Custody services of banks. Depository service Deposit service for individuals

The Russian stock market is gaining momentum every year, and there are many people who want to purchase various securities. Today, most papers exist in electronic form and are located on certain accounts. In addition to electronic records, their counterparts in the form of familiar documents (certificates and bills of exchange) are still common. For accounting and storage, many banks offer act as a depository. Owners can re-register, keep records and store their exchange-traded assets. Since banks work with a license, they can carry out the procedure for paying dividends and make settlements for transactions. Sberbank, which is trusted by many investors, provides similar custody services to clients.

The institution has a perpetual depository license, which gives it the right to serve investment funds. Contributors use electronic signatures. With its help, they can remotely carry out all financial actions with exchange-traded assets, sending the necessary orders for this. EDS guarantees the confidentiality of the transmitted orders.

Depository services at Sberbank include the following operations:

storage of any kind of certificates (possibly in electronic form);
receiving papers for safekeeping, a banking institution does not receive them into ownership, it only provides assistance in recording the rights to them;
opening and formation of custody accounts, transfer of securities under contracts of sale or donation between custody accounts of different depositors;
conducting transactions on transactions;
operations with bank bills;
imposition and removal of encumbrances on securities that are pledged;
crediting of income and payment of dividends;
participation in shareholders' meetings, as well as other actions in the interests of issuers;
providing information and lending.

Depository services

The Sberbank Online platform gives customers additional opportunities:

control over the balances of positions;
viewing arrears of payments for using the depository;
issuing an order for the transfer of securities in open custody;
filing an application for registration of new securities;
obtaining information about the client.

To carry out such actions, just go to your personal account on the site.

Benefits

One of the significant positive aspects for clients who have entered into a depository service agreement with Sberbank is that it is the largest depository in the Russian Federation. Due to the huge number of divisions, its functions include the content more than 390 thousand securities accounts... The Bank offers its depositors (both residents of the Russian Federation and non-residents) a variety of services and transactions with exchange-traded assets of issuers of the Russian Federation and other countries. Clients receive these services in 70 divisionslocated throughout the territory of the Russian Federation. To exchange information with depositors, remote service systems are used ("Bank-Client", EDM, SWIFT). The bank's specialists have developed a unique “Depositary” system, which allows accounting in strict compliance with the safety of information.

Depository advantages

Small business rates

The depository service offered by Sberbank includes low rates. Some services for contributors are free. Thanks to this, small businesses can use the service to work with exchange-traded assets. The bank has established different prices for depository services for individuals and legal entities. Tariffs for individual entrepreneurs are the same as for legal entities. You can get acquainted with the list and tariffs on the website by going to the "Depository service" section.

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

What does the depositary services mean?

Safekeeping of securities

According to the custodian, who wishes to transfer his securities for safekeeping to the depositary organization, an individual account is assigned in the same way as is done with ordinary checking and savings accounts. Only securities are credited to the account in this case, and not cash. And the unit of measurement here is precisely certain assets, and not a specific amount of currency. Bank services for legal entities are now very diverse.

A shareholder has the right to manage his account, as well as the assets stored on it, as he sees fit. This can be done using a special interface, as well as software provided by the depositary organization. These transactions are also very similar to those that are carried out in relation to ordinary accounts. What are the service rates?

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

Depository services

Custody services for individuals and legal entities include:

account opening and maintenance;
registration of ownership rights to various types of securities and their storage;
depositary transfers of these assets at the request of the client, as well as transfers of bills;
registration of pledges of securities for guarantees, as well as loans;
accounting of securities for trading operations carried out through a broker;
encumbrance of bills or removal of such encumbrance, which is carried out in order to ensure property transactions;
payment of profit on securities;
redemption of coupons of securities;
other services that may be related to account management.

Benefits of depository services

These benefits include:

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

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

About securities

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

Banking services provided to legal entities

Bank services for legal entities differ significantly from those that can be provided to individuals. Their difference lies in the very nature of economic relations and participants in financial turnover. On the one hand, the range of services for organizations and companies is much wider than for citizens, and on the other hand, the responsibility is much higher here. These services include:

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

The depositary ... What is this? Agree, initially there are associations with deposit boxes, in which clients of banks and other financial institutions keep their valuables. But this is not the case. Within the framework of the article, we will consider what a depository is. This can come in handy in cases where you have to work in the stock market.

general information

It should be noted that the comparison with bank deposit boxes is still true, though only partially. So what is meant by depositories? This designation is used for participants in the securities market. Typically, they are banking divisions, brokers, dealers, registrars, exchanges and trustees. All of them form a single system of the securities market. What functions do depositories perform? This is the accounting of securities. Specialists of this structure are also involved in the control of property rights and record the transfer of rights. Let's look at a small example. Acquisition of shares is planned. In this case, they must be credited somewhere. For this purpose, the depositary opens a depot. This is the name for a certain set of depository records. It is on it that all the purchased papers will be listed. These are the functions of the depository.

