Process: Cash and security dividend payout (DVCA, DVSE, LIQU)
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1 Process: Cash and security dividend payout (DVCA, DVSE, LIQU) S Supplier I Inputs P Process O Outputs C Clients Offeror Decision of committee of directors to payout dividend Main steps of the process are indicated below: 1. Notification of forthcoming payment ; 2a. ; 2b. Securities transfer; 3. re-payments Payment ; Security owners Central Securities Depository Nominees Foreign nominee Process diagram General Shareholder Meeting Ex-dividend date Record date Payment date Term requirement 1. Notification of forthcoming payment 2а. 2b. Securities transfer 3. repayments (in case of dividend were not receipt) These steps are applied for Corporate Actions as follows: : - DVCA Cash Dividend; - DVSE Stock Dividend; - LIQU Liquidation Dividend Described CA related to mandatory action.
2 Cash and security dividend payout -1. Notification of forthcoming payment General Shareholder Meeting (GSM) = Tac Tac +1 Tac +1 On or prior to a 10 days Renewed notification date Ex-dividend date 5 days 2 days Record date (RD) 1.1 Making decision about dividend payment 1.2 Declare dividend issuer? 1.3 Publishing data about corporate action 1.4 Distribution notification about divident payment W20 Message accepted/ rejected W20 CorporateAction ID SEN 1.15 Sending D1 and D2 characteristics, which is necessary for tax calculation issuer? 1.16 Sending D1 and D2 characteristics, which is necessary for tax calculation W20 Message accepted/ rejected * 1.5 Sending other nominees 1.6. Sending NSD Message accepted/ rejected CorporateAction ID SEN Message with D1 and D2 characteristics 1.19 Sending D1 and D2 characteristics, which is necessary for tax calculation Message accepted/ rejected ** CA 1.7 Message acceptance/rejection response sending 1.8 Corporate Action ID assigning 1.9 Sending CorporateAction ID number message 1.10 Publication in the newsfeed in accordance with issuer's regulations 1.11 Sending notification about 1.13 Sending renewed notification about 1.17 Sending notification about W20,L20** Message with D1 and D2 characteristics 1.21 Sending dividend computation TBD 1.20 Message acceptance/rejection response sending 1.22 Sending bailiffs (arrested securities) and pledgees - neither Central bank nor NSD s (paper form, not automated) 1.23 Sending pledgees (NSD s or Central bank) in format CA/ MT564,MT568 On the terms set out in deposit agreement On the terms set out in deposit agreement W20,L20,S15 W20,L20,S15 W20,L20,S15 Dividend payment notification with calculation 1.24 Cascading CA/MT564 CA/MT564 CA/MT564 MT564/CAPA 1.12 Cascading 1.14 Cascading 1.18 Cascading 2 (*) Notification includes following:: - Ex-dividend date - Record date - Payment Date - Meeting ID (if exist) (**) L20 used for communication with, W20 with
3 Cash and security dividend payout -2а. Payment date (PD) RD+10 End date of disclosure of tax information = RD+7 1 2а.1 issuer? * List of owners who have not received the money Unclaimed payments 3 RD+10 No longer than RD+25 for owners No longer than RD +10 for nominees and custodian No longer than PD+30 for foreign nominees, No longer than PD+1 for individuals Receiving date + 1 month * Money 2а.2 Tax calculation and withholding (for individuals and foreign nominees) 2а.3 Transfer money to owners and nominees 2а.4 Transfer withheld tax to budget ( on the instructions) List of owners who have not received the money TBD In case of failure to transfer money to the 2а.22 Sending a list of owners who have not received the money 2а.23 Return unclaimed payments 2b.24 Sending If money can not be transferred Receiving date + 1 month * Money* NSDFormat 2а.5 Tax calculation and withholding (for individuals, non-resident legal entities and foreign nominees) 2а.6 Transfer money to NSD for nominees and custodians 7 days for foreign nominees and owners 2а.7 Transfer withheld tax to budget 2а.8 Recomputation of tax for foreign nominees, which provide additional data (**) If money can not be transferred 2а.9 Transfer to foreign nominees additional money, which were deducted earlier If foreign nominees did not provide additional data (***) 2а.10 The requirement to foreign nominees to return overpaid money 2а.11 Transfer withheld tax for foreign nominees to budget On 30th day after trasfer withheld tax List of owners who have not received the money In case of failure to transfer money to the TBD 2а.20 Sending a list of owners who have not received the money 2а.21 Return unclaimed payments W20,L20 CAPS 2b.25 Sending to 2b.26 Publication information about in the newsfeed Information on a Web-site Receiving date + 1 month * Money* On the terms set out in deposit agreement The requirement for money refund Money NSDFormat 2а.12 Tax calculation and withholding (for individuals, non-resident legal entities and foreign nominees) 2а.13 Transfer money to owners 2а.14 Transfer withheld tax to budget 2а.15 Recomputation of tax for foreign nominees, which provide additional data CANA 2а.16 Transfer to foreign nominees additional money, which were deducted earlier 2а.17 Transfer withheld tax for foreign nominees to budget On 30th day after trasfer withheld tax 2а.18 Sending a list of owners who have not received the money In case of failure to transfer money to the owners 2а.19 Return unclaimed payments W20,L20, S15 CAPS/MT567 2b.27 Sending to (* ) - If the issuer decides to self-dispatch, it sends a list of the registrar. (*) Payment information should contain Corporate Action ID (**) In case when transferring income I was taxed at a rate of more than necessary on the basis of supporting documents for tax disclosure (***) In case when transferring income I was taxed at a rate than is necessary on the basis of supporting documents in tax disclosure
