital (equity funds) and the period of activity established by the regulatory legal acts of the FFMS of Russia;
- the issuer of the represented securities - a legal entity established in accordance with foreign law;
- RDR registrar - issuer-depository of RDR or registrar - a specialized organization that maintains the register on the basis of the issuer's instructions;
- custodian - a foreign registrar / depository that records the rights to the securities presented and is included in the list approved by the federal executive body for the securities market - the FFMS of Russia;
- Russian Stock Exchange - a stock exchange on the territory of the Russian Federation that admits RDR to trading with / without listing.
Russian depositary receipts are a new instrument of the Russian stock market, the main essence of which is the possibility of foreign issuers entering the Russian market through the implementation of depository programs for shares and (or) bonds.
The infrastructure for issuing RDRs can be represented as the following diagram 1:
Scheme. Infrastructure for issuing RDR 2
Regulatory regulation of the rights of RDR holders
The regulatory legal framework for Russian depositary receipts consists of the following documents:
— the federal law dated April 22, 1996 No. 39-FZ "On the Securities Market" (introduces the concept and establishes General requirements to the issue of Russian depositary receipts) (hereinafter - the Law on the Securities Market);
- standards for the issue of securities and registration of securities prospectuses approved by Order of the FFMS of Russia dated January 25, 2007 No. 07-4 / pz-n (establish the procedure for the issue and state registration of the issue of Russian depositary receipts, requirements for documents drawn up during the issue);
- Regulations on information disclosure by issuers of equity securities approved by Order of the Federal Financial Markets Service of Russia dated 10.10.2006 No. 06-117 / pz-n (regulates the composition, procedure and terms of mandatory disclosure of information by issuers of Russian depositary receipts);
- Regulation on activities related to the organization of trading on the securities market, approved by Order of the FFMS of Russia dated 09.10.2007 No. 07-102 / pz-n (regulates the procedure for public circulation of Russian depositary receipts at trading on stock exchanges (listing of securities);
- the list of organizations in which Russian depositories can open accounts to record the rights to foreign securities for the issue of Russian depositary receipts, approved by Order of the Federal Financial Markets Service of Russia dated April 27, 2007 No. 07-52 / pz-n;
- a list of stock exchanges, the inclusion of foreign securities in the quotation lists of which is a prerequisite for the issue of Russian depositary receipts if the issuer of foreign securities does not assume obligations to the owners of Russian depositary receipts (approved by Order of the Federal Financial Markets Service of Russia dated April 27, 2007 No. 07-51 / pz-n);
- standards for the adequacy of own funds professional participants the securities market, as well as management companies of mutual investment funds and non-governmental pension funds approved by Order of the Federal Financial Markets Service of Russia dated 24.04.2007 No. 07-50 / pz-n.
REFERENCE
The most famous types of depositary receipts are American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). ADRs are issued for circulation in the US markets, EDR - only for circulation in the markets of Western Europe (mainly in London and Luxembourg), GDRs can be traded both in European markets and in the USA.
Global depository receipts are placed outside the country of the issuing company in the markets of two or more countries.
The definition of a Russian depositary receipt was introduced by Art. 2 of the Law on the Securities Market.
A Russian Depositary Receipt (RDR) is a registered uncertified equity security, which:
- has no par value;
- certifies the ownership of a certain number of shares or bonds of a foreign issuer (represented securities);
- establishes the right of its owner to demand from the RDR issuer to receive, in exchange for the RDR, the corresponding amount of the represented securities and the provision of services related to the exercise by the RDR owner of the rights enshrined in the represented securities.
So, RDR is a security, the basic asset of which is the securities of a foreign issuer. At the same time, RDRs of one issue can certify the ownership of the submitted securities of only one foreign issuer and only one of their type (category, type).
The rights secured by the represented securities, including those related to the receipt of income from them, shall be exercised in favor of the owners of the RDR, who are such as of the date of compiling the list of owners of the represented securities and who have the corresponding rights, including to receive income on securities and other due owners of payments. Payments to RDR holders are made by the RDR issuer in the currency of the Russian Federation, unless otherwise established by the decision on the RDR issue. The deadline for the fulfillment of obligations related to the implementation these payments, cannot exceed five days from the date of receipt by the depository of the corresponding payments from the issuer of the securities represented.
To protect investors from the risk of bankruptcy of the RDR issuer, the Law on the Securities Market stipulates that if the depositor is provided with services related to the receipt of income from securities and other payments due to the owners, the depositor's funds must be kept in a separate bank account opened by the depositary in the credit institution. (special depository account).
Features of RDR circulation
RDR has a number of features in comparison with other types of securities existing in Russia:
- the report on the results of the RDR issue is not registered;
- there is no requirement to complete the placement of RDRs within one year from the date of state registration of their issue;
- RDR circulation can be carried out after the state registration of their issue;
- RDR is canceled upon issuance of securities certified by the RDR holder;
- upon redemption of the RDR, the maximum number of depositary receipts that can be simultaneously in circulation in accordance with the decision to issue RDR does not change;
- the register of RDRs can be maintained by their issuer - the Russian depository, regardless of the number of RDR holders.
