Corporate Actions Reform in Russia
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Q&A

E-proxy voting

What formats will be used to exchange messages?

Message exchange will be available in ISO 20022 formats to all participants. For communication with NSD’s clients via SWIFT, it will also be possible to exchange information in the ISO 15022 format.

Who will be able to use the ISO 20022 standard to exchange messages?

ISO 20022 is a basic format for message exchange and will be available to all participants.

Who will be able to use the ISO 15022 standard to exchange messages?

ISO 15022 will be available for communication with NSD’s clients using SWIFT.

When will it be possible to start exchanging ISO 20022 messages?

Exchange of ISO 20022 messages will be available from 18 May 2015.

When will it be possible to start exchanging ISO 15022 messages?

Exchange of ISO 15022 messages will be available from 18 May 2015.

What communication channels will be used to exchange messages with registrars and issuers?

To communicate with registrars or issuers, it will be possible to use the Web-client; it will also be possible to send ISO 20022 messages using LUCH software. Later on, it will also be possible to use the Web-service to exchange messages.

What communication channels will be used to exchange messages with depositors?

To communicate with depositors, it will be possible to use the Web-client; it will also be possible to send ISO 20022 messages using LUCH software, and ISO 15022 messages via SWIFT. Later on, it will also be possible to use the Web-service to exchange ISO 20022 messages.

When will each of the communication channels be available for the message exchange?

Technically, the message exchange will be available within the following timeframes:

  • with the use of LUCH software in autoexport/autoimport mode: from 1 April 2015;
  • with the use of SWIFT (for participants only): from 1 April 2015;
  • with the use of Web-client: from 18 May 2015;
  • with the use of LUCH software interface (for participants only): from 18 May 2015.

Please note that the message exchange in ISO format on the participant side is available only if the registrar initiated the electronic voting in ISO format.

How will materials be delivered for a forthcoming meeting of shareholders?

ISO messages will contain a link to the relevant materials. No materials, therefore, will be sent along with messages. Any such materials will also be available for viewing in the Web-client, if the Web-client is used by NSD’s client.

What language will be used to send information regarding the agenda of a general meeting?

The ISO 20022 format allows for sending text in Russian. In ISO 15022 messages sent via SWIFT, transliteration will be used instead of the Russian language. We will also recommend additionally sending a meeting agenda in English.

The description of message attributes includes the type of a general meeting: ‘GMET’ for an annual meeting and ‘XMET’ for an extraordinary meeting, though usually ‘MEET’ is used to designate an annual meeting.

'MEET’ is used in the ISO 15022 standard, but is not used in the ISO 20022 standard. Instead, the ISO 20022 standard uses ‘GMET’ for an annual meeting and ‘XMET’ for an extraordinary meeting.

What securities identification number will be used?

To identify securities, ISO messages will use ISINs. In addition to the ISIN, it will be mandatory to specify the state registration number of an issue or a code assigned to a securities issue by NSD, only provided that the ISIN does not allow one to uniquely identify a securities issue (e.g., if several issues with different state registration numbers have the same ISIN, or where it is required to provide information on fractional securities with an NSD-assigned code different from the one assigned to the entire issue of securities).

Is it contemplated that an owner with respect to whom an electronic voting document is submitted will be identified using any attribute specified in a list of nominees’ clients provided for the purposes of drawing up a list of persons entitled to attend a

The applicable formats require that an owner’s identifier (account number) be specified. This data is to be specified in MeetingInstruction/Document/MtgInstr/Instr/AcctDtls/AcctId. If the relevant field is correctly completed by the depository issuing an electronic voting document, the account number specified in that field will match the account number specified in the disclosure list delivered by NSD to the registrar in the PARTAD format in REGISTER_OF_SHAREHOLDERS/register_list/shareholder/account_dtls/account_id/id.

In an electronic voting document, how is it to be shown that the voting at a general meeting of shareholders will be performed with shares transferred after the record date?

For MI (ISO 20022)

The fact that the voting at a general meeting of shareholders will be performed with shares transferred after the record date is to be shown by completing the ‘Prxy’ block (MeetingInstruction/Document/MtgInstr/Instr/Prxy) in a certain manner, namely by specifying the following “Proxy type” = HLDR (MeetingInstruction/Document/MtgInstr/Instr/Prxy/PrxyTp). In this case, all other fields in MeetingInstruction/Document/MtgInstr/Instr/Prxy/* do not need to be completed.

For MT565 (ISO 15022)

The fact that the voting at a general meeting of shareholders will be performed with shares transferred after the record date is to be shown by completing the BENODET block in MT565 in a certain manner. To do this, the BENODET block has to be used twice: the first time, to identify the person who was the owner as at the record date, and the second time, to identify the person who issued the relevant voting instruction, but was not a shareholder as at the record date; and the CAINST block has to contain field :22F::CAOP//PROX. In addition, field :70E::INST containing voting instructions must indicate the voting person type, i.e. the person who was the owner as at the record date (‘OWNR’ must be specified in the ‘voting person type’ /OWNT/ field). For such person, different voting options are available for voting bulletin items.

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