RUSSIA: MOEX Publishes New Listing Rules

Tuesday August 13 2019

Earlier this month, the Moscow Exchange (MOEX) published its new version of Listing Rules with effect on August 12, 2019, which provides for the introduction of the Sustainable Development Sector, changes in the credit rating requirements for bonds included in the second listing level, and the adjustment of requirements for securities of the Growth Sector.

For new bonds, this requirement is introduced from the effective date of the new version of the rules, for bonds already included in the second level of listing, from April 1, 2020.

The requirements for listing securities in the Growth Sector have been adjusted:

• the minimum value of revenue is set at 120 million rubles;
• the issuer’s life is increased from one year to three years;
• for bonds, the minimum requirement for the issue volume is determined – 50 million rubles, and if there is a guarantee / surety from one of the development institutions – 30 million rubles;
• for bonds of specialized companies, in the absence of a guarantee from the development institute, it became possible to use a credit rating not lower than the level established by the Exchange to include bonds in the first level.

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