Timeframes for submitting to the Bank of Russia documents for admission of issue-grade securities and for the Bank of Russia to review such documents

In view of requests received from securities issuers on the establishment of deadlines for submitting issue documents¹ and deadlines for the review thereof, and with due regard to the fact that the period from 30 March through 30 April 2020 was announced as non-work days, the Bank of Russia informs parties concerned of the following.

According to the Federal Law ‘On the Securities Market’ and the Securities Issue Standards, the timeframes for submitting issue documents and for approving such documents by issuers’ authorised management bodies shall not include the non-work days.  That said, should the securities placement be completed on 25 March 2020, the 30-day period for submitting the report on the results of the issue shall expire on 26 May 2020, and not on 24 April 2020².

Additionally, in line with previous communications, beginning on 6 April 2020, the Bank of Russia performs the function of admission of financial instruments in the usual mode. For example, for documents requiring the registration of an additional securities issue submitted to the Bank of Russia on 7 April 2020, the 15-day period for their review by the Bank of Russia will expire on 28 April 2020; and a decision on such documents will be made by that date.

¹ In this case, issue-grade securities shall mean documents submitted to the Bank of Russia for the state registration of securities issues (additional issues); securities prospectuses; bond programmes; amendments to decisions on securities issues; a document stipulating securities placement terms, a securities prospectus, a bond programme; documents submitted for the state registration of reports on the results of securities issues (additional issues); as well as notifications of the results of securities issues (additional issues); notifications of changes in information related to securities issues (additional issues), their issuer and/or a person who provided (provides) collateral for the issuer’s bonds; and notifications of the completed reorganisation of the issuer and the latter’s replacement for a legal successor; and documents attached to the said notifications.

² Provided that the period of non-work days remains unchanged.

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