Requirements for inclusion on the list of bonds
of international financial organisations

The list of international financial organisations whose securities may be admitted to public placement/circulation in Russia is approved by the Russian government.

Basic requirements

  • Securities comply with the requirements of Article 51.1 of the Federal Law "On the securities market"
  • A foreign issuer undertakes to provide the Exchange with information about the securities for disclosure by the Exchange in accordance with Russian securities legislation
  • The securities are accepted for servicing by the settlement depositary1
  • Other Russian legal requirements regarding securities and normative acts of the Bank of Russia are observed
  • The issue conditions contain no limitations on circulation (placement) of securities among general public of the Russian Federation

If the IFO securities comply with the requirements of subparagraphs 1-3 of paragraph 2 of Article 20.1 of the Federal Law №39-FZ "On The Securities Market", admission to public placement may be granted by Moscow Exchange.

With the basic requirements complied, securities may be included on Level 3.

Inclusion in Levels 1 and 2

Requirement Level 1 Level 2
Issue volume At least RUB 2 bln At least RUB 500 mln
Par value No more than RUB 50,000 or 1,000 currency units if the security par value is denominated in foreign currency
Issuance and disclosure (publication) of consolidated financial statements according to international standards, accompanied by auditor's opinion The issuer shall undertake obligations on disclosure (publishing) the reporting
The issuer (or the bonds issue) and the surety (guarantor) have a credit rating of certain level 2 Not lower than the level set by Moscow Exchange