The Bank of Russia estimates implementation of market participants-suggested corporate governance, issuance and listing initiatives

The megaregulator estimated the actual effect of eight initiatives implemented in corporate governance, as well as issuance and listing, under the project 233 KPIs. The regulator-polled market participants found that the initiatives’ outcome met their objectives.

The corporate governance framework was supplemented with e-voting at the general shareholders meeting and regulation of procedures of the general meeting of bond holders.

The market also found it important that the rights of shareholders of former open joint-stock companies were protected as all joint-stock companies were reorganised into public and non-public ones.

In the field of issuance and listing, operations with securities of foreign issuers now can be carried out without concluding a broker agreement with a foreign professional securities market participant. In addition, the exchange has been entitled to decide on the listing of foreign securities before it is listed at a foreign exchange.

Moreover, the list of implemented initiatives includes the possibility to carry out operations with securities before their issue is registered and to submit the issue documents for registration electronically.