Clarification on unclaimed dividends

AO UniCredit Bank
Wed, 02/11/2016

Custodians will be advised on how to proceed with unclaimed dividends in Russia.                                                                                                                                                                           

The Central Bank of Russia (CBR) has published a letter with additional explanation of the Federal Law "On Joint Stock Companies” provisions. Under provided specifications, a custodian who cannot fulfil their obligation to transfer the income on securities to the client caused by independent circumstances (for example payment details of the client were not provided to the custodian) should transfer money back to the issuer no later than 10 days after the expiration of one month since the date of payment deadline.

The client has three years to make a claim against the issuer for unreceived dividends through the custodian.

 

Ksenia Liskina

Relationship Manager

GSS Russia

Ksenia.Liskina@unicredit.ru