Frequently asked questions
- Equity ownership
- General questions
- What is the size of Moscow Exchange's authorised capital?
At present Moscow Exchange's authorised capital is RUB 2,276,401,458 in the form of 2,276,401,458 ordinary registered shares.
- Are there any preferred shares issued by Moscow Exchange?
Currently not. All outstanding shares are ordinary shares.
- What is my stake in the company's authorised capital?
To determine your stake as a percentage, divide the number of shares you own by the total number of shares (2,276,401,458) and multiply the result by 100.
- What is the shares' par value?
The par value of one ordinary share is RUB 1.
- May I buy the shares at par value?
No. The shares are traded at their market price, which changes every day subject to numerous factors.
- What stock exchanges list the shares?
Moscow Exchange's shares are listed and traded on Moscow Exchange, which is the market operator.
- What's the ticker symbol for Moscow Exchange shares?
Moscow Exchange shares are listed under the ticker MOEX.
- Why did I not take physical possession of the shares after buying?
According to the Federal law "On the securities market", registered securities may only be book entry. Moscow Exchange Shareholders own book entry securities.
- What document proves ownership?
Any of the following documents confirms Moscow Exchange equity ownership:
- An extract from the Moscow Exchange shareholder register, which may be obtained from STATUS Registrar Society (the registrar) at Novorogozhskaya St 32-1,109544 Moscow, Russia, telephone +7 495 974-83-50, fax +7 495 678-71-10 or at its branches, if the registrar keeps a record of the shares owned by the shareholder.
- An extract from the securities account at the depository with which the shareholder has a depositary agreement, if the depository keeps a record of the shares owned by the shareholder.
- How may I find out how many shares I own?
You may receive information on the number of shares that you own:
- By requesting an extract from the register of Moscow Exchange shareholders (for shareholders whose shares are in the register). The Moscow Exchange shareholder register is kept by STATUS Registrar Society. For more information about the registrar, please visit its website at http://rostatus.ru/;
- By requesting an extract of the securities account from the depository with which you have signed a depositary agreement (for shareholders whose shares are kept with the depository).
- What is the procedure for buying/selling shares?
Moscow Exchange shares are traded on Moscow Exchange, which is the market operator.
The shares maybe bought via any broker.
To sell the shares, you may contact the broker with which you have a brokerage agreement.
- Where can I find current quotes and price trends for the shares?
Data on current market prices and price trends for Moscow Exchange shares are available on the exchange's website at http://moex.com/en. You may also obtain relevant information and recommendations on buying/selling the stock from your broker.
- Where can we see MOEX's financial information?
- Information for shareholders whose shares are recorded with the registrar (i.e. the shares are recorded as belonging to the shareholder in the shareholder register)
If you are not a client of the registrar (your shares are recorded on a depo account with the depositary), you may obtain information on the rules for depositary and brokerage services from your broker.
- Which company is the specialised registrar keeping the register of Moscow Exchange shareholders?
Status Registrar Society is the specialised registrar keeping the register of Moscow Exchange shareholders.
Registrar contact details:
Located at: Novorogozhskaya St 32-1,109544 Moscow, Russia
Correspondence address: Novorogozhskaya St 32-1,109544 Moscow, Russia
Telephone: +7 (495) 974-83-50, 974-83-45
Fax: +7 (495) 678-71-10
e-mail: firstname.lastname@example.org; email@example.com
For further information on the registrar's branch network, services, and fees, please visit its website at http://rostatus.ru/.
- Do I have to pay for the registrar to keep my shares?
No, Status keeps Moscow Exchange shares free of charge.
- For what services provided by the Registrar will I have to pay?
The registrar charges in accordance with its price list for
The registrar sets its prices within limits set by regulatory acts of the federal executive body for the securities market. For information on price lists of the registrar, please visit http://rostatus.ru/.
- Carrying out transactions on behalf of a shareholder (transfer of shares);
- Opening an account or changing information regarding the account on the basis of a form submitted by the shareholder (changing personal data of the registered person);
- Provision of extracts from the register of shareholders (issuance of extracts from the register confirming current ownership or a change in ownership).
- How can I obtain an extract from the register?
