Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
Depositories until December 18, 2025 inclusive must transfer segregated securities to non-trading accounts: Russian shares, if they or depositary receipts for them were acquired after March 1, 2022, as well as Eurobonds and replacement bonds that were acquired after March 3, 2023.
The requirement for separate accounting of such securities was established by Decree No. 138 of the President of the Russian Federation dated March 3, 2023. This requirement can only be lifted after verification of documents and information confirming that there were no hostile investors in the ownership chain.
Now, only clean securities can be held in trading depository accounts and freely traded on the exchange, including through negotiated transactions. The Bank of Russia's decision also specifies the minimum set of documents that a depository (registrar) must receive from a client to discontinue separate accounting. When transferring securities to another depository (registrar), it is obligated to share all available information upon request. Now, each participant in the accounting infrastructure no longer needs to compile the entire set of documents on a security's ownership history—one participant only needs to do this once and then pass on the received information up the chain. This will reduce the burden on market participants and simplify the client experience.
A cooling-off period is also being introduced: it will be possible to terminate the separate accounting of securities or execute an order to transfer them to another depository (registrar) 6 business days after sending a notice to the Bank of Russia.
They will come into effect on January 12, 2026. new requirements Separate accounting: from now on, securities acquired on exchanges will no longer need to be segregated and their owners verified. As for over-the-counter transactions, the requirement to segregate securities remains. Depositories and registrars are required to submit daily reports on transactions with segregated securities to the Bank of Russia.
The regulator closely monitors market participants' compliance with the requirements of Decree No. 138 of the President of the Russian Federation. In the event of violations, the Bank of Russia will apply strict supervisory measures.
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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.