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CASH FUNDS RETURN TO THE THIRD PARTIES ACCOUNTS


Clearing Member can withdraw cash funds, posted to the NCC accounts as collateral and/or due to the fulfillment of the net claim, to his own accounts or to the accounts of its clients. For this purpose the Clearing Member is required to register these accounts with the NCC in advance, according to the Clearing Rules requirements.

In case if cash funds are withdrawn to the accounts of Clearing Member’s clients, according to the NCC Clearing Rules, the Clearing Member is obliged to provide the NCC with the following:

·         Client identification letter (if the Clearing Member must identify clients);

·         notarized or certified by Clearing Member copy of the service agreement / agency agreement, concluded between the Client and the Clearing Member;

·         Beneficiary Questionnaire (for Clearing Members – Corporations); is completed through the Legal Entity form;

·         other documents (upon demand of the NCC).

In case of provision of the abovementioned documents for several markets, the Clearing Member shall provide the Client identification letter in a single copy, and a copy of each valid agreement out of the following ones: service agreement / agency agreement.

NCC returns cash funds not later than the following workday since of the date of registration of the Account for Collateral Return.

Term for the new Account for Collateral Return registration:

·           Account for Collateral Return in Russian rubles, which belongs to the Clearing Member – not later than the following day after the relevant application is received;

·           Registration of the Account for Collateral Return, which belongs to the Clearing Member’s client, or of the Account for Collateral Return in foreign currency demands additional control and may take more than one day

NCC is planning to implement the forwarding of notification to the Clearing Member on registration (or impossibility to register) of the Account for Collateral Return. New details of the Account for Collateral Return shall be in effect since of the moment when this notification is sent to the Clearing Member (under the condition that the NCC registers the Account for Collateral Return).