The services may be paid for in cash (at the registrar's cash desk) or by bank transfer to the registrar's settlement account.
The original or a copy of the bank payment, a postal transfer receipt or a bank payment receipt are accepted as proof of payment.
If the service has not been paid for by the execution date, the registrar may reject the request.
- How can I obtain an extract from the register?
If you require information from the register regarding your account, you should instruct the registrar to provide it to you, and make a payment. The form of instruction and the price list are available on the registrar's website – http://rosstatus.ru.
The instruction to the registrar to provide information from the shareholder register, along with the proof of payment, should be submitted in one of the following ways:
Submitted to a branch of the registrar (a list of branches is available on the registrar's website – http://rosstatus.ru).
- Delivered to the registrar in person
- Posted to Novorogozhskaya St 32-1,109544 Moscow, Russia.
- I am a Moscow Exchange shareholder. Why did the registrar fail to provide me with an extract from the register proving equity ownership?
Most Moscow Exchange shareholders did not open individual security holder accounts in the company's register to record equity ownership, but are serviced by depositories. Such shareholders record and keep their Moscow Exchange shares in a depo account with the depository with which they have a depositary agreement. Thus, a depo account statement from the relevant depository is proof of equity ownership for such shareholders.
- My ID details/address/bank details (for receiving dividends) have changed. Should I inform the registrar?
Yes. This is required for several reasons:
- You will need to provide your ID to register for participation in the company AGM. If the details on your ID and in the shareholder register differ, you will not be identified as a company shareholder, and thus will not be able to participate in the AGM or vote on agenda items.
- If your address has changed and you have failed to inform the registrar, you will not receive notifications from Moscow Exchange or AGM voting ballots.
- Dividends are paid by postal transfer to the address indicated in the registered person application made to the registrar, or by bank transfer to the account indicated in the application (if the shareholder requested so). You will not be able to receive dividends until you inform the registrar about any changes to your bank details.
- General Meeting of Shareholders
- When does Moscow Exchange hold Annual General Meetings?
The AGM is held between 1 March and 30 June, as required by the Federal Law "On Joint Stock Companies" and Moscow Exchange's Articles of Association. The exact date is determined by the Supervisory Board.
- Where are Moscow Exchange's AGMs held?
Pursuant to provisions of the Federal Law "On Joint-stock Companies" and Moscow Exchange's Articles of Association, Moscow Exchange shareholders meet at a place determined by the Supervisory Board. Meetings are required to be held in places where the company has representation, and Moscow Exchange shareholders meet in Moscow.
- What issues are addressed at the AGM?
The agenda should cover the following issues:
– Election to the Supervisory Board.
– Election to the Revision Commission.
– Approval of an auditor.
– Approval of the annual report.
– Approval of annual financial statements, including P&L,
– Distribution of profit (including payment (declaration) of dividends) in accordance with the fiscal year's results.
The AGM participants may consider other issues under their mandate at the meeting. The attendees usually approve related party transactions. If necessary, they also approve amendments to the Articles of Association and internal documents regulating the operations of Moscow Exchange's corporate management bodies.
- How do shareholders determine the form of the AGM?
The Supervisory Board determines the form of the shareholder meeting when deciding on calling the meeting.
The AGM should be in presentia as issues relating to election to the Supervisory Board or Revision Commission, approval of a company auditor, approval of annual reporting and financial statements, and/or distribution of profit, must be discussed in presentia (not in absentia).
The Supervisory Board may invite shareholders to meet in absentia to adopt resolutions on other issues depending on the importance of the issues to shareholders.
- When do Moscow Exchange shareholders hold Extraordinary General Meetings?
Any meeting of shareholders held in addition to the AGM is deemed an extraordinary general meeting of shareholders (EGM).
An EGM may be convened at the request of the Revision Commission, the company auditor, or shareholders (a shareholder) who own at least 10% of the company's voting shares as of the date of the request. An EGM also may be held at the behest of the Supervisory Board on its own initiative. General meetings are usually initiated by the Supervisory Board.
- How are Moscow Exchange's shareholders notified of General Meetings of Shareholders?
Announcements of forthcoming general meetings should be made at least 30 days prior to the meeting date, unless the Federal Law "On Joint Stock Companies" provides for a longer term.
