11.03.08

A decree of the Federal Financial Markets Service (FFMS) on the qualification of foreign securities has been registered by the Ministry of Justice.

Adopted changes eliminate a legal vacuum in regards to foreign securities. The newly edited version of the decree expands the list of sources available for professional participants to learn whether the securities in question have international ISIN and CFI codes allowing them to be qualified according to Russian registration. Specifically, participants are allowed to operate with foreign securities, asset management companies, and private pension funds authorized to invest in foreign securities only if qualification information for these securities can be found on the official FFMS site based on the data provided by National Depositary Center. Participants involved with depositary activity will be allowed to provide stock accounting services for unqualified foreign financial instruments via a method similar to that used for depositary records of rights for securities.

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