The law provides for introducing a new type of security, a Russian depository receipt, which is a registered security that has no nominal value. The Russian depository receipt represents a certain amount of bonds or shares of a foreign stock.
The federal law is designed to provide for the needs of Russian investors, in particular concerning access to foreign capital markets. It is also designed to increase the appeal and liquidity of the Russian securities market.
The law provides that a new article will be added to the federal law “On the Securities Market”. This article will regulate the emission and circulation of Russian depository receipts, including information on the decision to emit Russian depository receipts, the conditions of the agreement with the emitter of the said securities, and the regime for splitting the receipts.