4 Cash and security dividend payout - 2b. Securities transfer Date of beginning of securities distribution (DB) Deadline for trasfer money or securities 2b.1 Sending notification about upcoming securities 2b.3 Opening an account for securities (in the case of transfer of securities to 3 persons) 2b.9 Sending 2b.4 Debiting securities (with reconciliation request in case of central depository scheme) W20,L20 upcoming securities CAPA 2b.2 Sending notification about upcoming securities 2b.5 Preparing of withdrawal of securities 2b.6 Conduct an operation on withdrawal of securities W20,L20 2b.10 Sending to 2b.11 Publication information about in the newsfeed CAPS Information on a Web-site W20,L20, S15 upcoming securities CAPA/MT564 Report on conducted operation 2b.7 Opening an account for securities (in the case of transfer of securities to 3 persons) 2b.8 Conduct an operation on withdrawal of securities W20,L20, S15 2b.12 Sending to CAPS/MT567 (*) It should be secured by law that coefficient of distribution can only be an integer.
5 Cash and security dividend payout - 3. re-payments. Deadline for requirement to 3 year after decision about were made 3.5 Reconcilation requirment with list of persons, who did not receive dividend (list on step 2а.22) 3.6 Transfer money or securities to registrar? 3.4 Transfer requirement for 3.7 Transfer money/ securities to nominees Money/securities transfer CAIN 3.2 Owner verification 3.3 Transfer requirement for Money/securities transfer 3.8 Transfer money/ securities to nominees CAIN/МТ Claiming requirement to dividend re-payment Distributed to issuer? 3.9 Cascading transfers to Money/securities transfer
6 Cash and security dividend payout 3а. Instruction cancellation Deadline for requirement to 3 year after decision about were made Instruction 3a.14. Check for cancellation conditions, sending 3a.7. Receiving requests from owners and other nominees L20, W20 Instruction CAIС 3a.8. Check for cancellation conditions, sending instruction cancellation receiving Error was found Is instruction transferred to? 3a.11. Sending message with status «Cancellation Instruction cancellation 3a.15. Sending status to NSD L20, W20, S15 Instruction CAIC/MT565 3a.3. Check for NSD instruction deadline and format. Sending request status receiving Error was found Is instruction transferred to registrar? 3a.5. Sending message with status «Cancellation L20,W20 Status «Accepted» CAСS L20,W20 Status «Rejected» CAСS 3a.9. Sending instruction status Status «Cancellation CAСS 3a.12. Sending L20,W20 Instruction cancellation CACS 3a.16. Sending L20,W20, S15 L20,W20, S15 Status «Accepted» Status «Rejected» Status «Cancellation Status «Rejected» Status «Cancellation Instruction cancellation 3a.1. Cascade receiving requests from 3a.2. Transfer instruction s to NSD 3a.4. Cascading status to 3a.6. Cascading status to 3a.10. Cascading status to 3a.13. Cascading status to 3a.17. Cascading status to
7 Legend Diagram objects: Process - Process Process step - Description of an action Channel/Format Message - Channel and format of information transfer - Business message used in the process Disclosure - Process that is not included in the file as it is not changed Role 1.1 Step - Participant s role Format - Message format according to ISO15/ Link between steps of the process that spans over several worksheets - Process execution deadline - Process step duration Duration presumed by Russian legislation Т I Moment of receiving message from Т R Moment of receiving message from Т NSD Moment of receiving message from NSD Т D Moment of receiving message from Information distribution channels and message formats L20 ISO message via «Louch» software W20 ISO message via Web-client S15 ISO message over SWIFT SF message over SWIFT Fileact Message formats Format not controlled by NSD TBD format and channel are to be defined later MT564, MT565, MT567, MT568 - ISO message SEN - ISO message (System Event Notification) MR - ISO message (Message Reject) CA - ISO message (CorporateActionNotificationV05) CAPA ISO message (CorporateActionMovementPreliminaryAdviceV05) CAPS ISO message (CorporateActionEventProcessingStatusAdviceV04) Partad PARTAD message format: SETTLEMENT_TRANSACTION_STATUS_ADVICE Transaction REPORT_OF_UNCONFIRMED_TRANSACTION Transaction message for reconciliation (Reconciliation request)
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