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Registrar rating calculation method for rating based on performance in quarter 2, 2005
Quantitative registrar performance indicators
# | Indicator | Criterion weight |
1 | Total number of individuals registered in all registers maintained (shareholders, bond holders, unit holders), including individuals with zero balances of individual accounts at the reporting date* | 5,000 |
2 | Number of issuers whose registers are kept by the registrar and securities held by following number of holders (without regard to registered individuals with zero balances of individual accounts at the reporting date): | 2.1. over 50,000 | 6,000 | 5,000** |
2.2. 15,001 to 50,000 | 5,000 |
2.3. 5,001 to 15,000 | 4,000 |
2.4. 1,501 to 5,000 | 3,000 |
2.5. 501 to 1,500 | 2,000 |
2.6. no more than 500 | 1,000 |
3 | Number of operations related to ownership re-registration as a result of transaction, inheritance, or by court judgment, over the quarter | 6,000 |
4 | Number of other operations whose details are entered in the registration log, over the quarter | 3,000 |
5 | Number of registrar's outgoing documents, including denials of operations, over the quarter | 1,000 |
6 | Ratio of operations related to ownership re-registration and performed over one operating day to total number of operations mentioned in paragraph 3 | 3,000 |
7.1 | Number of re-registrations performed by affiliates or per orders received by affiliates over the quarter | 1,000 | 1,500** |
7.2 | Number of registrar affiliates | 1,000 |
7.3 | Number of RF subjects where the registrar is presented (including affiliates) | 2,000 |
8 | Ratio of operations related to ownership re-registration and performed through transfer agents to total number of operations mentioned in paragraph 3 in case that transfer agent is: | 1,000 | 1,000** |
8.1 | - issuer |
8.2 | - registrar or depository | 2,000 |
9.1 | Registrar's own capital | 2,000 | 6,000** |
9.2 | Insurance cover stipulated under registrar insurance contract registered with PARTAD | 4,000 |
10.1 | Number of registrar's staff (without regard to technical and auxiliary personnel) | 1,000 | 2,000** |
10.2 | Ratio of attested registrar's employees to total number of staff per paragraph 10.1 | 2,000 |
Qualitative registrar performance indicators
# | Indicator | Score |
11. | Issuers licensed to exercuse trade organizer functions with registers are kept by the registrar and shares traded at RTS, MMVB, MFB, etc. | +500/issuer
max +1,000 |
| 12. | Violations of legislative or normative acts, internal PARTAD documents, or resolutions passed by PARTAD management bodies*** (registrars are scored for every violation depending on its severity; the total score may not exceed the maximum value) | - min 500/violation
- 2,500/violation
- max 5,000/violation |
13.1 | Expert evaluation of settlement depository organization (settlement depositories, custodial depositories) | 1,000 | 2,000** |
13.2 | Number of expert evaluations | 1,000 |
14. | Issuers whose registers are kept by the registrar have ADRs issued | +1,000 |
15.1 | The registrar uses PARTAD-certified software to keep registers of shareholders | +2,000 |
15.2 | The registrar has a unified certified software to keep registers of shareholders (points are deducted if the registrar uses more than one software package) | -1,000 |
16. | The registrar is represented on the Internet | +500 |
17. | The registrar keeps registers of unit investment funds and other investment funds and/or registers of bond holders | +1,000 |
18. | The registrar keeps registers of creditors' claims | +500 |
19. | The registrar keeps registers of mortgage participation certificate holders | +500 |
20. | The registrar has compliance with PARTAD Registrar Operations Standards confirmed | +2,000 |
Notes:
- *The last day of the quarter is adopted as reporting date
- **Double ranking is used to calculate these criteria: first by line, then by total score
- ***Violations committed by the organization are classified as violations of minimum, middle or maximum severity (per Code of Disciplinary Measures) as follows:
Violations of minimum severity include violations that entailed the following disciplinary penalties:
- Admonition
- Warning with public notification
- Fines in the amount of up to 100 minimum wages
Violations of middle severity include violations that entailed the following disciplinary penalties:
- Fines in the amount of 100 to 300 minimum wages
- PARTAD membership suspension
Violations of maximum severity include violations that entailed the following disciplinary penalties:
- Fines higher than 300 minimum wages
- Expulsion from PARTAD
Methods used to calculate ratings
Method 1 - Ranking by maximum score. To calculate the rating, determine the maximum rating field value over all companies, and then calculate rating value for each company using the following formula: X = CURVALUE*WEIGHT/MAXVALUE, where CURVALUE is field value for the company under consideration, WEIGHT is criterion weight per rating calculation method, and MAXVALUE is maximum field value.
The above method is used to calculate the following indicators:
- Total number of registered individuals (paragraph 1)
- Number of issuers whose registers are kept by the registrar (paragraph 2)
- Number of operations related to ownership re-registration (paragraph 3)
- Number of other operations (paragraph 4)
- Number of registrar's outgoing documents (paragraph 5)
- Proportion of operations related to ownership re-registration performed over one operating day (paragraph 6)
- Number of re-registrations performed by affiliates or per orders received by affiliates (paragraph 7.1)
- Number of registrar affiliates (paragraph 7.2)
- Number of RF subjects where the registrar is represented (paragraph 7.3)
- Number of re-registrations through transfer agents (paragraphs 8.1 and 8.2)
- Registrar's own capital (paragraph 9.1)
- Insurance cover under insurance contract (paragraph 9.2)
- Number of registrar's staff (paragraph 10.1)
- Proportion of attested registrar's employees (paragraph 10.2)
- Expert evaluation of settlement depository organization (paragraph 13.1)
- Number of expert evaluations (paragraph 13.2)
Method 2 - Ranking by absolute value. The specified field value (eg number of traded issuers) is multiplied by criterion weight (500 for traded issuers), and the result is considered to be rating value for the field. If the obtained value exceeds the maximum permissible field value (1,000 in this example), the maximum value is used. The rating field value does not depend on other rating participant indicators. Assume that company A has 10 traded issuers, criterion weight equals 500, and maximum rating value for this field is 1,000. Estimated rating value will be 10*500 = 5,000, which exceeds the maximum value. So 1,000 is accepted as rating value. The above method is used to calculate the following indicators:
- Issuers whose shares are traded at stock exchanges (paragraph 11)
- Violations of legislative or normative acts (paragraph 12)
Method 3 - A specified number of points is added to or deducted from each registrar if the indicator is present. The above method is used to calculate the following indicators:
- Issuers whose registers are kept by the registrar have ADRs issued (paragraph 14)
- The registrar uses PARTAD-certified software to keep registers of shareholders (paragraph 15.1)
- The registrar has a unified certified software (paragraph 15.2)
- The registrar is represented on the Internet (paragraph 16)
- The registrar keeps registers of unit investment funds and other investment funds and/or registers of bond holders (paragraph 17)
- The registrar keeps registers of creditors' claims (paragraph 18)
- The registrar keeps registers of mortgage participation certificate holders (paragraph 19)
- The registrar has compliance with PARTAD Registrar Operations Standards confirmed (paragraph 20)
Scores are summed up over all method indicators to obtain a final registrar rating value.
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