Automatic conversion of DR in Russian depositories starts on August 15

Moscow. 22 July. INTERFAX.RU – Automatic conversion of depository receipts into shares of Russian issuers, which are accounted for in Russian depositories, will begin on August 15, the Central Bank of the Russian Federation announced.

On Friday, the regulator’s board of directors approved the procedure for automatic conversion.

From the date of publication of this decision, depositories are not entitled to accept depositors’ instructions for the conversion of securities of a foreign issuer into shares of a Russian issuer. Unexecuted orders of participants, received by depositories earlier, are considered withdrawn on July 25.

The automatic conversion procedure will take place without the participation of foreign accounting institutions, reminds the Central Bank. „The depositories will carry out automatic conversion in a short time so that the holders of depositary receipts will be able to receive Russian shares in the near future, which are not limited in circulation and in the exercise of rights on them,” the Bank of Russia emphasized.

Ethan Andrews

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