Translation. Region: Russian Federal
Source: Central Bank of Russia –
An important disclaimer is at the bottom of this article.
A system of guaranteeing property on individual investment accounts (IIA) of the third type will appear in Russia. It will be possible to count on compensation for assets in the event of bankruptcy of the professional participant who was engaged in maintaining the account. Such law adopted by the State Duma.
The compensation fund will be formed from voluntary contributions of professional participants who work with IIS and have joined the guarantee system. The operator of the system will be the currently operating Federal Public-State Fund for the Protection of the Rights of Investors and Shareholders, which will be renamed the Individual Investment Account Guarantee Fund. It will determine the amount of contributions and will be responsible for payments.
An affected investor may apply to this fund if he/she has not received his/her assets in full within 6 months after the professional participant has been declared bankrupt and bankruptcy proceedings have begun. The maximum compensation amount is 1.4 million rubles for all accounts opened with the bankrupt.
The law defines the specifics of participation in the guarantee system, the procedure for the formation of the compensation fund and the investment of its funds, and also establishes requirements for the structure and powers of the governing bodies of the system operator.
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Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.