Ref. No. 15207 dated 27 March 2023
To NSD’s clients
In accordance with the decision of NSD’s Executive Board dated 23 March 2023, National Settlement Depository (NSD) announces the extension of its marketing periods during which no service fee is charged:
1. From 1 April 2023 to 30 June 2023 inclusive, during which no fee is charged for transferring shares from/to the Securities Represented under Depositary Programs section of the securities account for their subsequent crediting to securities accounts on instruction of the client receiving the shares to its account.
2. From 1 April 2023 to 30 June 2023 inclusive, during which the transfer of Russian securities without the transfer of title to those securities recorded by the international securities depository (Section 4.1 of NSD’s Fee Schedule for Depository Services) 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 1-3 of this paragraph:
- Transactions related to the submission by a client to NSD of an instruction with respect to a nominee securities account opened in its name to debit Russian securities to any type of securities account, where the following is specified in the Additional Information field of the instruction: "Transfer from an account held with an international securities depository without changing the ownership of the securities" (this means that the client represents that there is a foreign nominee holder (a person entitled under personal law to record rights to the securities) in the chain of title who is its client or a client of its clients.
- Transactions related to the submission by a foreign nominee client to NSD of an instruction with respect its securities account with NSD to debit securities of Russian issuers from such account for credit to any securities account with "Transfer from an account held with an international securities depository without changing the ownership of the securities" 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.
3. From 1 April 2023 to 30 June 2023 inclusive, during which no service fees will be charged for:
- acceptance of 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’s Fee Schedule for Depository Services);
- withdrawal of securities from safekeeping and/or recordkeeping registers through international securities depositories, other than CIS countries depositories, on FOP and DVP terms (paragraphs 13.2 and 13.3 of NSD’s Fee Schedule for Depository Services).
If you have any enquiries regarding this communication, please contact your account managers at NSD by phone: +7 495 956-27-90, +7 495 956-27-91.