Corporate Activity Maintenance, a new service
INFINITUM Asset Services has launched a new service, Corporate Activity Maintenance, implemented in accordance with the provisions of Federal Law No. 210-ФЗ d.d. 29.06.2015 On Amendments to Certain Legal Acts of the Russian Federation and Termination of Certain Provisions of Legal Acts of the Russian Federation, enacted on 01.07.2016, amending the norms of the Federal Laws On Joint-Stock Companies and On Stock Market.
These amendments particularly state that the stock owner must perform corporate actions, such as entitlement exercise, preemptive right for the stock purchase, the right to demand re-purchase, acquisition or redemption of the owned stock by giving instructions to a depository.
Meanwhile, the modes of the shareholders participation in general meetings are changed. A shareholder has the right to participate in the general meeting of shareholders, exercise its voting right along with his/her other rights associated with the stock by instructing a depository, if this is a part of the agreement.
A possibility for the deponents to participate in corporate actions, requiring them to vote, including general meetings of shareholders, via a depository has also appeared. INFINITUM provides these services as a part of a new service package, as well as facilitates the deponents’ performance of their rights during the voluntary corporate actions involving stocks; represents the owners’ interests during the meetings featuring electronic voting systems.
INFINITUM is already offering its clients a number of services, including the provision of information on the issuing authorities and the stocks being serviced, including foreign stocks, as well as Providing deponents with the data to enable them to exercise their right to preferential tax rate for their yield, Filing the applications to senior depositaries as instructed by the deponents, having the required voting share to get the registered data on the full names of the owners, number, category (type), and nominal value of their shares, and Facilitation of taxation benefits and tax exemption for the stock yield.
More information on Corporate Activity Maintenance services is available at http://www.specdep.ru/services/depo/