In the state Duma introduced a draft on simplification of procedure of issue of securities

© RIA Novosti / Ramil to Setdiscoverable in photobacteria of the State Duma on Okhotny Ryad street in Moscow. Archival photoIn the state Duma introduced a draft on simplification of procedure of issue of securities© RIA Novosti / Ramil to Setdiscoverable the image Bank

The government of the Russian Federation submitted to the state Duma a draft law aimed at the simplification of procedures and reduction of terms of issue of securities, optimization of requirements to disclosure of information by issuers, it follows from the database of the lower house of Parliament.

Document removed some of the excessive administrative barriers, which will allow companies to better attract more funds for its development, explained earlier, Prime Minister Dmitry Medvedev.

In order to avoid under securities issue of duplicate documents, the bill eliminates the division of the equity securities in certificated and uncertificated. The rights of holders on securities will be validated by records on personal accounts in the register kept by the Registrar or records on accounts of depot in depositaries, in case of recording rights in the Depositary.

Documents required for registration of issue of securities and subsequent procedures, can be sent to the Bank of Russia in electronic form, which will reduce the cost of their training. Issuers exempt from the obligation of notification on results of securities issue, including additional. The duty imposed on the Registrar that maintains the register of holders of securities, or Depositary exercising centralized accounting of rights to securities.

The details of the bill

The possibility of issuance of bonds under a simplified procedure (under the program of bonds) the bill extends to any bonds, not convertible into shares. At the same time allowed the possibility of disseminating the exchange-traded bonds for the entire period until their maturity on other bonds. Commercial bonds may be admitted to trading in the process of their circulation under the condition of registration by the exchange prospectus of such bonds.

The concept of exchange-traded bonds are included, in addition to bonds without collateral bonds with mortgage collateral. Moreover, the exchange will be entitled to register all bond issues secured by a single mortgage cover, including those placed through private subscription, if the bond is at least one of those editions, are placed by open subscription and are admitted to the exchange auctions.

A number of changes regarding the procedure of issue of shares non-public joint-stock companies. It is proposed to grant the right to register issues of shares to be offered as the establishment of joint-stock companies, and eventually other issues of shares non-public JSC registrars who carry out maintenance of the register of their shareholders. Registration of issuance of shares upon establishment of the JSC, as in the case of reorganization, it is proposed to carry out the pre-registration of a legal entity.

The bill provides for the establishment of the Bank of Russia has different requirements to the prospectus of securities depending on their type and category, the main activities of the Issuer, amounts placed during the year editions. These requirements will depend on whether the Issuer is subject to small and medium businesses, reveals whether it is quarterly information about material facts. Allowed the preparation of the summary prospectus if the Issuer is in compliance with the requirements of the legislation of the Russian Federation already disclose quarterly reports and statements of material facts.

The bill provides for the possibility of issuing bonds without determining in the decision on bond issue the repayment term. Such bonds may not be converted into shares or other equity securities. The right to issue bonds without a maturity date is available to issuers having a long positive credit history to raise capital on the bond market. Perpetual bonds may be of interest primarily to institutional investors, including pension funds, insurance companies, major private and state banks.

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