Russia – CB Shareholder Notification Procedure

Russia – CB Shareholder Notification Procedure

On 20 January 2021, RUS CB issued rules on unified form of share notifications.

  • RUS CB issued rules to establish a unified procedure, terms and form of notification on acquisition and disposal of shares and stakes in a number of financial organizations.

Procedure

  • Shareholders must send such notifications to financial institutions and RUS CB in cases established by law particularly when becoming owners of over 10% of the organization.
  • A notification form is used by shareholders in trade organizers, clearing organizations, operators of financial platforms, professional participants in the securities market, specialized depositories of investment funds, mutual funds, pension funds, pawnshops.
  • If a financial institution combines these activities, notification is sent to RUS CB once.
  • Notification can be sent by mail (by courier), in electronic form via the shareholder's personal account of the shareholder or via Unified portal of state, municipal services.

Effectiveness

  • The directive comes into force on 31 January 2021.