MICEX, RTS is going to change the rules of the delisting of shares, allowing investors to make transactions in securities for a time after the decision of the issuer's resignation from the exchange. Under the current procedure of delisting tender terminated immediately after the issuing of such a decision that violates the rights of investors, as they often do not have time to sell securities on the open market.
The fact that the MICEX, RTS is planning to make changes to a process of elimination actions initiated by the issuer from the list of securities admitted to trading on the stock exchange, the agency "Prime". Proposals MICEX, RTS can be reduced to the fact that delisting can be carried out not less than three months after the issuing of such a decision. Once the issuer decides to delist, he will send a statement to the stock exchange, which will be discussed at the Committee on Stock Market. The Committee, in turn, may make recommendations on which the exchange decides to suspend, terminate and delete trading shares of the issuer from the list of securities admitted to trading. At the same time a decision on the limitation of three months of code settlement of transactions with deferred settlement and repurchase. Now the MICEX, RTS shall consult with the Federal Service for Financial Markets (FSFM), following which a final decision.
According to the MICEX, RTS, changes in the rules delisting introduced to protect the interests of investors, so they can sell the shares before they will cease to apply on the exchange.
The current procedure for delisting does not set a time lag between the decision of the issuer to terminate its market appeal and direct their exclusion from the circulation. Thus, from December 27 for six issuers have decided to delist its securities, among them, in particular, the action "Power Machines". In this notice of termination of trading came an hour before their graduation, therefore, investors may not have time to commit to their existing trading operation is performed.
In January, a number of market participants exchange sent an open letter in which they expressed concern about the current delisting rules, which, in their view, violate the rights of investors. "Delisting at the request of the issuer can take this as a mechanism (opportunity) cost optimization, concealment of certain corporate procedures of security holders, and in fact violate the legal rights and interests of securities holders," - the statement says.
The fact that the MICEX, RTS is planning to make changes to a process of elimination actions initiated by the issuer from the list of securities admitted to trading on the stock exchange, the agency "Prime". Proposals MICEX, RTS can be reduced to the fact that delisting can be carried out not less than three months after the issuing of such a decision. Once the issuer decides to delist, he will send a statement to the stock exchange, which will be discussed at the Committee on Stock Market. The Committee, in turn, may make recommendations on which the exchange decides to suspend, terminate and delete trading shares of the issuer from the list of securities admitted to trading. At the same time a decision on the limitation of three months of code settlement of transactions with deferred settlement and repurchase. Now the MICEX, RTS shall consult with the Federal Service for Financial Markets (FSFM), following which a final decision.
According to the MICEX, RTS, changes in the rules delisting introduced to protect the interests of investors, so they can sell the shares before they will cease to apply on the exchange.
The current procedure for delisting does not set a time lag between the decision of the issuer to terminate its market appeal and direct their exclusion from the circulation. Thus, from December 27 for six issuers have decided to delist its securities, among them, in particular, the action "Power Machines". In this notice of termination of trading came an hour before their graduation, therefore, investors may not have time to commit to their existing trading operation is performed.
In January, a number of market participants exchange sent an open letter in which they expressed concern about the current delisting rules, which, in their view, violate the rights of investors. "Delisting at the request of the issuer can take this as a mechanism (opportunity) cost optimization, concealment of certain corporate procedures of security holders, and in fact violate the legal rights and interests of securities holders," - the statement says.
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