The Central Bank has established a procedure for depositories to return securities of the Russian Federation, which are accounted for in their client accounts abroad. This was stated in the press service of the regulator.
“This will make it possible to exclude foreign organizations from the chain of accounting for Russian securities and protect the interests and rights of investors,” says in statement on the website of the Central Bank.
Market participants are required to submit an application for transfer to the National Settlement Depository, after which the securities will be credited to their nominee depo accounts opened with the central depository. However, this opportunity is provided only once.
Since the beginning of this year, the owners of securities who transferred them under a storage agreement to a foreign organization with the right to use, have the right to apply to the Russian depository with an application for the forced transfer of assets to the Russian infrastructure. The Central Bank has determined the period for which this procedure can be extended. If a foreign institution objected to the write-off two days before the deadline, then another 30 working days are given to resolve the issues.
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