Listingrule s

Article 23. Suspension and Resumption of Trading in Securities

1. 
   The decision to suspend trading in securities for any of the causes referred to in these Rules shall be made by the Exchange on the basis of an expert opinion issued by the Listing Department.
   

In connection with the issuance of such expert opinion, the Listing Department shall consider any official documents and notifications received by the Exchange, information disclosed or provided by the Entity, as well as any announcements posted on the websites of competent (regulatory) government authorities.

2. 
   The Exchange may suspend trading in securities if any grounds for the delisting of securities as referred to in Clauses 21.2 or 21.3 Article 21 of these Rules are identified (subject to specific rules governing individual situations), as well as in the following circumstances (as applicable to the respective kind/type/category of security and/or Entity):
   
   1. 
      a directive (notice, or request) suspending trading (in particular, in respect of an individual security) is received from appropriate competent (regulatory) government authority;
      
   2. 
      a court order, or a bailiff's enforcement warrant in respect of a court order or another enforcement document (containing the decision to take enforcement actions or other causes of action that could impact the process of trading in securities or requiring suspension of trading);
      
   3. 
      the Entity fails to comply with any requirements to submit documents as indicated in Annex 1 to these Rules or as requested by the Exchange, in particular, upon any change in (extension of) any information contained therein, or if such documents contain any false information;
      
   4. 
      the Exchange receives a recommendation from the Expert Council on Listing to suspend trading in the securities;
      
   5. 
      a notice from the issuer, being a special-purpose entity or a mortgage agent issuer, on compete redemption of par value of the bonds
      
   6. 
      occurrence of other material events capable of impacting the trading in the securities at the Exchange.
      
3. 
   The following specific rules shall apply as the Exchange considers suspension of trading in securities:
   
   1. 
      If a notice of suspension (blocking) of trades in the respective securities of the issuer is received from the Settlement Depositary, the Exchange shall suspend trading in such listed securities not later than by the start of trading on the day when the event referred to in such notice occurs. If the Exchange received such a notice of the day of suspension (blocking) of trades in the respective securities of the issuer, the Exchange shall suspend trading in the respective securities on the day when it received such notice.
      
   2. 
      If the issuer publishes an announcement of state registration of the issue (the decision to effect the issue)/(additional issue) of securities whereby the issuer's securities admitted to on-exchange trading are subject to conversion (other than in connection with the issuer's reorganisation), the Exchange shall suspend trading in such listed securities not later than by the start of trading on the conversion date.
      
   3. 
      The Exchange shall suspend placement of Exchange-registered bonds if it becomes aware of any violations referred to in 21.3.2, 21.3.10 and 21.3.11 of Article 21 of these Rules, on the day when the respective violation is found to exist, and until such violation is remedied within the securities placement period.
      
   4. 
      In addition to the grounds referred to in Clause 2 of this Article, the Exchange shall make the decision to suspend trading in any listed Russian Depositary Receipts, in the following circumstances:
      

• 
  in the case of splitting of such Russian Depositary Receipts, at least 3 working days before the proposed splitting date;
  
• 
  in the case of splitting of consolidation of the underlying securities, at least 3 working days before the proposed date of such consolidation or splitting of the underlying securities, respectively;
  
• 
  in the case of a change in the scope of and/or the procedure for exercising any rights attaching to the underlying securities in accordance with a foreign law, at least 3 working days before the proposed date of such change in the scope of and/or the procedure for exercising any rights attaching to the underlying securities.
  

1. 
   If grounds arise for the termination of a unit investment fund, the Exchange shall, not later than on the trading day following that when the Exchange became or should have become aware of such grounds, decide to suspend trading in the investment units, and subsequently delist them in the events and in the manner described in Article 21 of these Rules.
   
2. 
   If the Entity is adjudicated bankrupt, the Exchange shall, within 3 working days from that when it became or should have become aware of such adjudication of bankruptcy in relation to the Entity, decide to suspend trading in its securities, and subsequently delist them in the events and in the manner described in Article 21 of these Rules.
   