What securities do they work with?

Most of the stocks and bonds that are in circulation are presented in the form of electronic records located on certain accounts. It should be noted that there are more familiar non-emission analogs that represent bills of exchange, as well as mortgages, savings and certificates of deposit. They have a physical form and are presented like ordinary documents that are stored on paper. Also, a specialized depository provides services for storing certificates.

Who uses them?

Customers of depositories may include both individuals and legal entities who own securities or simply want to purchase them. The motives for opening an account can vary. Among them:

Storing certificates.
Transfer of securities between accounts according to contracts of sale and donation.
Send shares and bonds to other depositories and registrars, as well as accept transfers from them.
For the imposition and removal of encumbrances on securities that are pledged.
Provision of services for crediting income according to the existing shares and bonds, as well as their receipt.

And this, believe me, is not the whole list of all operations. So the depository is a pretty useful organization and structure. But is it expensive to use her services?

Tariffs

For the services provided, the depositary receives remuneration in the form of commissions. Speaking about the situation in general, it should be noted that the tariffs for individuals are lower than for organizations. Let's take a look at the realities of the Russian Federation. Opening an account for an individual is usually free of charge. This is a good form. But legal entities need to pay several thousand rubles. In addition, they will have a rather time-consuming operation. More precisely, it will be necessary to analyze the package of the constituent document and outwardly, drawing parallels, we can say that this is very much like opening a current account. Depositories are also very loyal to individuals in terms of keeping their shares and other equity securities on people's accounts. This is done either for free or for a small fee. But legal entities pay a commission, which, as a rule, is fixed and amounts to approximately 0.1% of the value of securities.

There is also a difference when executing a depository order. So, for an individual, its cost is one and a half to two times lower than for a legal entity. Also worth noting is another important point. It does not matter who to contact - a private or a national depository, they all have much more expensive transactions with securities that are documented than with electronic ones. This is due to the high labor intensity. Indeed, in this case, it is necessary to verify their authenticity, recount and place them in an appropriate safe room. Therefore, we can confidently say that the depository is an organization that is only happy with progress, since it helps to save money.

The largest representatives in the Russian Federation

At the moment, more than six hundred organizations have a license of a professional participant in the securities market, which gives the right to carry out direct depository activities. Among them there are structures that provide loans, service stock exchanges, investment companies. The specialized depositories, which were mentioned earlier, can also control the operation of mutual funds and keep records of their activities, as well as non-state pension funds and various management companies. At the same time, ratings of the most expensive and valuable organizations are drawn up based on the market value of securities that are being serviced by them. You can easily familiarize yourself with them, because they are freely available.

Conclusion

As a result, we can confidently say that the depository is an irreplaceable organization for the owner of securities. Finally, I would like to give some advice on choosing a structure with which to work. Conditionally, it must correspond to the following parameters:

Be reliable. This is determined by the size of financial risks and equity. This information is provided by the National Association of Securities Market Participants.
The size of the commission. Particular care should be taken when a price is too low or too high. It should be remembered that a depository is a special legal entity that will be entrusted with the responsibility of tracking securities. And his services must be adequately assessed.
The range of services provided. Some depositories can only offer accounting and custody of stocks, investment shares and bonds. Sometimes they can also act as a broker. When choosing, you always need to understand what you want: simple storage or access to the stock market. In the second case, you should additionally read the agreement and make sure that it will not be able to perform its own operations when using your funds. Otherwise, the company will have to pay a certain percentage.

In which case, there is a central depository, with a complaint or for advice to which you can turn.

YYYYMMDD Date

ABXXXXXXXXXX ISIN security code

XXXXX Client Depo Account

XXXXXXXXXXXXXXXXXXXX Client's cash account

YYYYY Counterparty Account

YYYYYYYYYYYYYYYYYYYY Cash account of the Counterparty

ABCDRUMM SWIFT Client Code

DCBARUMM SWIFT Counterparty Code

To conduct transactions in the DAY LIGHT mode in the SETDET block, add one more field: 22F:, in which you specify:: 22F :: RTGS // YRTG

To cancel the order, a message with the CANC function is used. The CANC message is used as a request to cancel previously sent messages. If the message function is CANC, then field: 20C: Reference should contain the number of the message to be canceled.

: 20C :: PREV // Reference of previously directed associated message

Sample orders

On February 29, 2012, the French parliament approved and passed a law introducing a tax on financial transactions with securities from August 1, 2012.

