The Bank of Russia has drafted new standards of issuing securities

Jun, 09 2020

Adoption of new Regulation is caused by legislative amendments in the sphere of issuing securities, which are aimed at simplification of that procedure.

Legislative amendments significantly simplify the procedure of preparation documents necessary for emission, submission of documents mentioned for registration to the Central Bank and generally makes easier to obtain the bank’s decision.

Which amendments does the new Regulation include?

  • submission of documents for state registration of securities emission will be possible in electronic form;
  • procedure of summarizing the results of securities placement is simplified;
  • procedure of registering the issue of shares by authorized persons – registrars is regulated;
  • rules for those who plan to issue “green” bonds (related to environmental protection and improvement), social and infrastructure bonds are established;
  • not only executive of the issuing company is allowed to sign emission documents.

Notable, that if the issuer provided the documents necessary for emission registration until May 11 (before new standards come into force), the documents would be reviewed in accordance with the previous requirements. As a result, there will be no need to redo documents and submit them again.

To sum up, the adoption of legislative amendments and drafting the new Regulation on issuing securities standards is aimed at optimization and simplification of the whole procedure of issuing securities.

Author of the article
The Bank of Russia has drafted new standards of issuing securities
Valentina Khlavich
Managing Partner
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