MICEX-RTS Group to amend the procedure for removing shares from the list of securities admitted to trading in the Exchange

MICEX-RTS Group to amend the procedure for removing shares from the list of securities admitted to trading in the Exchange on the initiative of issuer

26/01/2012

MICEX-RTS Group intends to introduce changes into the procedure of removing shares from the list of securities admitted to trading on the Exchange upon a written request of an issuer. The initiative has been undertaken to protect rights of shareholders and ensure the balance of interests for all categories of stock market participants.

Decision to remove a security from the list will be taken by the Exchange provided that:

  1. The issuer has submitted the written request on removing its shares from the list of securities admitted to trading.
  2. The request has been considered by the Securities Market Committee of MICEX SE.

The Securities Market Committee is eligible to produce recommendations that can be used by the Exchange in order to suspend or cease trading in the shares and exclude them from the list of securities admitted to trading. The decision to suspend trading in the given securities comes into effect no earlier than three months from the day it was made. Upon the suspension, the securities are to be removed from the list. Concurrently, it is determined that settlement codes for trades with deferred settlement and repo trades shall not exceed 3 months.

The Securities Market Committee is also eligible to advise the Exchange against removing the securities. In such a case, the Exchange passes a resolution to reject the issuer’s request to exclude its securities notifying the issuer of the resolution.

Тhis approach has been worked out in accordance with resolutions made by the Securities Market Committee on December 22, 2011. After consultations with the Federal Financial Market Service officials, relevant amendments will be introduced to the Rules of listing, admission to placement and trading of securities in CJSC MICEX Stock Exchange.