The RDR issuer can only be a depository:
- created in accordance with the legislation of the Russian Federation;
- meets the requirements for the size of equity capital (at least 200 million rubles of equity) established by the federal executive body for the securities market;
- carrying out depository activities for at least three years.
There are two types of RDR programs - Sponsored and Non-Sponsored.
In the event of the issue of sponsored securities, an agreement is concluded between the issuer of the underlying asset and the Russian depository - the issuer of the RDR, according to which the issuer of the underlying securities assumes obligations to the holders of the RDR. In this case, the DDR also certifies the right of its owner to require the proper performance of these obligations.
When issuing unsponsored securities, the issuer of the presented securities does not assume obligations to the holders of the RDR. In this case, the issue of RDRs is possible only if the securities represented are included in the quotation lists of foreign stock exchanges, the list of which is approved by the federal executive body.
If the issuer of the presented securities (foreign issuer) assumes obligations to the owners of the RDR, then the depositary receipt also certifies the right of its owner to demand the proper performance of these obligations.
The obligations of the issuer of the securities being presented to the holders of the RDR should be stipulated by the agreement between him and the issuer of the RDR. Necessary conditions contracts are:
- an indication of the rights secured by the represented securities;
- the obligation of the depositary to ensure that the number of RDRs in circulation corresponds to the number of securities presented, the rights to which are recorded on an account opened for him as a person acting in the interests of other persons;
- an indication that the presented securities are issued for the placement of RDRs and (or) are in circulation;
- the procedure for issuing (sending) instructions to the depository on the procedure for voting on shares by the RDR holders and the depositary's obligation to ensure the exercise of the right to vote on the shares of a foreign issuer (securities represented) only in accordance with the instructions of the RDR holders, as well as to provide the RDR holders with the voting results;
- the obligation of the issuer of the securities presented to provide information in Russian in the amount and within the time frame that provides the depository with the opportunity to disclose it in the amount, manner and time frame stipulated by the legislation of the Russian Federation;
- the obligation of the depositary to disclose information received from the issuer of the securities being presented no later than the day following the day of its receipt;
- an agreement on the application of the law of the Russian Federation to the relations arising from this agreement;
- an agreement on the consideration of disputes arising from non-fulfillment or improper fulfillment of obligations under the agreement in the territory of the Russian Federation by courts, the decisions of which can be recognized in the territory of the issuer's country in accordance with an international treaty of the Russian Federation;
- the provision on the liability of the custodian and the issuer of the securities being presented for failure to fulfill or improper fulfillment of their obligations under the agreement to the holders of the RDR;
- a provision that the agreement cannot be terminated without the consent of the owners of the RDR.
From the date following the date of state registration of the RDR issue, their issuer becomes obliged to disclose information. There are differences between sponsored and non-sponsored RDRs in terms of information disclosure by the RDR issuer. When sponsored RDRs are issued, the issuer is required to disclose information received from the issuer of the underlying securities. When issuing unsponsored securities, the RDR issuer is obliged to disclose information that is disclosed in accordance with foreign law by the issuer of the securities presented on a foreign stock exchange for foreign investors.
The RDR issuer is required to disclose accounting statements the issuer of the securities being represented, drawn up in accordance with IFRS or US GAAP. If the RDR prospectus is registered, their issuer is obliged to disclose information about the issuer of the represented securities and represented securities in the form of a quarterly report and statements of material facts.
The RDR issue, in contrast to the standard issue of securities of Russian issuers, which consists of five stages, includes only three:
- approval of the decision on the issue of Russian depositary receipts by the authorized body of their issuer-depositary;
- state registration of the RDR issue;
- direct placement of the RDR.
REFERENCE
Depositary receipts (DRs) were invented in 1927. financial company Morgan Garanty and were intended to facilitate the public offering of the famous British supermarket Selfridge on the American market. Financial crisis 1929 and the Great Depression slowed down the development of the DR market for a long time.
A real boom in the early 1990s. was associated with the massive entry into the American and European markets of issuing companies from the countries of Southeast Asia, Australia and a number of Latin American countries.
At the end of 2008, the trading volume of DRs in the world exceeded $ 4.4 trillion, which became a historical record. At the end of 2009, this volume fell to $ 2.7 trillion, according to the annual report of the Bank of New York Mellon (BoNY Mellon), one of the world's major depositories. According to the same source, in general, last year through the issue of depositary receipts, $ 32 billion was raised, which is 122% higher than the volume recorded in 2008 - $ 14.4 billion.
