Russian market to see new listing standards

The Russian Federal Commission for the Securities Market will work out new listing rules for Russian issuers before the end of this year. The new rules will regulate formats of financial reports to be provided by issuers, Igor Kostikov, the commission's chairman, announced today at a conference devoted to Russia's transition to International Accounting Standards (IAS). He noted that the new rules would stipulate that first-level issuers should provide financial reports only according to IAS. Currently, domestic issuers can submit reports according to IAS or US GAAP.

Kostikov noted that the Finance Ministry was expected to approve the new listing standards at the beginning of 2004. He also stated that this would change the situation on the Russian stock market but the market was ready for a switch to IAS.