Ref. No. АС-20/9775 dated 15 December 2015
Attn.: NSD’s Clients
Please be advised that by the resolution of NSD’s Supervisory Board dated 27 October 2015 on making amendments to the Fee Schedule for NSD’s Depository Services (the “Fee Schedule”), and Order No. 293 dated 14 December 2015, the amended and restated Fee Schedule (Appendix 3 to owner securities account, interdepository securities account, trustee securities account, and foreign nominee securities account agreements) has been approved and will take effect on 1 January 2016.
The principal amendments have been made to the method of calculation of a monthly fee payable for the safekeeping of securities and/or recordkeeping of rights to securities (the “safekeeping fee”):
- A new safekeeping fee calculation method has been introduced, which is in line with the general practice of securities depositories. In accordance with the new method, the securities balance value will be calculated as the sum of balances of all securities issues within the same group, as recorded in the client’s securities accounts (in aggregate under all Securities Account Agreements) in the billing month. Where the client is a member of a bank group or of a group of companies, the safekeeping fee will be calculated based on the total balances in the securities accounts held by all legal entities of such group of companies (provided that NSD has been given a Notification of the Establishment of a Bank Group / Group of Companies*);
- The safekeeping fee calculation will take account of any shares held in such sub-accounts as “Long-term safekeeping sub-accounts” and “Securities represented under depositary receipts programs”;
- The safekeeping fee rate scale has been extended;
- The monthly safekeeping fee will be calculated using basis points (Appendix 2 (Example of Calculation of a Monthly Fee for the Safekeeping of Securities and/or Recordkeeping of Rights to Securities) has been added to the Fee Schedule);
- The monthly fee payable for the safekeeping of securities that do not have market value has been changed.
Please also note the following amendments to the Fee Schedule:
- The minimum monthly fee payable for NSD’s services has been changed;
- A range of fee rates has been introduced, with fees payable depending on the number of transactions;
- The fee payable for the processing of hard-copy instructions has been changed;
- Section 2.3 (Services related to exercising rights attached to securities of Russian issuers) has been added;
- Paragraphs 1.14 and 2.1.5 have been added to describe services provided with respect to clearing participation certificates.
The full text of the Fee Schedule is available in the ‘Fees / Fee Schedule’ section of NSD’s web site.
Should you have any question related to this message, please do not hesitate to contact your account manager at: +7 (495) 956-27-90, +7 (495) 956-27-91, or NSD’s regional representatives.
The Notification Form is set out in Appendix 1 to the Guidelines on the Procedure for Interaction between the Depository and Clients in the Course of Performance under the Terms and Conditions of Depository Operations of National Settlement Depository