OREANDA-NEWS. July 7, 2008. The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, announced today its approval and adoption of a Code of Professional Ethics.

This is an internal document aimed at the protection of the company's and its clients' rights and interests. NDC employees and managers are now obliged to follow the Code for the achievement of the following goals:

• Disclosure and prevention of conflicts of interests
• Prevention from distribution by NDC employees and managers of information which could influence the market value of securities held on NDC accounts and also of confidential information. 

A number of key ethical standards are set by the Code including principles of legitimacy of the company's activities, confidentiality, priority of NDC clients' interests, protection and growth of NDC assets and raising in its capitalization, high professional standards, independence and fairness among NDC employees, efficient internal control, equality and cooperation among employees in the performance of their duties, and prevention of conflicts of interests, etc.

A draft of the Code was recommended for approval by the Committee for Risk Management, NDC at its 19 June meeting. Vladimir Zimin, Chairman of the Committee, Economic Advisor to the Department of Control over Financial Market Operations, Bank of Russia, said: "We regard the approval of a Code of Professional Ethics as an important step in the course of building an efficient system of NDC corporate governance. Moreover the Code is an additional guarantee of personnel loyalty and trustworthiness."