Issuers from countries with emerging economies (emerging markets) continue to dominate the global markets for US and global depositary receipts for shares, according to analysts at BoNY Mellon. OJSC Gazprom (about $ 66 billion) became the leader in terms of the volume of transactions with DRs for shares in the region of Eastern Europe, the Middle East and Africa (EEMEA) in 2009. The five in terms of trading activity also included the Russian OJSC LUKOIL and OJSC Rosneft.
Thus, the issue of RDRs is carried out without making a decision on their placement, submission to the FFMS of Russia of a report on the results of the issue of RDRs and its state registration, as well as without submitting to the FFMS of Russia a notification of the results of the issue of RDRs.
The placement and circulation of RDRs can be carried out after the state registration of their issue, and the placement and circulation of RDRs of an additional issue - after registration of the changes made to the decision on the issue of RDRs. Thus, the state registration of additional RDR issues does not take place, and the increase in the maximum amount of RDR issues that can be in circulation at the same time is carried out by amending the decision to issue RDRs. Moreover, the placement of the RDR can be carried out through both open and closed subscription.
An important advantage of the RDR issue over the issue of other securities is the absence of the issuer's obligation to complete the placement of securities no later than one year from the date of state registration of their issue.
There are conditions when an RDR issuer is obliged to suspend an RDR placement. This happens when:
- crushing RDR;
- splitting or consolidation of the presented securities;
- changes in the volume and (or) the procedure for exercising the rights enshrined in the represented securities.
The placement of RDRs is resumed from the moment the registered changes to the decision to issue RDR come into force.
Market development forecast and potential RDR issuers
Now it can be said unambiguously that the road for foreign issuers to the Russian securities market has been opened by issuing RDRs. The legal basis for this is legislative level established, the first RDRs began to circulate on Russian stock exchanges. What's next? Who is interested in listing their securities on the Russian stock market, who are they, potential issuers?
Specialists first of all name the CIS countries, where the capital market is less developed, where companies are interested in raising capital from the Russian stock market less costly (in comparison with the American and European markets). According to experts, companies from such countries as Ukraine, Kazakhstan, Belarus, etc. may prefer the Russian securities market.
The second group includes companies from non-CIS countries that have strategic plans to enter the Russian market, as well as companies that have placed their shares not in Russia, but own assets in Russia, and therefore expect interest Russian investors... This also partially includes companies that have placed their shares on the markets of England (LSE), Germany (Deutsche Borse), etc.
V last years a third group of companies was formed - potential RDR issuers. These are holdings registered in offshore zones that have carried out an IPO (Initial Public Offering) abroad and own 75-100% of all their assets in Russia.
Accounting for operations with depositary receipts
Currently, accounting for operations with depositary receipts regulations The Bank of Russia has not been established. In this regard, the following options for accounting for purchased DR are possible.
Option 1. Due to the fact that depositary receipts are issued as an independent type of equity securities, and also have their own properties and registration number (ISIN), they are recorded on the balance sheet as independent securities. Thus, depositary receipts are subject to accounting, depending on their type and qualifications, on accounts 50104-50110, 50205-50211, 50305-50311 "Investments in debentures"And on accounts 50605-50608, 50705-50708" Investments in equity securities ".
Option 2. Due to the fact that DRs certify the right to a certain number of shares or bonds, and also allow to exercise part of the rights of the owner of these shares or bonds (voting, income / dividends), they are recorded on the balance sheet as investments in shares or bonds (but with its registration number or ISIN). Thus, depositary receipts are subject to accounting on the same accounts as in option 1, only as direct shares or bonds.
Option 2 is more convenient due to the fact that, firstly, the question of the currency of accounting for the DR is immediately removed (recall that the DR has no face value). Second, it is easier to resolve the issue of determining the current fair value of the DR, since it is automatically equated to the price of the underlying shares or bonds. Thirdly, it is clearer to fill in the reporting forms (for example, form 0409116 "Information on securities purchased by a credit institution"). However, from an economic point of view, DRs are still not stocks and bonds, but are derivatives financial instruments, in addition, the same reporting forms indicate the form of the paper (in particular, "depositary receipt"), foreign DRs carry a currency risk, etc. Taking into account the above, option 1 seems to be more correct, while in accounting policy the bank must state that the DR is accounted for in the currency of the country in which the receipt was issued, and the procedure for determining the current (fair) value is established (if the DR is accounted for in the accounts for securities at fair value through profit or loss).
Even more confusing is the issue of the accounting treatment for issued RDRs. In the chart of accounts in sect. 5 does not provide for accounts for accounting for issued DRs, and therefore, it is apparently advisable to account for issued RDRs on separate personal accounts of balance sheet account 47422 "Liabilities on other transactions" in the context of issues (registration numbers) of RDRs.
The chosen accounting option should be fixed in the bank's accounting policy.
The issue of RDR is recorded in the following entries.
Acquisition by the custodian bank of shares or bonds underlying the RDR:
Dt 501-503 "Investments in debt securities", 506, 507 "Investments in equity securities"
CT account for accounting of funds - for the amount of purchased securities.