Financial Transaction Tax (FTT) applies to all purchase transactions that result in a change of ownership, regardless of the place of settlement and the place of the transaction, with French financial instruments and securities (including depository receipts, the underlying asset of which is taxable shares ). Taxation is applicable to transactions on the acquisition of securities of companies registered in France and having a market capitalization of more than 1 billion euros on January 1 of the fiscal year, as well as those admitted to listing on the organized French market or abroad.

The following types of transactions are not taxable under French tax law:

purchase of securities in the primary market related to the issue;
purchase of securities by clearing houses and central depositories;
purchase of securities related to the activities of market makers;
purchase of securities under contracts related to maintaining liquidity;
intercompany and intragroup transactions for the purchase of securities;
rEPO transactions and securities lending transactions;
purchase of securities by mutual funds and open-ended mutual funds created by employees, or directly by employees of the issuing company;
purchase of securities related to employee savings programs and schemes;
transactions to buy bonds that can be converted into shares.

The participant must independently determine whether his transaction falls under the above exceptions. Any transactions with taxable securities, including those that are not taxable, must be declared.

Lists of ISIN-codes of securities, transactions with which are subject to taxation, are published on the information portal of the NYSE EURONEXT Paris stock exchange and on the website of the Six Financial Information.

From August 1, 2012, the tax rate is 0.2% of the transaction amount. The tax is payable in euros, regardless of the currency of the transaction to be taxed. Examples of tax calculation can be found on page 8 in Euroclear Bank S.A./N.V newsletters.

The taxpayer, according to French law, is the buyer of the securities (final investor).

The Depositor is responsible for independently studying the current requirements of the authorized bodies of foreign states, the operations with securities that he carries out, and, in particular, determining whether his transaction is subject to taxation and / or declaration, and for the timely payment of taxes and fees. The Depositor is responsible for the completeness and correctness of the information provided, as well as its timely provision.

A depositor can submit a tax return:

Directly to the French tax authorities.
In accordance with the law on tax on financial transactions, when filing a return directly, buyers of securities are required to independently complete a tax return and submit it no later than the date specified in the attached documents to the French tax authorities. For more information, please contact:
- Address: 8, rue Courtois 93505 PANTIN CEDEX PARIS - France
- Tel: +33 (0) 1.49.91.12.88
- Fax: +33 (0) 1.49.91.12.25
Through a broker or a company providing investment services on its own behalf, or on behalf of a client.
To the Depositary for further forwarding it to the French tax authorities by means of SWIFT or by letter.

If the Depositor submits a declaration through the Depository, he is obliged to submit it together with the order for the transfer of securities (via SWIFT, the Bank-Client system or in documentary form with the seal of the organization and signatures of authorized persons).

If the declaration involves the payment of the tax amount, simultaneously with the submission of the declaration, the Depositor must ensure the availability of funds in his bank account with VTB Bank in the amount of the tax specified in the declaration and authorize the Depository in writing to write off the corresponding amount. In the absence of a bank account with VTB Bank, the Depositor has the opportunity to back up the Bank's account with the MRCC directly, or pay the Advance invoice issued by the Depository for the amount of money to pay tax.

The IRCC commissions related to the submission of the declaration to the tax authorities of foreign states are subject to reimbursement by the Depositor at the actual cost.

In case of debiting from the Bank's account or submitting claims to the Bank for any taxes, fees or penalties for delay in the submission of declarations / payment of taxes and fees due to the fault of the Depositor, such amounts are subject to immediate refund by the Depositor.

In accordance with paragraphs. 3.3.8, 4.5.2 of the Terms of Depository Activities The Depository has the right not to accept the instruction for execution until the above documents are received.

French tax legislation provides for the collection of fines from the tax authorities for the inaccuracy and inaccuracy of the data indicated in the declaration in the amount of EUR 150, as well as for the cancellation of an incorrectly drawn up declaration in the amount of EUR 500. Commission Euroclear Bank S.A./N.V. for late submission of the declaration is 15 euros, more information in the official news release.

For more detailed information on the tax collection procedure, rules and deadlines for filling out and submitting a declaration, please refer to the information messages of Euroclear Bank S.A./N.V. Additional advice can be obtained from the department for registration of depository transactions.

On December 24, 2012, the Italian parliament approved and passed a law on the 2013 budget, providing for the introduction of a tax on financial transactions with securities (Financial transaction tax - FTT) from January 1, 2013. On February 21, 2013, the Italian Ministry of Economy and Finance issued a special Treasury Decree that sets out the taxation procedure for these transactions.

