The National Settlement Depositary (NSD) and Open Joint Stock Company Gazprombank have agreed upon the terms of the Gazprom shares (ISIN RU0007661625) transfer from the NSD nominee holder`s account with Gazprombank to the CSD nominee holder`s account with the registrar in September 2013.
Gazprom shareholders will not have to cover transaction costs for this transfer though the full details of the agreement are not revealed.
According to the Federal Law No. 414-FZ dated December 7, 2011 «On the Central Depository» all CSD eligible securities (securities with prospectus issued) including Gazprom shares should be held on the owner accounts or CSD nominee account in the registrar. The deadline for CSD eligible securities transfer to the CSD was determined as 6 November 2013 - one year after the NSD has been officially assigned a status of the Central Securities Depositary of Russia.
Gazprom shares are the only blue chips, tradable on the Russian stock exchanges, which are not fully transferred to the CSD. As a result of this transfer 33 per cent out of 42.9 per cent of Gazprom shares held in Gazprombank will be transferred to the CSD.
Impact on investors:
The transfer of Gazprom shares to the NSD nominee holder`s account is a new step towards the implementation of the CSD Law; Gazprom shareholders will not have to pay any transaction costs for this transfer.