On September 5, 2016, MCSD LLC made “Central Depository Membership Agreement” with Golomt Custodian Bank, Khaan Custodian Bank and Trade and Development Custodian bank which the Financial Regulatory Commission has obtained a license for custody services.
With the establishment of this agreement, the custodian bank has now a legal environment to open its own account and deposit securities in central depository on behalf of their customers, according to the Securities Law, the “Custodian Membership Procedure”, the Custodian Licensing and Operational Procedures of the FRC and the Investment Fund rule. This allows implementing provisions related to the custodian provisions related to the custodian procedures on the market.
According to the “Custodian Membership Procedure”, the custodian bank is now able to open the following types of accounts at the MCSD as the central securities depository. These include:
1. Own custodian bank’s house account
2. Nominee account as sole nominee and omnibus
3. Client’s beneficial account