Russia lets 17 applicants retain depositary receipt programs
MOSCOW, May 18 (PRIME) -- The Russian government has granted a permit to continue trading depositary receipts abroad to 17 out of 19 companies that applied, Ivan Chebeskov, head of the financial policy department of the Finance Ministry, said on Wednesday.
"19 issuers of 36 depositary programs have asked our sub-commission for a permit, and we have granted 17 positive decisions on continuation of the programs," Chebeskov said.
President Vladimir Putin signed a decree in April forbidding the companies to trade depositary receipts abroad. A special permission might be granted by the government, otherwise, all depositary receipts shall be converted into local shares.