Registrar activity control system, Signature guarantee...

Registrar activity monitoring system

Control over the activities of the registrar is carried out by conducting both internal control over the activities of subdivisions and external control by the federal executive body for the securities market.

The internal control of the registrar when placing securities is to reconcile the number of placed securities with the number of securities recorded in the accounts of registered persons that is conducted on the basis of a registered report on the results of the securities issue. If a reconciliation is detected as a result of a reconciliation, the registrar must notify the issuer about this, establish the reasons for the discrepancy, and take measures to eliminate such discrepancies. However, these measures should not violate the rights of registered persons.

Internal control of workflow is that each document associated with the registry that is sent to the registrar must be registered in the log of incoming documents. After completion of processing, a document with a performance mark must be deposited in the archive. The interaction between the registrar and the transfer agent is controlled by periodically checking the logs of the sent (received) documents of the registrar and the transfer agent.

External control over the implementation by registrars of professional activities in maintaining the register of holders of registered securities is exercised by the federal executive body for the securities market. A measure of the impact on the registrar may be the suspension of the license (for up to six months) or its cancellation.

Signature guarantee

Professional participants of the securities market, with the exception of registrars and clearing organizations, have the right to guarantee a signature on the transfer order. A professional participant who guarantees a signature is called a guarantor. The signature guarantee indicates that the signature on the transfer order is made by the person indicated in this transfer order as the person transferring the securities. The guarantee of the signature only indicates the authenticity of the signature on the transfer order and does not guarantee the validity of the transaction, in fulfillment of which the person signs the transfer order. The registrar shall have the right to verify the signature on the transfer order with the signature sample in the registered person's form if he enters the entry in the register, relying on the signature guarantee. If there is an obvious discrepancy between the signature sample in the registered person's questionnaire and a signed signature, the registrar has the right to refuse entry into the register.

The guarantor of the signature undertakes to compensate the registrar for losses caused as a result of the fact of a counterfeit signature or signature of a transfer order by an unauthorized person recognized by the parties or established by the court. Limits of liability of the guarantor can not exceed 80% of the amount of its own capital. The liability limit of the guarantor can be established for one transfer order, for several transfer orders in aggregate, for various categories of persons whose signatures are guaranteed.

The registrar has the right not to accept the guarantee of the authenticity of the person's signature at the transfer order. Such a transfer order is executed in the general order. The registrar has the right not to accept the signature guarantee if the amount of the transaction on which the securities are transferred exceeds the liability of the guarantor. If the registrar accepts the signature guarantee with exceeding the limits of the guarantor's liability, then he carries the risk of losses in the part exceeding the established limits of the guarantor's liability.

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