Russian Financial Markets Regulator Registers New Listing Rules
On 7 February 2014 the Bank of Russia"s Financial Markets Service registered an amended version of Listing Rules for Moscow Exchange[1]. As part of Russia"s listing reform programme, the rules have been brought in line with the Rules for Admission of Securities to Organised Trading previously approved by the regulator[2].
The new rules will reduce the number of securities lists on Moscow Exchange from six to three. The existing A1 and A2 lists will be combined to form the highest list, Level 1. Level 2 will include securities from the current B, V, and I lists, while Level 3 will include all remaining names.
The new Listing Rules are in line with the Corporate Governance Code that was approved today by the Government of the Russian Federation and recommended for subsequent approval by the Bank of Russia. The new Rules raise corporate governance requirements for issuers and set new criteria for inclusion in the three lists.
In due course Moscow Exchange will announce the date when the listing reform will come into the effect, providing adequate advance notice to all market participants.
Market participants and issuers should contact reforma@moex.com with any enquiries regarding the listing reforms.
[1] Listing Rules of ZAO MICEX Stock Exchange, approved by that entity's Board of Directors on 31 December 2013.
[2] The Rules for Admission of Securities to Organised Trading were approved on 30 July 2013 by administrative order No. 13-62/pz issued by Russia"s Federal Service on Financial Markets.
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