JUNE 2013 - FEAS

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013
MACEDONIAN CENTRAL SECURITIES DEPOSITORY
Macedonian Central Securities Depository
will focus on introducing new financial
instruments in Macedonian Capital Market.
Elena Jakimovska Patrovska
Acting CEO
General Information
The purpose of The Macedonian Central
Securities Depository (MCSD) is to establish
central securities register comprising all active
shares, bonds and other financial instruments in
Republic of Macedonia. This will lead to better
access and distribution of information about the
issuers and securities to:
• Investors
• Foreign investors
• Holders of restrictive rights
• Issuers
• Brokers
• Macedonian Stock Exchange
• Pledge Register
• Other authorized institutions in accordance
with the law.
Brief History
A pre-study concerning the establishment of a
central securities register and a clearing and
settlement system in the Republic of Macedonia
was started in 1999 as a component of the
Government’s program for the improvement
and development of the Macedonian capital
market. The improvement of the infrastructure
for increasing national as well as international
investors’ confidence in the Macedonian capital
market and financial sector in general, were
among the preconditions for the World Bank
and IMF’s programs of financial support to the
Republic of Macedonia.
In accordance with the Securities Law, article
172, the Government of Republic of Macedonia,
with the Decision no7 - 167/1 from 20.02.2001,
authorized the Payment Operational Service to
undertake all necessary measures and activities
for implementation of the Central Securities
Depository.
Regulatory Environment
Macedonian CSD is Self Regulatory
Organisation, under authority of Security
Exchange Commission.
Participants
At present time, there are 15 participants, banks
and brokerage houses.
Services Provided
The Macedonian CSD is providing the following
services to the participants in the operations,
issuers and holders securities:
• recording of the securities in the Depository;
• notification of the issuers and holders of
securities about the condition on their
accounts;
• clearing and settlement of the liabilities
arising from the transactions with securities;
• rendering services connected with the
corporate activities;
• other services that arise from the ownership
and transactions with securities, arising from
the scope of its operations.
Form of Securities
All securities are registered and dematerialised.
Future outlook 2013
Conditions and environment in which operation
of the Central Securities Depository AD Skopje
will take place in 2013, arise from environment
in which Macedonian economy will work.
Beginning of 2013 is marked with changes
of legal framework which has the most direct
impact on the operation of the CSD in 2013,
especially beginning of the application of
amendments to three important laws:
• Company Law
• Law on Securities
• Law on Personal Income Tax.
Also, at the beginning of 2013, amendments
of Rules of operation of CSD and Rules for
Guaranty Fund were approved by Securities
Exchange Commission, which also will have
impact on CSD operations.
Potential strategic segments and objectives
for development of Macedonian capital market
as well as Macedonian Central Securities
Depository are:
• Proper positioning of the CSD in processes
of regional and global connectivity of the
capital markets, especially establishing
forms of collaboration and connections with
other depository institutions in region
• Improvement of the services offered by the
Depositary to all participants in the securities
market, according to their needs and
development of new services;
• Infrastructure development of the Depository
for the purpose of achieving its basic goals;
• Technical and normative development
of the functionalities of the Depositary,
the upgrading of existing technical,
technological and communication solutions;
• Effective and sustainable management of
operating expenses of the Depositary, taking
into account the minimization of operational
risk;
In order to reach strategic objectives,
Depository plans to implement following
activities in 2013:
• Regular and timely fulfillment of obligations
regarding registration, clearing and
settlement of securities, as well as executing
non-trade transfers of securities
• Introduction of new control mechanisms to
reduce potential risks
• Promotion of services in respect of securities
lending, in accordance with current
legislation and by-laws and requirements
and needs of the members of the
Depositary;
• Implementation of new provisions in
Operation Rules of the CSD related to
omnibus accounts;
• Analysis and design of new technological
solutions for data exchange and settlement
of securities between the Depositary and
similar institutions abroad;
• analysis of needs and opportunities for use
of 20022 SWIFT standards in operation;
• Introducing new services for the Issuers of
the securities using modern technological
solutions.
• Development and realisation of plan for
education for investors and issuers in
cooperation with Securities Exchange
Commission and Macedonian Stock
Exchange
During 2013, Depository will be focused
in fulfillment of its obligations to holders of
securities, issuers, participants of Depository,
Macedonian Stock Exchange, National Bank
and government institutions.
CONTACT INFORMATION
* Please refer to page 63 for the Macedonia country report.
Contact Name Ms. Sofija Vidovic E-mail vidoviks@cdhv.org.mk Website www.cdhv.org.mk
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