The announcement of forthcoming general meetings should be communicated to each person on the list of persons entitled to attend the general meeting by registered mail or published on the exchange's website at http://www.moex.com.
In order to ensure timely notification of shareholders whose shares are recorded in depositories, the announcement is sent to the Central Depository.
- Who is entitled to place items on the general meeting agenda?
Shareholders (a shareholder) owning a total of at least 2% of voting shares are entitled to place items on the AGM agenda. As stated in the Articles of Association, such agenda item proposals should be filed no later than 60 days after the end of the fiscal year.
Shareholders (a shareholder) owning at least 10% of Moscow Exchange voting shares, members of the Revision Commission, or the company auditor may initiate an EGM and propose agenda items.
- Can minority shareholders nominate Supervisory Board candidates?
Pursuant to provisions of the Federal Law "On Joint Stock Companies", Supervisory Board members are elected at the AGM from a list of candidates nominated by shareholders (a shareholder) holding a total of at least 2% of voting shares, meaning that minority shareholders may consolidate their blocks of shares to propose joint candidates for election.
- When and where are materials relating to shareholder meetings available?
General meeting materials are available for shareholders to read at Moscow Exchange's office at 13 Bolshoy Kislovsky pereulok, Moscow, Russia. Materials are available at least 30 days prior to the meeting date. Moscow Exchange also publishes general meeting materials on its website http://www.moex.com. In addition to that, materials are sent to nominee holders registered in the Moscow Exchange shareholder register. These holders should then bring the materials to the attention of their depositors.
- If I buy a share of Moscow Exchange, am I entitled to participate and vote at the General Shareholders' Meeting?
Yes. Every share of Moscow Exchange is entitled to one vote at the General Shareholders' Meeting.
- Do shareholders (or their representatives) need to attend meetings in person?
Shareholders (or their representatives) do not need to attend AGMs (or any other meetings held in the form of joint attendance) in person. In accordance with Moscow Exchange's Articles of Association, a shareholder can vote on the general meeting agenda by sending filled out ballots to the registrar or by filling out electronic ballot forms on Moscow Exchange's website.
- May a proxy document to vote at the shareholder meeting be in simple written form, or does it need to be certified by a notary?
A proxy document needs to be notarised.
- If a shareholder acquired shares after the list of persons eligible to attend the general meeting was drawn up, may that shareholder attend the meeting?
A shareholder, who purchased shares after the date when the list of persons eligible to vote at the general meeting is made, may either take part in the general meeting of shareholders on the basis of a power of attorney granted by the shareholder already in the list (the previous owner of the shares, who is required to grant a power of attorney to the new shareholder) or may instruct the previous owner who is included in the list to vote at the meeting if the share transfer agreement provides for this..
- I have not received a ballot paper to vote at the general meeting. What might be the reason and what should I do to vote?
In addition to that, shareholders can vote on the agenda of the general meeting by filling out electronic ballot forms on Moscow Exchange's website.
Starting 2017, ballot papers are sent only to shareholders whose shares are recorded in the register of shareholders. For shareholders whose shares are recorded with depositories, there is now a new procedure for voting in which the shareholder instructs the depository how to vote on the agenda of the general meeting. The depository is then required to pass the instruction to the ballot committee (registrar) through the Central Depository.
- How does Moscow Exchange communicate general meeting voting results to its shareholders?
In accordance with provisions of the Federal Law "On Joint Stock Companies" and Moscow Exchange's Articles of Association, resolutions adopted at general meetings are announced at the meeting and communicated in the form of a voting report to those included on the list of persons eligible to participate in the meeting no later than four days after the general meeting.
The report on the voting results is published on Moscow Exchange's website and is sent to the Central Depository, which is required to dispatch it to its depositors.
Moscow Exchange also discloses information on general meeting resolutions in the form of corporate action notices in its news feed and on its website at http://www.moex.com/s1461.
- What are dividends?
Dividends are part of a joint stock company's net profit, distributed among shareholders in accordance with number of shares they own. Net profit is profit after taxes. It is determined in the company's financial statements.
Dividends are paid out in cash through a bank transfer, or in other assets if decided so by the general meeting of shareholders.
- Do all shareholders get equal dividends?
