Cancellation of Requirement for Securities Depositories to Open and Maintain Type “C” Accounts for Non-Residents

04 August 2022
Print version

Ref. No. 2730 dated 4 August 2022

Attn.: Non-resident clients of NSD

Please be advised that in accordance with paragraph 2 of the Resolution of the Bank of Russia’s Board of Directors dated 10 June 20221 the requirement for securities depositories to open and maintain Type “C” securities accounts of non-residents who are not foreign creditors in accordance with paragraph 1 of Executive Order No. 952, as well as CFCs3, was lifted, provided that such non-residents are not foreign organizations performing the record  keeping of rights to securities.

If you have any questions related to this communication, please contact your account manager at +7 495 956-27-90, +7 495 956-27-91.


1 “On using Type “C” accounts for the purposes of settlement and execution  of trades subject to procedures set forth by the Russian President’s Executive Order No. 95 dated 5 March 2022 “On a Temporary Procedure for Meeting Obligations to Certain Foreign Creditors.”

2 Russian President’s Executive Order No. 95 dated 5 March 2022 “On a Temporary Procedure for Meeting Obligations to Certain Foreign Creditors”

3 Controlled foreign companies (CFCs) shall mean the entities referred to in paragraph 12 of Executive Order No. 95 that simultaneously meet the following requirements: a) they are controlled by Russian legal entities or individuals (the ultimate beneficiaries are the Russian Federation, Russian legal entities or individuals), including if this control is exercised through foreign legal entities associated with such foreign states; b) information on control over them is disclosed by Russian legal entities or individuals referred to in sub-paragraph "a" of the mentioned paragraph to the tax authorities of the Russian Federation in accordance with the requirements of the legislation of the Russian Federation.

Ask question
— Mandatory fields
 
Обратная связь
— Mandatory fields
 
Send your request and our specialists will contact you as soon as possible
— Mandatory fields