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2021-04-23-listing-rules

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• In relation to bonds of special financing vehicles
• In relation to investment units of unit investment funds
• 3.5. Schedule of documents whereof submission is mandatory in connection with the inclusion and maintenance of securities in the Growth Sector
• № Document title
• All securities
• 3.6. Requirements for including and maintaining bonds in the Segments of the Sustainability Sector (further referred to as the Segments of the Sector)
• № Requirement

(applicable if the requirement on SME Bank’s purchasing bonds of the issue was applied for the inclusion)

The issuer has disclosed a notice with information on SME Bank’s purchasing the bonds of the issue (in events that bonds are included on the List in the process of their placement) (unless such notice was disclosed earlier). Information shall be disclosed on the web page provided by one of the securities market information distributors.

The issuer shall disclose a notice with information on SME Bank’s purchasing bonds during the placement of such bonds as from the date on which the issuer learned or should have learned about the occurrence of such event, but not later than 3 days from the date of end date of placement (for bonds included in the Growth Sector during their placement) (unless such notice was disclosed earlier). Information shall be disclosed on the web page provided by one of the securities market information distributors.

1. Revenues/income shall be determined on the basis of Russian Accounting Standards-based accounting (financial) statements.
If the Issuers’ consolidated financial statements are disclosed on the website of one of the securities market information provider, the issuer's revenue/income is determined on the basis of such statements.
2. The credit rating requirement shall not be applied to other sureties (guarantors) when one of the guarantors (sureties) has a credit rating and the amount of collateral provided by such guarantor (surety) is not less than the face value of all bonds of the included issue and the total coupon yield on such bonds, and shall not apply when there is a guarantee from the SME corporation of at least the face value of all bonds of the included issue and the total coupon yield on such bonds.
3. The requirement that the issuer (bond issue) or the surety (guarantor) should have a credit rating assigned by one of the rating agencies or the requirement on SME Bank’s purchasing bonds shall not be a reason for exclusion of bonds from the Growth Sector before the entry into force of these Rules.

4. In relation to bonds of special financing vehicles:

№	Requirement	Applicable/not applicable in connection with inclusion	Applicable/not applicable in connection with maintenance
1.	Existence of financial assistance (investments)/guarantees (suretyships) provided by a development institution in the area of small and medium business support The list of development institutions supporting SME applicable to the Growth Sector is set out in a separate decision of the Exchange. or An issuer (a bond issue) or a surety(ies) (guarantor(s)) has (have) a credit rating level1 not lower than that established by the Exchange for including the bonds in Level One/Level Two. The requirement to the credit rating availability of the surety(ies) (guarantor(s)) is applied provided that the total amount of the collateral furnished is no less than the amount of the nominal value and aggregate coupon yield on them.	Applicable The decision on financial support (investments)/guarantee (surety) must be made not later than 1 year before the date of the letter to the Exchange. on inclusion of securities in the Growth Sector Applicable	Not applicable Applicable in the event that the credit rating level requirement was applied when listing the bonds. The ground for exclusion is the absence of the established credit rating level

1. In case one of the sureties (guarantors) has a sufficient credit rating level, if the amount of the collateral furnished by this surety (guarantor) is no less than the nominal value of all bonds from the included issue (additional issue) and total coupon yield on them, the requirement for the availability of a credit rating with other sureties (guarantees) is not applied to such an issue.

5. In relation to investment units of unit investment funds:

№	Requirement	Applicable/not applicable in connection with inclusion	Applicable/not applicable in connection with maintenance
1.	The targets for the investment of the property making up a unit investment fund shall include, among other things, securities of (capital membership interests in) companies classified as small and medium business entities in accordance with the laws of the Russian Federation	Applicable	Applicable The Asset Management Company shall submit a certificate with a list of securities of (capital membership interests in) companies classified as small and medium business entities in accordance with the laws of the Russian Federation, within 30 working days after the second and fourth quarter end dates

3.5. Schedule of documents whereof submission is mandatory in connection with the inclusion and maintenance of securities in the Growth Sector:

