O/Ref. 16331 dated 17 April 2023
Attn.: NSD clients
In accordance with NSD Executive Board's decision dated 13 April 2023, National Settlement Depository (NSD) reports that in accordance with Russian Presidential Decree No. 138 On Additional Temporary Economic Measures Related to Securities Circulation dated 3 March 2023, amendments were introduced into the terms of previously approved marketing period for services involving transfer of ownership on Russian securities recorded by foreign depositories (item 4.1 of the NSD Depository Service Fee Schedule).
In particular, from 1 April 2023 through 30 June 2023, no fee will be charged for the transfer of Russian securities with transfer of ownership to such securities recorded by a foreign depository (item 4.1 of NSD's Fee Schedule for Depository Services), if the following condition is met:
- 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).
The marketing period shall apply to the following transactions, including transactions in type "C" securities accounts, 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 NSD's client of an instruction regarding to its 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 of securities by virtue of Decree No. 138" in case of securities purchased (received) from persons of unfriendly countries before 01 March 2022,
- "Transfer by virtue of authorization of the Governmental Commission" in case of securities purchased (received) from persons of unfriendly countries after 01 March 2022.
- Transactions involving the submission by NSD's client who is an international nominee of an instruction regarding its securities account with NSD to debit securities of Russian issuers from the account for crediting thereof to any securities account with the following wording indicated in the Additional Information field of the instruction:
- "Transfer of securities by virtue of Decree No. 138" in case of securities purchased (received) from persons of unfriendly countries before 01 March 2022,
- "Transfer by virtue of authorization of the Governmental Commission" in case of securities purchased (received) from persons of unfriendly countries after 01 March 2022.
- Transactions involving the submission of a securities instruction regarding the owner securities account opened in the name of a non-resident to transfer the securities to any securities account with the following wording indicated in the Additional Information field of the instruction:
- "Transfer of securities by virtue of Decree No. 138" in case of securities purchased (received) from persons of unfriendly countries before 01 March 2022,
- "Transfer by virtue of authorization of the Governmental Commission" in case of securities purchased (received) from persons of unfriendly countries after 01 March 2022.
The marketing period applies to transactions carried out using foreign nominee accounts and foreign holders' accounts opened with NSD, as well as Russian nominee accounts.
If you have any enquiries regarding this notice, please contact your account managers at NSD by phone at +7 495 956-27-90, +7 495 956-27-91.