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Electronic Document Circulation System

The Electronic Document Circulation System (SEDC) allows electronic documents (ED) to be used when making trades or other legal actions, automates the processes associated with the use of traditional paper document circulation and switching to paperless technology, reduces the risks related to electronic systems that enable parties to exchange information, and ensures the protection of the electronic document circulation participants’ rights.

The regulatory document that regulates the use of electronic documents for organizing the informational interaction of parties in the Electronic Document Circulation System is the Electronic Document Circulation Regulations. In accordance with the Decision made on the above-mentioned Regulations by the RAS Institute of State and Law (outgoing No. 14202–03–2115.4, dd.15.02.02), the Regulations were developed in strict compliance with the provisions of Russian law and can be applied to regulate electronic document circulation, including in the MICEX currency, stock, and derivatives markets.

In accordance with the Electronic Document Circulation Regulations the following are the entities that interact during the process of electronic document circulation:

  • The SEDC Organizer, which is the “Moscow Interbank Currency Exchange” CJSC;
  • The SEDC Sub-System Organizer, which is the legal entity that has executed the Agreement on Performing SEDC Sub-System Organizer Functions with the SEDC Organizer;
  • The SEDC Participant, which is the legal entity that has executed the Agreement of Adherence to the Electronic Document Circulation Regulations with the SEDC Organizer.

The Regulations apply to the SEDC Participant after the Agreement of Adherence to the Electronic Document Circulation Regulations has been executed between the SEDC Participant and the SEDC Organizer. Once this Agreement has been executed, the SEDC Participant can receive essential cryptographic information protection tools for use in the SEDC according to the established procedure.

The Electronic Document Circulation Regulations establish general principles of document circulation between the SEDC Organizer, the SEDC Sub-System Organizer, and SEDC Participants. The list and formats of the ED, regulations for informational interaction, the ED record-keeping procedure, ED receipt confirmation procedure, ED storage procedure, and other aspects of document circulation related to providing services to SEDC Participants, as well as the procedure and peculiarities of accessing the SEDC are specified by Exchange regulations, SEDC Sub-System Organizer regulations, and agreements executed between the SEDC Organizer and SEDC Sub-System Organizers.