16 Aug 2022 17:00

NSD temporarily cancelling fees for transactions associated with transfer of Russian securities from foreign depositaries to Russian infrastructure

MOSCOW. Aug 16 (Interfax) - The National Settlement Depository (NSD, part of the Moscow Exchange Group ) has decided to stop charging fees for transactions related to the transfer of Russian securities from foreign securities depositories to Russian infrastructure, the depository said in a statement.

In particular, NSD is introducing a marketing period from 16 August to 30 September for a transfer of Russian securities within NSD without transfer of ownership from one holder to another where a foreign securities depository is present in the chain of storage.

Also, starting from August 16 and until October 31, NSD will cancel fees for delivery and withdrawal of securities from foreign securities depositories, except for CIS depositories.

"NSD is considering all available opportunities in order to return to investors the right to dispose of assets and make transactions with securities," NSD management board head Victor Zhidkov was quoted as saying in the statement.

"The NSD has a positive experience of waiving securities transfer fees when converting depositary receipts, which allows the conversion process in foreign depositories to resume. We hope that the refusal to charge transfer fees for Russian securities will give a clear and distinct signal to unblock clients' assets," Zhidkov said.