Keesdejongen schreef op 23 juli 2022 16:33:
15 augustus
Automatic DR conversion in Russian depositories starts on August 15
Moscow. July 22. INTERFAX.RU - Automatic conversion of depositary receipts for shares of Russian issuers, which are accounted for in Russian depositories, will begin on August 15, the Central Bank of the Russian Federation reported.
On Friday, the Board of Directors of the regulator approved the procedure for automatic conversion.
From the date of publication of this decision, the depositories shall not have the right to accept depositors' orders to convert a foreign issuer's securities into shares of the Russian issuer. Unfulfilled orders of depositors received by depositaries earlier are considered withdrawn on July 25.
The automatic conversion procedure will take place without the participation of foreign accounting institutions, reminds the Central Bank. "Automatic conversion of depositaries will be carried out in a short time so that the owners of depositary receipts can in the near future receive Russian shares that are not limited in circulation and in the exercise of rights under them," the Bank of Russia stressed.
At the end of June, the State Duma adopted amendments to the April law banning the placement of DR on foreign exchanges and delisting existing ones, allowing the conversion of receipts with which are blocked due to sanctions restrictions, automatically or forcibly, depending on where the rights are taken into account - in the Russian or foreign depository. For owners whose rights are taken into account in Russian depositories, automatic conversion without resorting to foreign infrastructure is provided. Issuers will be obliged within five working days from the date determined by the Bank of Russia (count starts on August 15) to send a corresponding notification to the Russian depository, which in turn must perform operations to transfer shares of Russian issuers to DR holders instead.
Companies that are temporarily or indefinitely allowed to keep the listing of receipts on foreign exchanges will be able to ask the Central Bank to exempt them from the need for automatic conversion or allow it to be carried out after the closure of the depprogram.