The Central Bank determined the procedure for the return of securities from abroad

Central Bank installed the procedure for depositories to return Russian securities held in their client accounts abroad. According to the regulator, this will make it possible to exclude foreign organizations from the accounting chain of Russian securities, as well as protect the rights of investors.

According to the procedure established by the Bank of Russia, depositories must submit an application for transfer to the National Settlement Depository. The application must contain the name and type of securities, information about their number, details of the foreign depository.

After that, the securities will be credited to the depo accounts of the foreign nominal holder, which were opened with the central depository. Such an opportunity can be provided only once, the regulator stressed.

From January 1, 2023, the owners of securities who transferred them under an agreement for safekeeping to a foreign organization with the right to use, have the right to apply to the Russian depository for the forced transfer of assets to the infrastructure of the Russian Federation. At the same time, a period has been set for which this procedure can be extended.

“If a foreign institution submitted its reasonable objections to the write-off two days before the expiration of the period specified in the notification, then another 30 business days are given to resolve the issues,” the Central Bank said in a statement.

Lusine Balasyan