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Six weeks left to change recording place for securities lodged abroad

26 August 2022

The first half of the term set for investors to transfer domestic securities from a foreign depository to a Russian one expires on 27 August.

If a foreign accounting institution hinders operations with Russian issuers’ securities, their holder may change the place of their safekeeping by enforcement. To do this, no later than 11 October 2022, the holder should send a free-form application to a Russian depository that opened the depository account for the foreign nominal holder recording the rights to these securities. The applicant should also attach the documents certifying the title to a specific number of securities. The same can be done by the ultimate beneficiary whose interests are presented by the securities holder.

Within ten business days after the end of the application acceptance period, that is, no later than 25 October, depositories will start to write down securities from foreign nominal holders’ depository accounts and record them in the depository account of the applicant — securities holder.

The depository may request additional documents from the holder or refuse to make the transfer if it has any reasonable doubts. Besides, the depository is not obliged to perform the enforced procedure if the applicants specify a larger number of securities than that held in the depository account of the foreign nominal holder.

Preview photo: Megaflopp / Shutterstock / Fotodom
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