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Update: Deadline for Mandatory Conversion of Russian Issuers’ Depositary Receipts Has Passed – What’s Next?

The Russian Parliament required in 2022 Russian issuers to terminate their depository receipt programs that entailed the conversion of depository receipts into Russian underlying shares. This LawFlash discusses the current...more

Update: Russia Adopts Draft Law Allowing DR Conversion Without Reference to Foreign Infrastructure

The State Duma, Russia’s parliament lower chamber, adopted draft law No. 116264-8 on June 29, 2022, containing rules allowing the conversion of depository receipts into the underlying Russian shares without a need to go...more

Update: Russia Limits Transactions with Shares Received Upon Cancellation of DR Programs

The delisting of Russian issuers’ depositary receipts could potentially lead to a disproportional increase in sales of underlying shares in the Russian stock market and contribute to its volatility. In response to this...more

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