Further to our Newsflash dated March 27, 2020, please be advised of the following.
The National Settlement Depository (NSD) and the Central Bank of Russia (CBR) issued additional clarifications with regard to their operating regimes between March 30 and April 3, 2020.
CBR confirmed that its Ruble payment systems would operate from March 30 to April 3, 2020 in business-as-usual mode.
NSD declared that the following rules would be applied during this period:
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Depository, clearing, and banking services will be provided on the basis of documents, received via the standard electronic channels, in the business-as-usual mode, subject to the operating restrictions which might be introduced by the NSD’s counterparties (if applicable). Paper-based documents will not be received or delivered by the NSD.
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Instructions for proxy voting and participation in voluntary actions in Russian securities will be processed by the NSD within the deadlines, which have been determined earlier by the issuers/registrars. Record dates occurring between March 30 and April 3, 2020 will not be changed by default.
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Income payments, received by the NSD between March 30 and April 3, 2020, will be distributed within the standard deadlines set by the Russian securities market legislation.
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With regards to the bondholders’ general meetings, final vote counting and preparation of reports from the NSD to the issuers will be postponed until April 6, 2020.
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NSD will provide full scope of services related to participation in corporate actions on foreign securities, however certain delays in such operations may occur due to the limitations on business activities in Russia.
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If a Russian issuer decides to amend the market deadlines for proxy voting or participation in voluntary actions, or to adjust the coupon payment schedule due to the limitations on business activities announced for the period from March 30 and April 3, 2020, this shall be communicated separately by the issuer to the NSD.
Impact on investors: Investor’s activity in the Russian market shall be adjusted in line with the operating mode of the securities market infrastructure during the week of March 30 – April 3, 2020.