All Moscow Exchange outstanding shares are ordinary registered shares. The dividend per ordinary share is the same for all shareholders.
- Does the share price influence the dividend size?
- Who makes the decision to pay dividends?
The dividend payment cannot exceed the limit recommended by the Supervisory Board.
The AGM or EGM attendees decide whether dividends are to be paid, and if so, on the size and form of payment.
- Who is eligible to receive dividends?
Persons or entities eligible to receive dividends are those who owned shares or executed rights assigned to the shares in accordance with federal law, as of the end of the operating day on the date determined by participants of the general meeting of shareholders.
Only dates proposed by the Supervisory Board can be approved by AGM or EGM participants.
The record date is set for 10-20 days after the day on which the general meeting of shareholders made the decision to pay dividends.
- Would I receive dividends if I sold shares after the general meeting record date but before the dividend record date?
If the general meeting of shareholders decides to pay out dividends for a period, eligible shareholders will be those who own Moscow Exchange shares, or execute rights assigned to the shares in accordance with federal laws, at the end of the operating day determined by the general meeting.
You will receive dividends even if you sell shares after the dividend record date determined at the general meeting of shareholders.
If you sell shares between the AGM or EGM record date and the dividend record date determined by the general meeting, dividends for the shares you sold will be paid to the new owner.
- When are dividends paid?
The dividend payment date is determined by the dividend record date. The record date is determined at the general meeting of shareholders with consideration given to the Supervisory Board's recommendations.
Dividends are paid to persons or entities eligible to receive dividends and registered in the shareholder register no later than 25 business days after the record date.
Dividends are paid to nominee holders or trust managers registered in the shareholder register no later than 10 business days after the record date.
- How are dividends per shareholder calculated?
The size of dividends paid to each shareholder is calculated by multiplying the number of shares owned at the end of the operating day on the record date determined by the general meeting of shareholders by the dividend per share, minus the tax on the dividend income.
- Where can I receive dividends?
Dividends are paid only in a non-cash form, in accordance with law.
If an individual shareholder records shares in the Moscow Exchange shareholder register, then dividends are paid by postal transfer to the address indicated in the shareholder's application form held by the registrar, or by bank transfer to the account indicated in the application if so indicated.
If a shareholder's shares are recorded on a depo account with a depository, dividends are paid to the nominal holder of such shares, who then transfers the dividends to the shareholder's bank account indicated in the shareholder's details held by the depository.
- What has been the dividend for the past five years?
This information is available in the "Shares" section of the web-site
- I was a shareholder as of the record date, but did not receive dividends. Why?
To clarify the reason, please contact the registrar (if your shares are recorded there) or the depository (if your shares are recorded in a depo account).
This may have taken place most likely if there was incorrect or incomplete information (bank account details, taxpayer ID [INN], etc.) kept by the registrar or a depository, as dividends are paid out through postal transfers to the address indicated in the registrar's or depository's application forms, or by bank transfer to an account indicated in such forms.
- Tax on dividends of individual shareholders
- From what funds does Moscow Exchange use to pay dividends?
Dividends are paid out of Moscow Exchange's profits after tax (net income). Net income is determined by the company's financial reports prepared in accordance with regulatory requirements.
- Are dividends received by individuals from Moscow Exchange subject to tax?
The Russian Tax Code states that dividends received from Russian companies are recorded as income from sources in Russia. Such dividends are subject to personal income tax (NDFL) for both tax residents and tax nonresidents of Russia.
- Who withholds and pays tax on dividends from Moscow Exchange received by individuals?
If an individual shareholder records their shares in a depo account with a depository, they receive dividends from the depository, which, acting as a tax agent, calculates and deducts the tax on dividends and transfers it to the tax authority.
The Tax Code specifies that Russian companies distributing income to individuals must calculate, deduct from individuals (taxpayers), and pay the relevant tax. Such companies are tax agents.
If an individual shareholder records their shares in their security holder account in the Moscow Exchange shareholder register, the individual receives dividends directly from Moscow Exchange. Thus the company, as the tax agent, calculates and deducts the tax on the dividends and transfers it to the tax authority.
- What is the tax rate for dividends?