Crediting shares (bonds) to the depository account of the issuing bank DR:
Dt 98010 "Securities in custody in the leading depository (NOSTRO depot basic)"
Кт 98050 "Securities owned by the depository" - by the number of shares (bonds) received.
RDR issue:
Кt 47422 “Obligations on other transactions”, “Issued RDRs” - for the value of issued RDRs.
Receiving payment for the release of sponsored DDRs:
Dt account for accounting of funds
Kt 70601 (13201) “Income from operations with issued securities” - in the amount of payment for the RDR issue.
In the process of servicing the RDR:
Receiving interest, coupons, dividends on securities underlying the RDR:
Dt account for accounting of funds
Кт 47422 "Liabilities for other operations", "Calculations of interest, coupons, dividends" - for the amount of interest, coupons, dividends.
Transfer of interest, coupons, dividends on securities underlying the RDR:
Dt 47422 "Liabilities on other transactions", "Calculations of interest, coupons, dividends"
CT accounts for the accounting of funds, settlement accounts - for the amount of interest, coupons, dividends.
Issued RDRs are redeemed by issuing instead shares or bonds underlying them:
Dt 47422 "Commitments on other transactions", "Issued RDR"
Кт 501-503 "Investments in debt securities", 506, 507 "Investments in equity securities".
The operation is accompanied by the write-off of issued shares or bonds from depository accounting.
Accounting for investments in RDR is carried out in accordance with the procedure established for the purchase of securities by Appendix 11 to the Regulation of the Bank of Russia dated March 26, 2007 No. 302-P, and in accordance with the above principles.
Accounting for investments in RDR:
Dt 50605, 50705 "Investments in equity securities credit institutions" (option 1)
Dt 50608, 50708 "Investments in equity securities of other non-residents" (option 2)
CT account for accounting for funds - for the amount of investments in RDR.
The denomination of investments is rubles (option 1) or currency (option 2).
Since the accounting procedure for transactions with Russian depositary receipts is not regulated, before carrying out such transactions, banks should make appropriate inquiries to local territorial bodies management of the Bank of Russia and national banks.
1 - Issue of Russian Depositary Receipts (RDR). A short guide for issuing companies. JSC " Stock Exchange RTS ".
2 - Ibid.
L.M. Urskova, OJSC Bank Russian Financial Corporation, Head of Financial and Investment Consulting
V.B. Potekhin, JSC Russian bank development ", Chief Accountant, Chairman of the Tax Committee, accounting and reporting of the Association of Russian Banks
depositary receipts, which can be found in the relevant sections. The Russian depository is an equity security that has no par value and certifies the owner for the number of securities of foreign issuers specified in the receipt. The owner of the RDR (Russian) has the right to demand from the issuer the provision of securities for which a receipt has been issued.
RDR Issuer
As with American and Global Depositary Receipts, the issuer of RDR is. Under the current Russian legislation, the depository can also act as the holder of the register of RDR owners.
Note that RDRs of one issue certify the holder's ownership of shares or only one foreign issuer. Also, RDRs are issued for only one type (say, RDR for shares or RDR for bonds).
If the owner of the RDR made a decision to redeem the depositary receipt, then the issuer (depository) in Russia must transfer the securities to the owners. According to the laws of the Russian Federation, payments on RDR are made in rubles (unless another was established when issuing a depositary receipt). The depository must make payments no later than 5 days from the date of receipt of the order from the owner of the depositary receipt. After the owner of the RDR receives the securities, the depositary receipts are canceled.
RDR issue
Let us single out the procedure for the issue of Russian depositary receipts in a separate list:
- The RDR issue is approved by a decision made by the authorized body of the issuer. The depositary acts as an authorized body
- State registration of the RDR issue is in progress
- RDR is being placed (private or public subscription)
After the issuer accepts obligations to the owners of the RDR, a special agreement is concluded between the issuer, which provides securities ( foreign company, shares or bonds of which he wants to buy), as well as the issuer of the RDR. Also, the regulation may contain a clause on the possible termination of the agreement between the foreign issuer and the Russian depository (in which cases the termination occurs, is spelled out in the agreement). In this case, the investor assumes all risks of possible default on obligations due to the broken agreement between the issuers.
The additional issue of RDR is not subject to registration - for this, changes are made to the decision on the issue of depositary receipts issued by the depository. The Russian issuer can issue RDRs into circulation only after the preparation of the act of state registration of the issue of these secondary securities. State registration of the RDR is carried out within thirty days from the date of submission of documents.
RDR
As we know, listing is a regime that regulates the admission of securities to quotations on the stock exchange. Basic requirements for inclusion in the 3rd level of listing of Russian depositary receipts.
