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Lawmakers Sanctioned Placement of Non-Resident’s Securities on Exchanges
Russia’s State Duma has passed in the first reading the bill sanctioning non-resident companies to place securities on Russia’s exchanges.
The papers of top quality will benefit from the liberal access to the market, but special provisions are to be elaborated for the risky papers, the State Duma members concluded. The bill also specifies a few actions aimed at foreign investors’ protection.
According to Russia’s lawmakers, the market should be opened only for the papers of FATF (Financial Action Task Force on Money Laundering) member-states. The procedures will be eased for the companies with papers floating on overseas exchanges.
The bill on the access of foreign securities to Russia’s exchanges was submitted to the State Duma in the middle of past December. Vladimir Milovidov, chief of the Federal Financial Market Service, first urged to elaborate it in August of 2007.
www.kommersant.com
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