A 13% tax rate is applicable to dividend income received by individuals who are Russian tax residents. A 15% rate is applicable to individuals who are not tax residents.
The tax amount is determined for each taxpayer individually by the rate and procedure set forth in the Tax Code.
- Who is eligible for a tax-exempt dividend or a tax relief?
If a double tax treaty exists between Russia and a country in which a foreign individual is a tax resident, he/she is eligible for a tax exemption or relief. If the tax withholding exceeds the limit established in the treaty, the individual may apply to Russian tax authority to refund the excessive part of the withholding.
- What documents prove the right of a foreign citizen who is not a tax resident in Russia to be exempt from tax or taxed at a reduced rate for dividends?
Foreign citizens who are not Russian tax residents may provide the following documents to be eligible for a tax rate below 15% on their dividends (as stated in an international double taxation treaty signed by Russia):
These documents must be submitted to the entity making the dividend payment and acting as the tax agent.
- Official confirmation (a certificate) of tax residency for the relevant year in a country with which Russia has a current double taxation treaty. The certificate should be issued by the relevant financial or tax authority of the country. The certificate must be given legal status or endorsed with an apostille.
- A notarised translation of the official confirmation into Russian.
- I am a foreign citizen living in Russia long term. What tax rate will be applied to my dividend income?
The 13% rate is applied to dividends paid to foreign citizens who are Russian tax residents. Russian tax resident status is given to foreign citizens who were in Russia for at least 183 days during 12 consecutive calendar months preceding the dividend payment date.
- Which documents prove my Russian tax resident status?
To confirm the Russian tax resident status, shareholders may provide the following documents:
- A copy of a foreign ID with border control marks;
- A copy of air or rail tickets confirming the date of arrival in Russia;
- A statement from an employer in Russia indicating the actual term of employment in Russia during 12 consecutive calendar months preceding the statement date;
- Other documents confirming the actual time of presence in Russia.
These documents are to be submitted to the entity making dividend payments and acting as the tax agent. If a shareholder who is a foreign citizen fails to provide the documents, the 15% tax rate is applicable.
- Are individual shareholders obliged to file tax declarations stating dividends received for the year to the tax authorities?
The following persons, including individuals receiving income not accounted for by tax agents, are obliged to submit income declaration forms to the tax authorities:
- individuals currently registered as entrepreneurs without forming a legal entity. Income received from the entrepreneurship is declared;
- Notaries engaging in private practice, layers engaging in private legal practice, and other persons engaging in private practices in accordance with current legislation. Income received from such private practice is declared;
- Individuals receiving remuneration from individuals and legal entities that are not tax agents, through employment agreements and civil agreements including income received under lease or rent contracts. Such income is declared;
- Individuals receiving incomes from selling property. Such income is declared;
- Individuals who are Russian tax residents receiving income from sources outside Russia (excluding Russian servicemen). Income from such sources is declared;
- Individuals receiving other income that was not accounted for by tax agents. Such income is declared;
- Individuals receiving winnings from organisers of lotteries, sweepstakes, and other risk-based games (including gaming machines). Such winnings are declared;
- Individuals receiving income from being the heir (legal successor) of authors of scientific, literature, and art works, as well as inventions, utility models, and industrial designs;
- Individuals receiving income in the form of cash and other gifts, excluding cases stipulated in the Tax Code.
Tax agents are not obliged to file individual tax declarations to the tax authorities. Filing tax declarations on income, including dividend income, received by an individual is not obligatory but is optional if the shareholder does not belong to one of the above stated categories in the Tax Code.
- How can I obtain the 2-NDFL (personal income tax) form for dividend income from Moscow Exchange shares?
To obtain the 2-NDFL form, a shareholder should apply to an entity acting as the tax agent with regard to his dividends.
- When receiving dividend for the last year, I was taxed partially, i.e. less than 13 per cent. Did that occur by mistake?
When dividend income tax rate is determined, dividends due from the company are decreased by dividends received by the company from other entities, i.e. the tax rate (13% in your case) applies to a part of the dividend. In other words, the effective rate of individual income tax may be less than 13 per cent as the tax base for dividends does not include dividends received by the company. This does not apply to dividend payments to non-residents.
- Do you have any questions that are not answered here?
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