The decline in margins Registrar business is forcing companies to look for ways of increasing the client base. Major registrars have started to develop a new platform transfer-agent interaction “Titan” and force small companies to follow them to meet licensing requirements. Additional costs may adversely affect the small business registrars, and the Central Bank has already thought about mitigation requirements.To the “Titan”, which allows you to fully automate the transfer Agency operation, seven have already joined the Registrar of companies. This was reported by “Kommersant” shareholder and head of the developer company “Eldis-soft” Nicholas Kolodeev. Transfer agent the interaction allows the shareholder to submit the documents from one Registrar to perform transactions (checking accounts, transfer of shares, non receipt of dividends etc.) in the registry of the other. As noted by General Director of JSC “the Register” Yury Taranovsky, the bigger the Registrar the more he is interested in the broad process automation, and it is the largest company initiated transfer a transfer-agent interaction onto a new platform.The Registrar shall maintain registers of all shareholders of the Russian joint-stock companies, provide the final confirmation of the rights of ownership of shares. Large registrars (with more than 1 million accounts) has to be not less than 60 constituent entities of the Russian Federation. For other registrars, this requirement is lower — only 40 subjects. To comply with are transfer-Agency agreements with other registrars. Technological service platforms provide the OLD and “Titan”.To use the new system in combat mode, the registrars began at the end of 2019 (see “Kommersant” on 27 November 2019). Then the goal was to improve the manufacturability of business and competitiveness, including accounts with other institutions. Now the system can accelerate the consolidation of the market. The evaluation of the Director General of NRK—R. O. S. T. Oleg of Zhiznenko connected seven companies serve approximately 70% of all stock. He noted that to pay for the service in the two systems is not profitable, so the Registrar is going to disconnect from the OLD, but not before 2021. According to the Director, Registrar, DRAGA (the company began testing “Titan”) of Maxim Murashov, possible care the largest registrars from the system will disrupt the balance of the market, as it will make the registrars with a small number of branches to revise the policy in respect of the business in terms of license compliance.According to market participants, this can lead to forced transition from the OLD system to the “Titan”. However, if the OLD one was even smaller market participants in its tariffs, the anticipated transition of “Titan” to new shareholders ��maintenance may become unaffordable for them, indicate the representatives of the two registrars. Care even part of the players will allow others to expand the business on a stagnant market. In recent years, the number of joint stock companies served by the Registrar, is constantly decreasing. According to FNS, as of 1 January 2020, it was 63,02 thousand AO. For the year came to 1.15 million new joint-stock companies, while eliminated 10,89 thousand However, it is not so critical. The General Director of the Registrar “the Status” Lyudmila Mironova said the company participates in two systems simultaneously. Mrs. Mironova believes that even in the case that a part of registrars from the OLD system, given the “Status” DREDGE and other companies, she can provide the rest of compliance with licensing requirements. In addition, according to Maxim Murashov, one possible alternative solution would be to mitigate regulatory requirements for the number of regions.The Bank of Russia noted that market participants have provided information “about the high level of the cost of maintaining the branch network, who are forced to bear the registrars with a low level of payback”. Keeping the requirements intact burdensome for market participants, recognize the Central Bank, and are therefore willing to consider the question of repeal on the basis of “more data about the level of development of the system remote access”.Polina Smorodskaya