Holders of Russian Depositary Receipts (DRs) and Shares Must Disclose Beneficial Ownership

At the beginning of 2014, Russian Federal Law 306-FZ went into effect, requiring beneficial owner information disclosure in order to avoid a 30% non-disclosure withholding tax rate. This paper provides an overview of 1) 306-FZ for DRs, 2) options available to initiate DR tax reclaim procedures, and 3) the events, in the form of a timeline, related to the 'Relief at Source' and 'Quick Refund' tax reclaim processes.

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© 2014 The Bank of New York Mellon Corporation. Depositary Receipt business and services are conducted through The Bank of New York Mellon.