Financial Transaction Tax (FTT) applies to all transactions that result in a change of ownership, regardless of the place of settlement and the place of the transaction, with Italian financial instruments and securities. Transactions on the acquisition of shares and other equity financial instruments (including depositary receipts, the underlying asset of which are taxable shares) of companies registered in Italy and having an average monthly market capitalization of more than EUR 500 million as of November of the year preceding the reporting year, admitted to listing on the organized Italian market or abroad, as well as converting bonds into shares of an existing issue.

Timing

Tax is levied on transactions with an actual settlement date starting from March 1, 2013. The tax is subject to transfer to the Italian tax authorities no later than the 16th day of the month following the reporting month. For transactions settled on the period from March 1 to September 31, 2013, the deadline for payment of tax is October 16, 2013.

Exceptions

According to the Decree, the following types of transactions are not taxable:

purchase of securities as a result of inheritance or donation;
transactions with bonds and other debt financial instruments;
transactions in the framework of the initial offering, redemption or redemption of shares by the issuer;
conversion of bonds into shares of a new issue;
lending transactions with securities, including REPO transactions, as well as pledging securities with a temporary transfer of ownership;
transactions with shares and other equity financial instruments (including depository receipts) of companies with an average monthly market capitalization of less than EUR 500 million as of November of the year preceding the reporting year;
transactions between companies belonging to the same group (holding) or related to business restructuring;
brokerage operations, in which a broker acts as an intermediary between two parties and purchases securities, and then sells them on the same conditions (price, quantity, dates of purchase and sale);
purchase of securities within the framework of the central counterparty's activities for the purpose of clearing and collateral, provided that the organization acting as the central counterparty is registered in a country included in the list of countries with which Italy has bilateral agreements on the exchange of tax information;
transactions in which one of the parties acts:
- The European Union, the institutions of the European Union, and the European Atomic Energy Community;
- organizations covered by the EU Protocol on Privileges and Immunities;
- central banks or EU member states;
- international organizations created in accordance with international law and recognized by Italy;
operations of pension funds and compulsory insurance institutions that ensure the payment of labor pensions in accordance with European legislation;
market maker operations, as well as operations to maintain market liquidity.

The participant must independently determine whether his transaction falls under the above exceptions. In the event that the amount of tax on a transaction is less than 50 euros, such a transaction is not taxable and must be excluded from the tax return. All other transactions with taxable securities, including those not subject to taxation, must be declared.

The list of ISIN codes of securities, transactions with which are subject to taxation, is published on the information portal of the Italian stock exchange Borsa Italiana.

For 2013, the tax rate is:

0.12% (0.1% from 01.01.2014) of the transaction amount for transactions concluded on the exchange or through multilateral trading systems (Multilateral Trading Facilities);
0.22% (0.2% from 01.01.2014) for other transactions.

The taxable base and the amount of tax are calculated separately for each payer and for each financial instrument.

The tax is payable in euros regardless of the currency of the transaction to be taxed. If the amount of the transaction is expressed in another currency, the taxable base is determined based on the exchange rate established on the date of settlement by the European Central Bank.

In accordance with the legislation of the Italian Republic, there is a list of countries ("white list") with which Italy has bilateral agreements on the exchange of tax information. The application of certain provisions of the Decree will depend on the inclusion of the country in the specified list. The Russian Federation is included in the "white list".

The FTT (Tax Payer) taxpayer, according to Italian law, is the final beneficial owner. In general, the taxpayer is responsible for calculating, collecting and transferring the FTT to the Italian tax authorities (Tax Collector). However, if the transaction is concluded through a financial intermediary (Intermediary) or a chain of intermediaries, the responsibility for calculating, collecting and transferring tax is imposed on the intermediary who received the purchase order directly from the ultimate beneficiary (the actual buyer of the securities).

The role of depositories in the collection and payment of the Italian financial transaction tax is currently not defined. Based on information received from Euroclear Bank S.A./N.V. (for more details see Newsletter NN 2013-N-050 dd 07/10/2013), the client can:

pay tax through the Central Securities Depository of Italy - Monte Titoli;

If the tax is transferred through Monte Titoli, the deadline for payment of tax for the period from March 1, 2013 to September 31, 2013 is November 10, 2013. You can find more information on the procedure and procedure for paying tax through the Central Securities Depository on the website Monte Titoli.

transfer the tax yourself directly to the Italian tax authorities.

In this case, the taxpayer is required to obtain an Italian Tax ID by filling out a special form and submitting an official document confirming the registration and existence of a legal entity.

LLC VTB Capital Broker (VTBK Broker), License of a professional participant in the securities market for carrying out brokerage activities No. 045-12014-100000, issued on: February 10, 2009, License of a professional participant in the securities market for carrying out dealer activities No. 045-12021-010000 , issued on: February 10, 2009, License of a professional participant of the securities market for carrying out depository activities No. 045-12027-000100, issued: February 10, 2009

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