Russian Central Bank Prepares New Listing Rules for Securities

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The Central Bank of Russia has updated its requirements for admitting securities to organized trading. The new rules are based on established best practices already successfully implemented in the market.

Specifically, the regulator proposes:

- Setting a minimum volume for initial public offerings (IPOs) and tying the free float of shares to the issuer’s capital size;

- Establishing best corporate governance practices, including criteria for director independence and committee composition;

- Requiring issuers to obtain analysis from two independent analysts and ratings from two agencies when going public;

- Mandating stock exchanges to publish issuer profiles and IPO calendars.