The Central Bank of Russia has proposed revised requirements for admitting securities to organized trading, drawing on market practices it considers effective. The draft would set a minimum initial public offering size for admission to quotation lists, with the required proportion of traded securities determined by the issuer’s equity capital. Prospective issuers would need at least two independent analysts to assess fair value before an IPO and ratings from two credit rating agencies afterward. The rules would also formalize corporate governance standards, including board independence criteria, minimum numbers of independent directors and mandatory committees. Exchanges would be required to consolidate key investor information on their websites, including issuer and securities registration cards and a calendar of upcoming IPOs.
Central Bank of Russia2026-08-06
Central Bank of Russia proposes revised listing rules for initial public offerings and corporate governance
The Central Bank of Russia has proposed revised listing requirements, including minimum IPO sizes linked to issuer equity capital. Issuers would face new independent valuation, credit rating and corporate governance requirements, while exchanges would centralize key issuer and IPO information.