1. 
   Within 1 trading day following that when the decision to suspend trading is made by the Exchange, the Exchange shall:
   

• 
  disclose the information on the decision made via the website of the Exchange.
  

If the Exchange makes the decision to suspend trading upon the request of a government authority or in accordance with the requirements of the Bank of Russia regulations, then, if it is impossible to disclose information on such suspension of trading by the prescribed deadline, the Exchange shall disclose such information not later than 1 hour after such suspension of trading.
In the circumstances referred to in the Bank of Russia regulations the Exchange shall notify the Bank of Russia and the Clearing House of the suspension of trading in securities as and when prescribed by such regulations.
Otherwise, the Exchange shall notify the Bank of Russia and the Clearing House of such suspension of trading in securities by disclosing the information on the decision to suspend trading via the website of the Exchange within the time frames indicated in this Clause.

5. 
   The Exchange may make the decision to resume trading in a security on the basis of an expert opinion issued by the Listing Department.
   

In connection with the issuance of such expert opinion, the Listing Department shall take into account any official documents and notifications received by the Exchange, any information disclosed or provided by the Entity, as well as announcements posted on the websites of competent (regulatory) government authorities evidencing that there do not exist any circumstances that would prevent the resumption of trading and/or confirming the elimination of the circumstances that constituted grounds for the suspension of trading in the security, as well as in other cases referred to in these Rules.
If trading in a security is suspended in connection with any violations identified, the decision to resume trading shall be made if the violations that constituted grounds for such suspension of trading are remedied.

6. 
   If trading in the Russian Depositary Receipts is suspended for causes referred to in Clause 3.4 of this article, trading shall be resumed after the registered amendments to the decision to issue Russian Depositary Receipts, induced by such causes, shall have taken effect.
   
7. 
   At least 15 minutes before the resumption of trading, the Exchange shall:
   

• 
  disclose the information on the resumption of trading via the website of the Exchange.
  

In the circumstances referred to in the Bank of Russia regulations the Exchange shall notify the Bank of Russia and the Clearing House of the resumption of trading in securities as and when prescribed by such regulations.
Otherwise, the Exchange shall notify the Bank of Russia and the Clearing House of such resumption of trading in securities by disclosing the information on the decision to resume trading via the website of the Exchange within the time frames indicated in this Clause.

8. 
   The Exchange may change the time period of the suspension of trading as prescribed in this Article, provided that new grounds for such suspension arose in relation to those same securities which provide for a different period of such suspension.
   
9. 
   The Exchange may make the decision to discontinue trading in securities if the securities trading suspension period expires and, among other things, no cause and/or ability to resume trading exists.
   
10. 
    If the Decision to Issue Securities and the Securities Prospectus provide for the buyout of the bonds by the issuer through trades made in the Exchange Trading System, and the information on the terms and conditions of such bonds buyout was provided to the Exchange by the issuer, the buyout agent, the bondholder or the Settlement Depositary, the Exchange shall consider whether it will be possible to resume trading in the security during a certain period, with the purpose of providing the issuer with the opportunity to perform its obligation to buy out bonds (offer-based buyout) in the trading modes intended for such buyout in accordance with the Trading Rules on Equity & Bond Market of the Moscow Exchange and shall make the decision to resume (or not to resume) trading.
    

In this event, the resumption of trading in the security shall only be possible if the securities law (the investment fund law, or the mortgage-backed securities law) of the Russian Federation or the Bank of Russia regulations do not contain any requirement to suspend trading, or there does not exist any Bank of Russia directive ordering suspension of trading in such security.
Within three working days after the information on the date, terms and conditions of the buyout of such bonds was found by the Exchange or provided to the Exchange by the issuer, the buyout agent, the bondholder or the Settlement Depositary, the Exchange shall notify the Bank of Russia accordingly.