- Obligatory registration of the securities prospectus;
- Mandatory compliance of securities for which RDRs will be issued to the norms current legislation RF (including regulations from the sphere of financial markets in force in Russia);
- The RDR issuer is subject to the requirements of the legislation of the Russian Federation on securities and is obliged to disclose information to investors about securities for which depositary receipts are issued
- Securities of foreign issuers are accepted for servicing in the Settlement Depository.
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Posted on the site 03/05/2011
Russian Depositary Receipts (RDR) are a new instrument on the Russian stock market. On December 24, 2010, trading in depositary receipts of Sberbank of Russia, certifying the rights to ordinary registered shares of United Company RUSAL Plc, began on two Russian exchanges - RTS and MICEX. Let's consider the essence and peculiarities of accounting for operations with depositary receipts.
The processes of globalization and the integration of financial markets contribute to the emergence of new financial instruments that allow the movement of capital and with significant differences in national legal systems. Depositary receipts are a tool widespread in the world practice that allows organizing the circulation of securities outside the jurisdiction where they were issued.
The need for such a financial instrument to appear in Russia began to be discussed several years ago. The starting point in the creation of Russian depositary receipts should be considered June 2006, when the “Strategy for the development of the financial market of the Russian Federation for 2006-2008” was approved by the order of the Government of the Russian Federation dated 01.06.2006 No. 793-r. The strategy provided that in order to stimulate the concentration of transactions with financial assets of other countries on Russian stock exchanges, it is necessary to create a legal basis for the issuance and circulation of Russian depositary receipts for these assets. In fact, this was the first step towards opening the Russian securities market for foreign issuers.
Features and prospects of Russian depositary receipts
Let's consider in more detail what depositary receipts are in general and Russian depositary receipts in particular.
Simplistically, depository receipts can be viewed as securities representing a certain number of underlying shares (or bonds) and certifying the rights of their owner in relation to the underlying asset (shares, bonds) of a foreign issuer. Depository receipts are traded and settled outside the country in which the issuer of the underlying shares (or bonds) is registered. The issuers of depositary receipts are depositories operating on the national stock market. They also transfer the rights to the corresponding number of securities issued abroad. The custodians of the underlying assets are depositories in foreign countries.
Basic terms
When describing the procedure for issuing and circulating Russian depositary receipts, the following terminology will be used:
- RDR issuer - a depository created in accordance with the legislation of the Russian Federation, which meets the requirements for the amount of equity capital (equity funds) and the period of activity established by the regulatory legal acts of the FFMS of Russia;
- the issuer of the represented securities - a legal entity established in accordance with foreign law;
- RDR registrar - issuer-depository of RDR or registrar - a specialized organization that maintains the register on the basis of the issuer's instructions;
- custodian - a foreign registrar / depository that records the rights to the securities presented and is included in the list approved by the federal executive body for the securities market - the FFMS of Russia;
- Russian Stock Exchange - a stock exchange on the territory of the Russian Federation that admits RDR to trading with / without listing.
Russian depositary receipts are a new instrument of the Russian stock market, the main essence of which is the possibility of foreign issuers entering the Russian market through the implementation of depositary programs for shares and (or) bonds.
The infrastructure for issuing RDRs can be represented as the following diagram 1:
Scheme. Infrastructure for issuing RDR 2
Regulatory regulation of the rights of RDR holders
The regulatory legal framework for Russian depositary receipts consists of the following documents:
- Federal Law of 22.04.1996 No. 39-FZ "On the Securities Market" (introduces the concept and establishes general requirements for the issue of Russian depositary receipts) (hereinafter - the Law on the Securities Market);
- standards for the issue of securities and registration of securities prospectuses approved by Order of the FFMS of Russia dated January 25, 2007 No. 07-4 / pz-n (establish the procedure for the issue and state registration of the issue of Russian depositary receipts, requirements for documents drawn up during the issue);
- Regulations on information disclosure by issuers of equity securities approved by Order of the Federal Financial Markets Service of Russia dated 10.10.2006 No. 06-117 / pz-n (regulates the composition, procedure and terms of mandatory disclosure of information by issuers of Russian depositary receipts);
- Regulation on activities related to the organization of trading on the securities market, approved by Order of the FFMS of Russia dated 09.10.2007 No. 07-102 / pz-n (regulates the procedure for public circulation of Russian depositary receipts at trading on stock exchanges (listing of securities);
- the list of organizations in which Russian depositories can open accounts to record the rights to foreign securities for the issue of Russian depositary receipts, approved by Order of the Federal Financial Markets Service of Russia dated April 27, 2007 No. 07-52 / pz-n;
- a list of stock exchanges, the inclusion of foreign securities in the quotation lists of which is a prerequisite for the issue of Russian depositary receipts if the issuer of foreign securities does not assume obligations to the owners of Russian depositary receipts (approved by Order of the Federal Financial Markets Service of Russia dated April 27, 2007 No. 07-51 / pz-n);
- standards for the adequacy of own funds of professional participants in the securities market, as well as management companies of mutual investment funds and non-state pension funds, approved by Order of the Federal Financial Markets Service of Russia dated 24.04.2007 No. 07-50 / pz-n.
