Bank of Russia sets procedure for converting receipts into shares
22 July 2022
News
The automatic conversion of depositary receipts accounted by Russian depositories will start on 15 August 2022. Their holders’ accounts will be credited with Russian shares for which depositary receipts were issued. The Bank of Russia Board of Directors has established the Procedure for such conversion.
Investors will not need to submit any applications, and the whole procedure will not require the involvement of foreign accounting institutions.
Depositories will conduct the automatic conversion within a short period of time to enable the holders of depositary receipts to rapidly receive Russian shares, which are not limited in circulation and in the exercise of their rights.
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