№	Document title	Type of security	Filing format
1.	Letter on securities inclusion in the Growth Sector (generated using the Issuer's Personal Account (IPA))	All securities	document with ES via the IPA on paper electronically using the IPA form	for inclusion
2.	Document evidencing the decision to provide financial assistance (investments)/guarantees (suretyship) to the issuer from development institutions in the area of small and medium business support (for the purposes of Cl. 3.4.4 of this Annex)	Bonds, Exchange-registered bonds	document with ES via the IPA or on paper	for inclusion
3.	Letter with information that SME Bank purchased the issuer's bonds (submitted by the issuer or SME Bank if bonds are included in the list during the placement) or that SME Bank plans to purchase the bonds of the issue in the process of their placement (submitted by the issuer or SME Bank if bonds are included in the list during placement)	Bonds, Exchange-registered bonds	document with ES via the IPA on paper	For inclusion
4.	Certificate with a list of securities of (capital membership interests in) companies classified as small and medium business entities in accordance with the laws of the Russian Federation (for the purposes of Clause 3.4.5 of this Annex)	Investment units of unit investment funds	on paper electronically	for inclusion
5.	Information on the credit rating of the issuer (or the bonds issue) or the surety (guarantor) (in relation to securities listed in Level Three and in the Growth Sector at the same time)	Bonds, Exchange-registered bonds	document with ES via the IPA or on paper electronically	for maintenance: not later than five working days after the end of reporting quarter
6.	Letter with information on SME Bank’s selling all purchased bonds of the issue (to be submitted if the requirement to purchase bonds by SME Bank was applied in inclusion of bonds on the List).	Bonds, Exchange-registered bonds	document with ES via the IPA or on paper electronically	for maintenance: not later than five working days after the event occurrence date
47	Other documents (information) in connection with the inclusion of securities in the Growth Sector	As requested by Moscow Exchange

3.6. Requirements for including and maintaining bonds in the Segments of the Sustainability Sector (further referred to as the Segments of the Sector):

1. 
   If included
   

№	Requirement	Application of the requirement (frequency and time frames for the filing of documents/information)
Green Bond Segment and Social Bond Segment
1.1	Independent external assessment pertaining to compliance with internationally recognised environmental, green/social financing and (or) in sustainability standards and principles for: 1) a bond issue (issues) or an investment project (projects) which will be financed (refinanced) using funds received from bond placement22 (for Russian and foreign bonds, subfederal and municipal bonds) with internationally-recognized environmental, green/social financing and (or) in sustainability standards and principles or 2) Issuer’s document that defines the issuer’s policy for raising funds through bond borrowings for the purpose of financing (refinancing) environmental and social projects (for subfederal and municipal bonds). The document should include the following information: procedure for using the funds raised to finance (refinance) project; procedure for building a pipeline of projects to be financed (refinanced), covering the selection and evaluation processes; procedure for managing the funds raised; disclosure obligations of the issuer in relation to the project portfolio, distribution and use of the funds raised; information on the independent external appraiser and the issuer's obligations relating to the post-issue independent external assessment. The persons preparing the independent external assessment should be listed in Clause 3.7 of the present Annex. The document with external assessment findings can be executed in Russian or in English.	а) for the Green Bon Segment: Green Bond Principles (GBP), International Capital Market Association (ICMA), or Climate Bonds Initiative (CBI) b) for the Social Segment Bonds: Social Bond Principles (SBP) of the International Capital Market Association (ICMA)
1.2	The bond issue is further identified using the words "green bonds"/"social bonds".	Applied to bonds which issue is registered according to the Securities Issue Standards23
1.3	Requirement on the terms and conditions of the bond issue and (or) the foreign issuer's securities prospectus	The bond issuance is targeted at financing (refinancing) of the projects specified in line 1.1 above). Applied to bonds of foreign insures
1.4	Information disclosure	The Entity (the Issuer) took an obligation to disclose or to inform on disclosure by the Prescribed Legal Entity on its webpage of information provided by one of the information distributors at the securities market and to submit the following documents to the Exchange for publishing them on the Exchange’s website according to Clause 3.6.2 of the Annex. Documents and information indicated in Clause 3.6.2 of the Annex shall be submitted to the Exchange for disclosure on the Exchange’s website (except for the issuer's document defining the issuer's policy on raising funds through bond borrowings for the purpose of financing (refinancing) environmental or social projects).

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