President Putin signs law On State Registration of Shares

Russian President Vladimir Putin has signed a federal law "On State Registration of Shares Issued Before Coming into Effect of the Federal Law 'On the Market of Securities' Without State Registration", said the press-service of the Russian president.

The law is aimed at solving the problem of the absence of state registration for securities issued by joint stock companies set up before the coming into force of the federal law "On the Securities Market".

The federal law makes it possible to regulate the circulation of securities whose issues have no state registration, eliminate negative consequences for bona fide owners, and reduce the risk of investments, including foreign ones.

The law sets a year's period for registration of shares issued before the coming into effect of the federal law "On the Securities Market" and not state-registered and also a mechanism for such registration and requirements to shares issues to be registered.