O/Ref. 16594 dated 21 April 2023
Attn.: NSD clients
National Settlement Depository (NSD) in accordance with the Executive Board decision dated 21 April 2023 announces as follows:
1. announces a marketing period from 21 April 2023 through 30 June 2023 (both dates inclusive) during which no fee will be charged for the transfer of Russian securities kept by a foreign depository, involving the transfer of ownership (item 4.1 of NSD's Fee Schedule for Depository Services), if the following conditions are met:
- transactions in Russian securities kept by a foreign depository, involving the transfer of ownership, are carried out using the Foreign Nominee Accounts opened with NSD as well as the Russian Nominee Accounts;
- this is the transfer of securities under counter instructions of the Sending Client (or the securities account/sub-account operator) and the Receiving Client (or the securities account/sub-account operator) without cash settlement (Transaction Code 16 and 16/1), where "Transfer of Russian securities kept by the foreign depository, with transfer of ownership" must be specified in the Additional Information field of the instruction. Such a comment means an assurance by the client that there is a foreign nominee holder (a person who has the right under personal law to record rights to securities) in the chain of title.
The marketing period shall apply, inter alia, to transactions on type "C" securities accounts, provided that the transactions conducted in accordance with this paragraph comply with legal requirements, including regulations of the Bank of Russia and the Board of Directors of the Bank of Russia, and official explanations from the Bank of Russia.
2. From 21 April 2023, the marketing period established by the Executive Board decision dated 13 April 2023, and announced in sections Fee Schedule and News-Operational News (O/Ref. 16331 dated 17 April 2023) of the NSD website is cancelled.
If you have any enquiries regarding this notice, please contact your account managers at NSD by phone +7 495 956-27-90, +7 495 956-27-91.