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The amendments are intended to improve the mechanism for placing and circulating foreign stocks in the Russian Federation.
In particular, the law establishes requirements to foreign stocks allowed to be traded publicly subject to decisions by stock exchange, requirements for public offering of stocks, the grounds for suspending foreign stocks placement subject to decisions by a relevant federal executive agency, and general responsibilities of foreign issuers and brokers who sign a prospectus for foreign stocks.
In addition, the law establishes special regulations in regard to placing and circulating foreign stocks intended for qualified investors. In particular, the amended law prohibits public placement and circulation, advertisement, or other promotion of stocks intended for qualified investors to the general public.
April 29, 2009