Russian Depositary Receipts (RDRs)

RDR listing requirements

Russian Depositary Receipts (RDRs) are registered uncertificated securities that:

• have no par value;
• confers ownership rights to a certain number of shares or bonds of a foreign issuer (underlying securities);
• carries the RDR holder's right to receive from the RDRs issuer the relevant number of underlying securities in exchange for the depositary receipts and to be provided with services in relation to the exercise of rights attached to the underlying securities by the RDR holder.

RDRs are issued on foreign securities via state registration of the issue with the Bank of Russia. One RDR issue may certify ownership of the securities of only one foreign issuer and only one type.

Entities taking part in RDRs issuance:

RDR issuer means a depository that was set up in accordance with the Russian law and meets the requirements established in regulatory acts of the FFMS regarding the equity capital size and has at least three years of operating history.

Issuer of the underlying securities means a legal entity incorporated under the laws of a foreign jurisdiction

The issuer of underlying securities must assume obligations to RDR holders that are provided for in the Agreement signed with the issuing depository. The Agreement constitutes an integral part of the issuance decision.

RDR register holder means either the depository that issued the RDRs, or a registrar (a specialized company that records and maintains the RDR holder register based on the issuer's instruction).

Custodian means a foreign registrar/ depository that keeps records of ownership rights to the securities represented by RDRs and is included onto the list approved by the regulator.

Russian stock exchange means a stock exchange located on the territory of the Russian Federation that admits RDRs to organised trading

Main stages of RDRs issuance

RDR issue scheme