05.07.2022 18:55 / TASS
The State Duma adopted a law on tax support measures for citizens and businesses The State Duma adopted in the third, final reading a law on a set of measures for tax support of citizens and businesses in the face of sanctions pressure. The document was initiated by the government of the Russian Federation.
05.07.2022 18:51 / TASS
The State Duma adopted a law on the merger of the PFR and the FSS The State Duma at a plenary session on Tuesday adopted in the third reading a bill on the creation of a unified Pension and Social Insurance Fund (Social Fund of Russia), as well as a package of related initiatives, including amendments to the Tax and Budget Codes of the Russian Federation.
05.07.2022 18:41 / TASS
Duma passes IPO/SPO bill in second reading The State Duma adopted in the second reading a bill aimed at developing the institution of public placement of securities on the Russian financial market. The document, which amends the law "On combating the misuse of insider information and market manipulation," was initiated by a group of deputies and senators headed by Anatoly Aksakov, chairman of the State Duma committee on the financial market.
17.05.2022 16:18 / TASS
Central Bank to launch cybersecurity education course The Bank of Russia will launch an educational course on cybersecurity in the 2023-2024 academic year at the Higher School of Economics (NRU HSE), announced Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at Junior Pay Tech Forum 2022.
19.04.2022 16:49 / The Bank of Russia
Russian issuers to close foreign depositary receipt programmes A ban on issuing and trading in foreign depositary receipts for Russian issuers’ shares will come into effect on 27 April 2022.
15.04.2022 16:36 / TASS
The Central Bank of Russia rolls out new support measures for the financial sector The Central Bank has prepared a new series of measures to support the Russian financial sector, the regulator said in a release. The CB allowed banks until the end of the year to postpone the formation of reserves for possible losses in respect of assets that have been blocked abroad.
Russian issuers to close foreign depositary receipt programmes
19.04.2022 16:49 / The Bank of Russia
Russian issuers shall take action before 5 May 2022 to close foreign depositary receipt programmes and terminate contracts they used to place securities under foreign law. These procedures will take place within the time limits set by such contracts. To further convert foreign depositary receipts into shares of a Russian issuer, their holders will have to prove that they owned them on the day the ban came into force.
Russian issuers have the opportunity to maintain depositary receipt programmes by a decision of the Government of the Russian Federation in accordance with the procedure approved by it. An application for such a permit should also be submitted no later than 5 May 2022.
In the case of a positive decision, no additional actions will be required from Russian issuers and holders of depositary receipts. If the application is declined, the procedure for terminating the contract with a foreign bank — depositary receipt issuer should be launched within five business days.