Foreign Security Issue Prospectus

One of the conditions for foreign securities to be admitted to trading is the presence of a foreign issuer securities prospectus.

Requirements for foreign securities issuer prospectus
when securities are admitted to placement (circulation)
by decision of the Bank of Russia

• Should be in Russian
• Should be signed by a foreign issuer
• Should include the information required for Russian issuers and with consideration of the specifics set for foreign issuers

Requirements for foreign securities issuer prospectus
when securities are admitted to trading by decision of the Exchange

• Should be in Russian or English
• Should be signed by a foreign issuer (issuer of the underlying securities) or a broker*
• Should include information:
  • to the extent of current foreign prospectus and each annual report released after the securities were listed on a recognized exchange, if such listing was less than three years ago
  • to the extent of annual reports released for the preceding three years, if the securities were listed on a recognized exchange more than three years ago

• Content and scope of the information shall comply with the requirements of the Exchange

* Bank of Russia's requirements for brokers

• Broker's own capital: at least RUB 150 mln
• Active as a broker for at least three years
• Participation in or organisation of 10 placements in three years

In addition to a foreign issuer securities prospectus, in order for securities to be admitted to trading by the decision of the Exchange, a prospectus resume should be prepared in Russian, which is a short summary of the foreign issuer securities prospectus. The prospectus resume should be in language comprehensible to those who are not qualified investors.