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Purpose
The purpose of this paper is to explain new regulations for foreign securities offerings by Russian issuers.
Design/methodology/approach
The paper explains existing restrictions for insurance of depositary receipts (DRs) by Russian issuers, details additional restrictions introduced by the new regulations, and discusses other changes concerning amendment to a deposit agreement governing issuance of DRs, possible reorganization of a Russian issuer of DRs and possible termination of FSFM approval for DR issuance.
Findings
The new regulations reduce the number of Russian issuers' shares that can be traded outside of Russia in the form of depositary receipts.
Originality/value
The paper provides expert guidance by experienced Russian financial institutions and securities lawyers.
© Emerald Group Publishing Limited
2010
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