Broker Newton Investments decided to transfer assets blocked on the St. Petersburg Exchange
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Broker “Newton Investments” (before July 2022, Gazprombank Investments) updated the conditions for carrying out depository activities, including a provision on the possibility of transferring securities blocked on the St. Petersburg Exchange to another depository, including a foreign one. The updated terms and conditions come into effect on December 21st.
“In connection with the introduction of restrictions on the SPB Exchange and the provision of permission by the Office of Foreign Assets Control of the US Department of the Treasury (OFAC) to terminate transactions, the depositor instructs the depository to carry out depositary operations necessary to change the place of storage of securities from the place of storage at SPB Bank.” to another storage location, determined at the discretion of the depository, including from among foreign depositories,” the document says (.pdf).
Depository operations necessary to change the place of storage of securities can be performed after December 15, 2024 and before the expiration of the OFAC license with the consent of SPB Clearing (the central counterparty of the SPB Exchange), as well as the depositary to which the assets will be transferred.
OFAC added SPB Exchange to the sanctions list on November 2. After this, trading in foreign securities on the site was suspended. OFAC also issued a license to wind down operations with the platform until January 31, 2024. At the beginning of December, St. Petersburg Exchange notified brokers to begin preparations for the exchange of frozen assets.
For more information about the mechanism for returning frozen assets, see material Kommersant FM.
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