Foreign custodians entitled to directly open FNHs

AO UniCredit Bank
Wed, 01/03/2017

Restrictions regarding opening foreign nominee accounts will be softened.
                                                                                                                                           
The public debt management policy of the Russian Federation for 2017-2019, published by the Ministry of Finance, contains a proposal to give foreign custodians the right to directly open foreign nominee holder accounts (FNH) with the Russian CSD, National Settlement Depository (NSD).

 

Currently according to the law “On Central Securities Depository” only international clearing systems and CSDs may open FNH accounts with the NSD while foreign investors are serviced via Russian local custodians.  

 

Ksenia Liskina
Relationship Manager
GSS Russia
ksenia.liskina@unicredit.ru