Russia: Russian corporate bonds eligible in Clearstream
Effective
30 January 2014
Russian corporate bonds registered after 1 January 20121 will become eligible for delivery versus payment (DVP) settlement on the domestic market via the direct account of Clearstream Banking2 with the National Settlement Depository (NSD) - the Russian Central Securities Depository.
Russian government bonds (OFZs) and regional government debt securities considered as tax-exempt (municipal bonds) are already eligible in Clearstream Banking.
Impact on customers
Corporate bonds will follow the same settlement deadlines as OFZs and municipal bonds (as detailed in the Creation Link Guide - Russia).
Income on the corporate bonds is taxable. The tax service description will be published in a separate announcement in the coming days.
Disclosure requirements
Customers are reminded that holders of Russian securities with Clearstream Banking are subject to ad-hoc disclosure requests. Customers who are either unable or not permitted to disclose beneficial owner information or any other requested information for taxation purposes must not hold Russian securities in Clearstream Banking.
For more details, please refer to the Disclosure Guide – Russia (for corporate action disclosure requirements) and to the aforementioned tax procedure (for tax-related disclosure requests).
Next steps
In mid-2014, pending regulatory approval in Russia, equities held on Clearstream Banking’s direct account with the NSD will also be eligible in Clearstream Banking.
Further information
For further information, customers may contact Clearstream Banking Customer Service or their Relationship Officer.
------------------------------------------
1. Zero-coupon bonds and foreign bonds issued in Russia are not included.
2. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).