The Central Bank demands that shares of Crimean companies be transferred to Russia, Ukraine will not release them
Moscow - Simferopol, May 07 (Navigator, Mikhail Stamm) -Two thousand joint-stock companies in Crimea and Sevastopol should come under Russian jurisdiction, and transactions with their shares should be carried out through Russian depositories with notification to the Bank of Russia, said Deputy Chairman of the Bank of Russia Sergei Shvetsov. However, the National Depository of Ukraine is not going to let the companies of the peninsula go and plans to carefully check their applications for transfer of shares.
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The Russian regulator has requested reporting from Crimean and Sevastopol issuers, Izvestia writes. Shvetsov’s letter states that joint-stock companies must provide the Central Bank with a package of documents. Among them is the issuer's questionnaire (contains the name of the company, full name of the director and members of the supervisory board, the date of the last meeting of shareholders, as well as characteristics of the shares - type, category and type of securities, par value and number of outstanding shares of each issue, registration date release). The Central Bank requests that the application be accompanied by a copy of the current version of the charter and copies of documents confirming the registration of all issues of shares of the company in Ukraine.
The second step in the transition of Crimean and Sevastopol issuers to Russian jurisdiction is the provision of current registers of shareholders to the Crimean branch of the Central Bank. To do this, companies must request such registers from the National Depository of Ukraine (86% of its shares belong to Ukraine represented by the State Commission for Securities and the Stock Market).
Shvetsov's letter also states that shareholders of issuers should refrain from selling shares until the ownership rights to them are confirmed by Russian holders of registers of owners of registered securities. In case of transactions, it is necessary to notify the Russian Central Bank about this.
The Ukrainian depository emphasized that not a single company has yet submitted an application to obtain a register of shareholders, not to mention the next stages. As NDU explained to Izvestia, in order to obtain the register, you need to send a special request. It is considered for three days, after which a decision is made - positive or negative. As the NDU explains, a request can be “closed” in case of errors in personal data, as well as in the presence of financial debt. But to carry out transfer operations, issuers will have to obtain approval from the State Commission, as well as the National Bank of Ukraine. It is possible that securities will be canceled and re-registered.
NDU clients include 10 companies, according to the depository’s website. NDU does not maintain special statistics on Crimean and Sevastopol issuers. But, according to the latest data from the State Commission, about 637 thousand issuers operate in Crimea and Sevastopol, NDU reported. The NDU noted that since the annexation of Crimea and Sevastopol to Russia, transactions involving issuers of these territories have not been suspended.
The Central Bank of the Russian Federation says that if it is impossible to obtain up-to-date registers of shareholders from the NDU, it is recommended to provide to the Central Bank branch the latest lists of securities owners by the date of compilation, received during the general meeting of shareholders, the regulator said in a letter.
According to experts, the Ukrainian law on the depository system does not imply a transition to another jurisdiction. Ukraine will lay claim to some of the companies’ securities even after they are included in the Unified State Register of Legal Entities for Crimea. There is a risk of capital erosion, economists say.
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