REFERENCE
The most famous types of depositary receipts are American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). ADRs are issued for circulation in the US markets, EDR - only for circulation in the markets of Western Europe (mainly in London and Luxembourg), GDRs can be traded both in European markets and in the USA.
Global depository receipts are placed outside the country of the issuing company in the markets of two or more countries.
The definition of a Russian depositary receipt was introduced by Art. 2 of the Law on the Securities Market.
A Russian Depositary Receipt (RDR) is a registered uncertified equity security, which:
- has no par value;
- certifies the ownership of a certain number of shares or bonds of a foreign issuer (represented securities);
- establishes the right of its owner to demand from the RDR issuer to receive, in exchange for the RDR, the corresponding amount of the represented securities and the provision of services related to the exercise by the RDR owner of the rights enshrined in the represented securities.
So, RDR is a security, the basic asset of which is the securities of a foreign issuer. At the same time, RDRs of one issue can certify the ownership of the submitted securities of only one foreign issuer and only one of their type (category, type).
The rights secured by the represented securities, including those related to the receipt of income from them, shall be exercised in favor of the owners of the RDR, who are such as of the date of compiling the list of owners of the represented securities and who have the corresponding rights, including to receive income on securities and other due owners of payments. Payments to RDR holders are made by the RDR issuer in the currency of the Russian Federation, unless otherwise established by the decision on the RDR issue. The term for the fulfillment of obligations related to the implementation of the specified payments may not exceed five days from the date of receipt by the depository of the relevant payments from the issuer of the securities represented.
To protect investors from the risk of bankruptcy of the RDR issuer, the Law on the Securities Market stipulates that if the depositor is provided with services related to the receipt of income from securities and other payments due to the owners, the depositor's funds must be kept in a separate bank account opened by the depositary in the credit institution. (special depository account).
Features of RDR circulation
RDR has a number of features in comparison with other types of securities existing in Russia:
- the report on the results of the RDR issue is not registered;
- there is no requirement to complete the placement of RDRs within one year from the date of state registration of their issue;
- RDR circulation can be carried out after the state registration of their issue;
- RDR is canceled upon issuance of securities certified by the RDR holder;
- upon redemption of the RDR, the maximum number of depositary receipts that can be simultaneously in circulation in accordance with the decision to issue RDR does not change;
- the register of RDRs can be maintained by their issuer - the Russian depository, regardless of the number of RDR holders.
The RDR issuer can only be a depository:
- created in accordance with the legislation of the Russian Federation;
- meets the requirements for the size of equity capital (at least 200 million rubles of equity) established by the federal executive body for the securities market;
- carrying out depository activities for at least three years.
There are two types of RDR programs - Sponsored and Non-Sponsored.
In the event of the issue of sponsored securities, an agreement is concluded between the issuer of the underlying asset and the Russian depository - the issuer of the RDR, according to which the issuer of the underlying securities assumes obligations to the holders of the RDR. In this case, the DDR also certifies the right of its owner to require the proper performance of these obligations.
When issuing unsponsored securities, the issuer of the presented securities does not assume obligations to the holders of the RDR. In this case, the issue of RDRs is possible only if the securities represented are included in the quotation lists of foreign stock exchanges, the list of which is approved by the federal executive body.
If the issuer of the presented securities (foreign issuer) assumes obligations to the owners of the RDR, then the depositary receipt also certifies the right of its owner to demand the proper performance of these obligations.
The obligations of the issuer of the securities being presented to the holders of the RDR should be stipulated by the agreement between him and the issuer of the RDR. The necessary conditions of the contract are:
- an indication of the rights secured by the represented securities;
- the obligation of the depositary to ensure that the number of RDRs in circulation corresponds to the number of securities presented, the rights to which are recorded on an account opened for him as a person acting in the interests of other persons;
- an indication that the presented securities are issued for the placement of RDRs and (or) are in circulation;
- the procedure for issuing (sending) instructions to the depository on the procedure for voting on shares by the RDR holders and the depositary's obligation to ensure the exercise of the right to vote on the shares of a foreign issuer (securities represented) only in accordance with the instructions of the RDR holders, as well as to provide the RDR holders with the voting results;
- the obligation of the issuer of the securities presented to provide information in Russian in the amount and within the time frame that provides the depository with the opportunity to disclose it in the amount, manner and time frame stipulated by the legislation of the Russian Federation;
- the obligation of the depositary to disclose information received from the issuer of the securities being presented no later than the day following the day of its receipt;
- an agreement on the application of the law of the Russian Federation to the relations arising from this agreement;
- an agreement on the consideration of disputes arising from non-fulfillment or improper fulfillment of obligations under the agreement in the territory of the Russian Federation by courts, the decisions of which can be recognized in the territory of the issuer's country in accordance with an international treaty of the Russian Federation;
- the provision on the responsibility of the depository and the issuer of the securities being presented for non-fulfillment or improper fulfillment of their obligations under the agreement to the holders of the RDR;
- a provision that the agreement cannot be terminated without the consent of the owners of the RDR.
