O/Ref. No. 10392 dated 23 December 2022
Attn NSD clients
To improve the terms of depository services following the decision of NSD's Executive Board dated 22 December 2022, National Settlement Depository (NSD) announces the extension of the previously taken decisions regarding the following marketing periods:
1. From 1 January 2023 through 30 April 2023, during which transfers of Russian securities involving a transfer of title recorded by the international securities depository (Section 4.1 of the Depository Fees at NSD) will be free of charge:
- transfer of securities on counter instructions from the Sending and Receiving Client without cash settlement.
The marketing period shall apply to the following transactions, including transactions in type "C" securities accounts, subject to Government Commission approval and subject to compliance with legal requirements, including regulations of the Bank of Russia and Board of Directors of the Bank of Russia as well as official explanations of the Bank of Russia, and subject to the requirements set out below:
- transactions involving the submission by the client to NSD of an instruction in the client's nominee securities account to debit Russian securities to any type of securities account, if the Additional Information field of the instruction contains the following: "Transfer authorised by the Government Commission";
- transactions involving the submission by a foreign nominee client to NSD of an instruction in the client's securities account with NSD to debit securities of Russian issuers from such account for crediting to any securities account with "Transfer authorised by the Government Commission" being indicated in the Additional Information field of the instruction;
- transactions involving the submission of a securities instruction to an owner securities account opened in the name of a non-resident to any securities account with "Transfer authorised by the Government Commission" being indicated in the Additional Information field of the instruction.
2. From 8 January 2023 through 31 March 2023, during which the following services will be free of charge:
- acceptance of international securities for safekeeping and/or recordkeeping through international securities depositories, other than CIS countries depositories, on FOP and DVP terms (paragraphs 12.1 and 12.2 of NSD Fees for Depository Services);
- withdrawal of international securities from safekeeping and/or recordkeeping through international securities depositories, other than CIS countries depositories, on FOP and DVP terms (paragraphs 13.2 and 13.3 of NSD Fees for Depository Services).
3. From 1 January 2023 through 31 March 2023, during which transfers of Russian securities that do not result in a transfer of title recorded by the international securities depository (Section 4.1 of the Depository Fees at NSD) will be free of charge:
- transfer of securities between securities accounts on the instruction of the sending client without confirmation from the receiving client;
- transfer within the same securities account on counter instructions from the client who holds the account and from the operator of the section of the same securities account without the cash settlement, or transfer on counter instructions from the sending client and the client receiving the securities without the cash settlement.
The marketing period shall apply to the following transactions, including transactions in type "C" securities accounts, provided that they comply with legal requirements, including regulations of the Bank of Russia, including decisions of the Board of Directors of the Bank of Russia and official explanations of the Bank of Russia and provided that they meet the requirements specified in subparagraphs 1-4 of this paragraph:
- transactions involving the submission by the client to NSD of an instruction in the client's nominee securities account to debit Russian securities to any type of securities account, if the Additional Information field of the instruction contains the following: "Transfer from an account opened with an international securities depository without a change of ownership of the securities";
- transactions involving the submission by a foreign nominee client to NSD of an instruction in the client's securities account with NSD to debit securities of Russian issuers from such account for crediting to any securities account with "Transfer from an account opened with an international securities depository without a change of ownership of the securities" being indicated in the Additional Information field of the instruction;
- transactions related to the submission of a securities instruction with respect to a holder account opened in the name of a non-resident to transfer securities to a nominee holder account with wording "Transfer from a foreign holder account to a securities account with another Russian securities depository without changing the ownership" indicated in the Additional Information field of the instruction;
- the client who submitted the relevant instruction shall, by the last business day of the calendar month, provide NSD with a list of instructions executed during the calendar month.
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.