19 Apr 2022 11:50

Russian cos can request to maintain listing on foreign exchanges until May 5

MOSCOW. April 19 (Interfax) - The Russian government published a resolution Monday on the rules for maintaining the listing of Russian companies' depositary receipts (DR) outside of Russia.

Companies will have five working days, from April 27 to May 5, inclusive, to submit applications to the Finance Ministry to maintain their listing, resolution No. 672, which was published on the website for legal information, said.

"A Russian issuer has the right to send an application to continue the circulation of the Russian issuer's securities outside of the Russian Federation no later than five working days from when Article 6 [of federal law No. 114-FZ of April 16] goes into effect," the document said.

The resolution was issued in connection with the passing of a law to prohibit the placement of DRs representing shares in Russian companies on foreign exchanges. The law goes into effect on April 27, 2022. The resolution sets out the procedure through which companies can apply to maintain the listing of these securities.

The decision to approve or reject such applications will be made by a subcommittee of the government commission for control over foreign investment. The subcommittee will also be able to maintain a company's DR listing independently in the absence of such a request, the resolution said. Decisions are supposed to be made within five working days after the expiration of the five-day period for submitting requests to the commission.