In accordance with the Information of the Central Bank of the Russian Federation, investors will be able to apply for the forced conversion of depositary receipts into Russian shares until November 10, 2022 (inclusive). Prior to the adoption of the extension law, the deadline for applications was October 11, 2022.
An additional month also is an option for those who want to transfer domestic securities from a foreign depository to a Russian one by force. The corresponding law was signed by the President of Russia.
The deadline is extended so that the holders of securities have time to collect the necessary documents and submit an application. No later than November 24, 2022, Russian depositories will have to open accounts for applied investors and credit them with Russian securities or refuse to conduct transactions.
Holders of receipts, whose rights are taken into account by foreign depositories, from July 14, 2022, are entitled to apply for the forced conversion. Automatic conversion of depositary receipts, which are accounted in Russian depositories, started on August 15, 2022.
Nadmitov, Ivanov & Partners Law Firm LLC advises clients with regard to forced conversion of depositary receipts into Russian shares.
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