Listingrule s

Article 22. Exclusion of security from Level One or Level Two. Retention of security on Level One or Level Two.

1. 
   The decision the exclude a security from, or retain on, Level One or Level Two shall be made by the Exchange based on an expert opinion issued by the Listing Department.
   

For the purposes of issuing its expert opinion, the Listing Department shall consider any official documents and notices received by the Exchange, any information disclosed or provided by the Entity, any announcements posted on the websites of competent (regulatory) government authorities and organisations (self-regulated organisations, the settlement depositary, rating agencies, etc.), and may take into account any information obtained from the mass media, as well as any other information received by the Exchange.
For the purposes of considering whether a security should be excluded from, or retained on, Level One or Level Two, the following may be taken into account in addition to the grounds for exclusion as referred to in this Article:

• 
  the issuer's financial position;
  
• 
  the issuer's reputation and trustworthiness;
  
• 
  potential investors' interest towards the security;
  
• 
  any circumstances (facts) giving grounds to believe that the investors' rights and interests may have been violated;
  
• 
  other material circumstances.
  

Exclusion of a security from Level One or Level Two shall be effected by means of:
1) a listing downgrade from Level One or Level Two to Level Three in the manner described in Article 16 of these Rules;
2) delisting the security and discontinuing trading in such security in the manner described in Article 21 of these Rules.

2. 
   The following shall constitute grounds for the decision to exclude a security from Level One or Level Two (as applicable to the respective kind/type/category of security and/or Entity):
   
   1. 
      occurrence of any of the causes for the delisting of securities referred to in Article 21 of these Rules;
      
   2. 
      occurrence of any of the causes for the exclusion from Level One or Level Two referred to in Annex 2 to these Rules, and in Sub-Clause 22.3.6 of this Article;
      
   3. 
      the Entity's failure to remedy a violation of, among other things, information disclosure requirements (disclosure (publication) of financial (accounting) statements) by the deadline prescribed by the Exchange (applies in the manner referred to in Article 20 of these Rules for failure to remedy information disclosure violation);
      
   4. 
      an Application is received from the Entity seeking a change in the securities listing level or delisting of securities;
      
   5. 
      violation, by market-makers of a foreign exchange-traded investment fund, of their obligations referred to in Clause 2.17 Annex 2 to these Rules, respectively, in relation to Level One or Level Two as regards the volume of trading in the securities of such fund; or violation of the time period allotted in Clause 2.17 Annex 2 to these Rules, respectively, in relation to Level One or Level Two, for the performance, by the market-makers of such fund, of their duties, and where the number of trading days in a month on which the market-maker's obligations in relation to securities of a foreign exchange-traded investment fund are not performed is greater than three trading days as envisaged in Clause 2.17 Annex 2 to these Rules, respectively, in relation to Level One or Level Two (applies in the manner described in Clause 22.3.7 of this Article);
      
   6. 
      failure by market makers of an exchange traded fund to perform the obligations set forth in Clause 2.9, Annex 2 to the Rules, for Level 1 or Level 2, respectively, in relation to the volume of transactions with investment units of such fund; or fulfilment by market makers of an exchange traded fund of their obligations for the time less than the time period specified in Clause 2.9, Annex 2 to the Rules, for Level 1 or Level 2, respectively, or if the number of trading days when the market maker’s obligations on investment units of the exchange traded fund are not performed exceeds three trading days per month allowed for in Clause 2.9, Annex 2 to the Rules, for Level 1 or Level 2, respectively (to be applied as stipulated in Clause 3.4 of this Article);
      
   7. 
      failure on the part of the issuer (or Prescribed Legal Entity) to perform any obligations (default) on any issue of listed bonds (other than technical defaults on bonds as referred to in Clause 22.7.5 of this Article) (applies in the manner described in Clause 22 of this Article);
      
   8. 
      if the securities are those limited in circulation in accordance with the laws of the Russian Federation, including those intended for qualified investors;
      
   9. 
      if the securities are those of micro-financing organisations (applies to Level One securities);
      
   10. 
       exclusion of the securities from the respective quotation list, market, or segment of a foreign exchange (applies in the manner described in Sub-Clauses 22.3.3.1 and 22.3.5.1 of this Article);
       
   11. 
       a procedure applicable in a bankruptcy case (other than the receivership proceedings (konkursnoe proizvodstvo) is initiated in relation to the Entity (applies with due regard to Clause 22.8 of this Article).
       
3. 
   The following specific rules and the procedure for their application shall apply as the Exchange reviews the issue of excluding the securities from Level One or Level Two:
   
   1.