MOSCOW, April 21 (RIA Novosti) - The Russian government said Friday it had approved amendments to the law on securities that envision the introduction of Russian depositary receipts (RDR).
The RDRs are a new type of securities certifying the right of ownership for a certain number of shares or bonds of a foreign issuer. It sets special requirements for RDR issuers, who can include only depositaries established in line with Russian laws, whose equity capital meets the requirements and who have been involved in depository activities for at least three years.
"The emergence of the securities on the Russian market will increase its investment attractiveness and liquidity and expand the range of financial instruments used," an explanatory note for the bill said.
