2 Jul 2010 13:01

RUSAL plans to issue Russian depositary receipts in fall

MOSCOW. July 2 (Interfax) - United Company RUSAL (UC RUSAL), which held an IPO on the Hong Kong Stock Exchange in January, plans to issue Russian depositary receipts (RDR) this fall, a source in financial circles familiar with the company's plans told Interfax.

"That is the plan. Intensive work is currently underway," the source said, noting that RUSAL is currently holding consultations with the Federal Financial Markets Service (FFMS).

In turn, the FFMS is preparing an instruction on amendments to a number of statutes bearing on RDR. The instruction will be presented next week.

The Finance Ministry will most likely set forth the rules governing taxation of the depositaries used by the RDR.

FFMS chief Vladimir Milovidov told reporters his agency was drafting amendments to its own securities issuing standards in connection with the procedure for registering, approving and submitting applications to issue RDR. It is also drafting amendments to disclosure rules for specific to RDR issuers.

"I think the final proposals will be ready next week," he said.

The FFMS is also looking at tax regulations for RDR depositaries, approved by the Finance Ministry on August 8, 2008, to see if these needed to be elaborated.