From the date following the date of state registration of the RDR issue, their issuer becomes obliged to disclose information. There are differences between sponsored and non-sponsored RDRs in terms of information disclosure by the RDR issuer. When sponsored RDRs are issued, the issuer is required to disclose information received from the issuer of the underlying securities. When issuing unsponsored securities, the RDR issuer is obliged to disclose information that is disclosed in accordance with foreign law by the issuer of the securities presented on a foreign stock exchange for foreign investors.
The issuer of the RDR is required to disclose the financial statements of the issuer of the underlying securities in accordance with IFRS or US GAAP. If the RDR prospectus is registered, their issuer is obliged to disclose information about the issuer of the represented securities and represented securities in the form of a quarterly report and statements of material facts.
The RDR issue, in contrast to the standard issue of securities of Russian issuers, which consists of five stages, includes only three:
- approval of the decision on the issue of Russian depositary receipts by the authorized body of their issuer-depositary;
- state registration of the RDR issue;
- direct placement of the RDR.
REFERENCE
Depositary receipts (DRs) were invented in 1927 by the financial company Morgan Garanty and were intended to facilitate the public offering of the famous British supermarket Selfridge on the American market. The financial crisis of 1929 and the Great Depression slowed down the development of the DR market for a long time.
A real boom in the early 1990s. was associated with the massive entry into the American and European markets of issuing companies from the countries of Southeast Asia, Australia and a number of Latin American countries.
At the end of 2008, the trading volume of DRs in the world exceeded $ 4.4 trillion, which became a historical record. At the end of 2009, this volume fell to $ 2.7 trillion, according to the annual report of the Bank of New York Mellon (BoNY Mellon), one of the world's major depositories. According to the same source, in general, last year through the issue of depositary receipts, $ 32 billion was raised, which is 122% higher than the volume recorded in 2008 - $ 14.4 billion.
Issuers from countries with emerging economies (emerging markets) continue to dominate the global markets for US and global depositary receipts for shares, according to analysts at BoNY Mellon. OJSC Gazprom (about $ 66 billion) became the leader in terms of the volume of transactions with DRs for shares in the region of Eastern Europe, the Middle East and Africa (EEMEA) in 2009. The five in terms of trading activity also included the Russian OJSC LUKOIL and OJSC Rosneft.
Thus, the issue of RDRs is carried out without making a decision on their placement, submission to the FFMS of Russia of a report on the results of the issue of RDRs and its state registration, as well as without submitting to the FFMS of Russia a notification of the results of the issue of RDRs.
The placement and circulation of RDRs can be carried out after the state registration of their issue, and the placement and circulation of RDRs of an additional issue - after registration of the changes made to the decision on the issue of RDRs. Thus, the state registration of additional RDR issues does not take place, and the increase in the maximum amount of RDR issues that can be in circulation at the same time is carried out by amending the decision to issue RDRs. Moreover, the placement of the RDR can be carried out through both open and closed subscription.
An important advantage of the RDR issue over the issue of other securities is the absence of the issuer's obligation to complete the placement of securities no later than one year from the date of state registration of their issue.
There are conditions when an RDR issuer is obliged to suspend an RDR placement. This happens when:
- crushing RDR;
- splitting or consolidation of the presented securities;
- changes in the volume and (or) the procedure for exercising the rights enshrined in the represented securities.
The placement of RDRs is resumed from the moment the registered changes to the decision to issue RDR come into force.
Market development forecast and potential RDR issuers
Now it can be said unambiguously that the road for foreign issuers to the Russian securities market has been opened by issuing RDRs. The legal basis for this has been created at the legislative level, and the first RDRs have started circulating on Russian stock exchanges. What's next? Who is interested in listing their securities on the Russian stock market, who are they, potential issuers?
Specialists first of all name the CIS countries, where the capital market is less developed, where companies are interested in raising capital from the Russian stock market less costly (in comparison with the American and European markets). According to experts, companies from such countries as Ukraine, Kazakhstan, Belarus, etc. may prefer the Russian securities market.
The second group includes companies from non-CIS countries that have strategic plans to enter the Russian market, as well as companies that have placed their shares not in Russia, but own assets in Russia, and therefore rely on the interest of Russian investors. This also partially includes companies that have placed their shares on the markets of England (LSE), Germany (Deutsche Borse), etc.
In recent years, a third group of companies has emerged - potential RDR issuers. These are holdings registered in offshore zones that have conducted an IPO (Initial Public Offering) abroad and own 75-100% of all their assets in Russia.
Accounting for operations with depositary receipts
At present, the accounting of operations with depositary receipts is not established by the regulations of the Bank of Russia. In this regard, the following options for accounting for purchased DR are possible.
