Regulations raising the proportion of shares Russian
companies can issue outside the country through depositary
receipts (DRs) could be effective as early as the start of
"The process has started," said Alan Kartashkin, a
Moscow-based partner with Debevoise & Plimpton.
"It will have a positive effect on the options available to
Russian issuers and should give a boost to Russian IPOs."
On July 21 2011, the Russian Federal Service for the
Financial Markets (the FSFM) published a draft order
introducing amendments to rules on issuance of permits for DR
programmes over shares of Russian issuers.
Under the existing rules, Russian companies are limited to
holding no more...