On 17 April 2009 State Duma passed the Law on Listing of Foreign Securities on Russian Stock Exchanges. This law will cancel prohibition on listing of foreign securities in Russia and amend the Law on Stock Exchange and the Law on Protection of the Rights and Legitimate Interests of Investors on the Securities Market.
The new law set up the list of foreign issuers, whose securities are eligible for public offering and listing on Russian stock exchanges and order of admittance of foreign securities for public offering and listing on Russian stock exchanges.
Foreign security may be accepted for public offering in the following cases:
• Prospectus of such security is registered by the Federal Financial Market Service;
• A Russian stock exchange decides to list the security and this security has already been listed on an international stock exchange, which is included in the special list confirmed by FFMS. In this case the security will be delisted on a Russian stock exchange, if it is delisted on an international stock exchange.
• Security, which doesn’t meet the abovementioned requirements, can still be listed if it meets liquidity and investment risk requirement, set by FFMS.
The new Law will also regulate the rules of information disclosure, accounting of foreign securities in depositaries, suspension and resumption of listing of securities. Experts think that admittance of foreign securities on Russian stock exchanges will help to attract global capital to Russian economy
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