Option 1. Due to the fact that depositary receipts are issued as an independent type of equity securities, and also have their own properties and registration number (ISIN), they are recorded on the balance sheet as independent securities. Thus, depositary receipts are subject to accounting, depending on their type and qualifications, on accounts 50104-50110, 50205-50211, 50305-50311 "Investments in debt obligations" and on accounts 50605-50608, 50705-50708 "Investments in equity securities" ...
Option 2. Due to the fact that DRs certify the right to a certain number of shares or bonds, and also allow to exercise part of the rights of the owner of these shares or bonds (voting, income / dividends), they are recorded on the balance sheet as investments in shares or bonds (but with its registration number or ISIN). Thus, depositary receipts are subject to accounting on the same accounts as in option 1, only as direct shares or bonds.
Option 2 is more convenient due to the fact that, firstly, the question of the currency of accounting for the DR is immediately removed (recall that the DR has no face value). Second, it is easier to resolve the issue of determining the current fair value of the DR, since it is automatically equated to the price of the underlying shares or bonds. Thirdly, it is clearer to fill in the reporting forms (for example, form 0409116 "Information on securities purchased by a credit institution"). However, from an economic point of view, DRs are still not stocks and bonds, but are derivative financial instruments, in addition, the same reporting forms indicate the form of paper (in particular, "depositary receipt"), foreign DRs carry currency risk and etc. Taking into account the above, option 1 seems to be more correct, while the bank's accounting policy should stipulate that DR is accounted for in the currency of the country in which the receipt was issued, and the procedure for determining the current (fair) value is established (if DR is accounted for in securities accounts securities at fair value through profit or loss).
Even more confusing is the issue of the accounting treatment for issued RDRs. In the chart of accounts in sect. 5 does not provide for accounts for accounting for issued DRs, and therefore, it is apparently advisable to account for issued RDRs on separate personal accounts of balance sheet account 47422 "Liabilities on other transactions" in the context of issues (registration numbers) of RDRs.
The chosen accounting option should be fixed in the bank's accounting policy.
The issue of RDR is recorded in the following entries.
Acquisition by the custodian bank of shares or bonds underlying the RDR:
Dt 501-503 "Investments in debt securities", 506, 507 "Investments in equity securities"
CT account for accounting of funds - for the amount of purchased securities.
Crediting shares (bonds) to the depository account of the issuing bank DR:
Dt 98010 "Securities in custody in the leading depository (NOSTRO depot basic)"
Кт 98050 "Securities owned by the depository" - by the number of shares (bonds) received.
RDR issue:
Кt 47422 “Obligations on other transactions”, “Issued RDRs” - for the value of issued RDRs.
Receiving payment for the release of sponsored DDRs:
Dt account for accounting of funds
Kt 70601 (13201) “Income from operations with issued securities” - in the amount of payment for the RDR issue.
In the process of servicing the RDR:
Receiving interest, coupons, dividends on securities underlying the RDR:
Dt account for accounting of funds
Кт 47422 "Liabilities for other operations", "Calculations of interest, coupons, dividends" - for the amount of interest, coupons, dividends.
Transfer of interest, coupons, dividends on securities underlying the RDR:
Dt 47422 "Liabilities on other transactions", "Calculations of interest, coupons, dividends"
CT accounts for the accounting of funds, settlement accounts - for the amount of interest, coupons, dividends.
Issued RDRs are redeemed by issuing instead shares or bonds underlying them:
Dt 47422 "Commitments on other transactions", "Issued RDR"
Кт 501-503 "Investments in debt securities", 506, 507 "Investments in equity securities".
The operation is accompanied by the write-off of issued shares or bonds from depository accounting.
Accounting for investments in RDR is carried out in accordance with the procedure established for the purchase of securities by Appendix 11 to the Regulation of the Bank of Russia dated March 26, 2007 No. 302-P, and in accordance with the above principles.
Accounting for investments in RDR:
Dt 50605, 50705 "Investments in equity securities of credit institutions" (option 1)
Dt 50608, 50708 "Investments in equity securities of other non-residents" (option 2)
CT account for accounting for funds - for the amount of investments in RDR.
The denomination of investments is rubles (option 1) or currency (option 2).
Since the accounting procedure for transactions with Russian depositary receipts is not regulated, before carrying out such transactions, banks should make appropriate inquiries to the local territorial administrations of the Bank of Russia and national banks.
1 - Issue of Russian Depositary Receipts (RDR). A short guide for issuing companies. RTS Stock Exchange OJSC.
2 - Ibid.
L.M. Urskova, OJSC Bank Russian Financial Corporation, Head of Financial and Investment Consulting
V.B. Potekhin, JSC Russian Bank for Development, Chief Accountant, Chairman of the Taxation, Accounting and Reporting Committee of the Association of Russian Banks
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