RE: Amendments to NSD’s Internal Regulations

22 December 2015
Print version

Ref. No. АЭ-02/10014 dated 21 December 2015

Attn.: NSD’s Clients

Please be advised that on 1 January 2016 the amendments to Appendix 2 (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) to Securities Account Agreements (the “Guidelines”), as approved by the Chairman of NSD’s Executive Board (Order No. 314 dated 21 December 2015), will take effect.

The principal amendments to the Guidelines include:

  • Update of the procedure for the exercise of withholding agent functions due to the amendments made to the Russian Tax Code, which will take effect on 1 January 2016; and
  • The procedure for tax disclosure of clients for depositary receipts on Russian shares.

The amendments made to the Guidelines, and the text of the amended Guidelines, are available on NSD’s official web site at

Regulations on the procedure for performance of withholding agent functions under the Russian Tax Code

Should you have any question related to this Letter, please do not hesitate to contact your account manager at +7 (495) 956-27-90 or +7 (495) 956-27-91.

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