The government has approved rules for DR filing by companies changing jurisdictions
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Government approved rules for the circulation abroad of depositary receipts (DR) for shares of companies moving to Russian special administrative regions (SAR). In August, the government passed a law according to which DR trading in shares of such companies must cease immediately after the company is registered in the SAR, but exceptions are possible, provided for by a government commission.
According to the resolution, in order to achieve such an exception, the company must send a corresponding request to the Ministry of Finance of the Russian Federation no later than 45 days before registering an international company in the SAR. After this, the Ministry of Finance will ask for an opinion from the relevant department for the future company, and then the government commission for monitoring foreign investment will make a decision on an individual basis.
August 4th were accepted amendments, which will allow the registration of international companies on the territory of the SAR through incorporation, that is, the creation by a foreign founder of a new company in “Russian offshores”. The amendments were developed for the transfer of assets of foreign companies whose registration in Russian jurisdiction is impossible or difficult due to sanctions. A prerequisite for this method of changing jurisdiction is the transfer of its assets to the MC within a year. The MC must transfer the assets available at the time of its registration.
Read more in the publication “Kommersant” “A new path will be paved for “Russian offshores””.
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