As previously reported in our Client Alert dated September 25, 2013, the St. Petersburg Stock Exchange (the “SPBEX”) has contacted several public U.S. multinational companies informing them that the SPBEX would begin trading the respective company’s shares on the SPBEX at the request of a local broker in Russia.
Trading of the shares would trigger certain filing requirements for the company with the SBEX. We have worked with many of these companies to draft letters to the SBEX objecting to the listing of the company's shares on the SBEX.
Effective September 30, 2013, the Central Bank of Russia issued rules requiring that any stock exchange in Russia obtain agreement from an issuer before admitting the issuer's shares to trading on the exchange.
As a result, the SPBEX had to reverse its decision to admit securities of foreign companies to trading and has begun issuing letters to this effect to companies that previously received a letter regarding the listing of their securities on the SPBEX.
If your company has received a letter from the SBEX regarding a forcible listing of its securities, but you have not received a second letter from SBEX, please contact your GES attorney for assistance.