Listingrule s

Article 20. Monitoring of Information Disclosure Requirements

1. 
   The Exchange shall monitor disclosure of information, in particular, disclosure (publishing) of financial statements by the Entity or the surety (guarantor), or of any other information as referred to in these Rules, including that needed for the Entity's compliance with the information disclosure requirements applicable to the inclusion of securities in Level One or Level Two (hereinafter, the information disclosure requirements) in relation to listed securities, in accordance with the laws of the Russian Federation, other statutes and regulations, these Rules and the Exchange internal documents listed in the Rules.
   
2. 
   If the Exchange finds that the Entity and/or its surety (guarantor) violated the information disclosure requirements, the Exchange shall within two trading days from that when such violation was found, determine the materiality of such violation, and (if the respective decision is made), set the deadline by which such information must be disclosed (amended) by the Entity and/or the surety (guarantor).
   

The Exchange shall determine the materiality of the information disclosure requirement violation, and deadline for such disclosure (or amendment) by means of an expert opinion issued by the Listing Department.
In this event, the date of such violation shall be determined by the Exchange in accordance with the time frames prescribed for such disclosure, and as regards disclosure of material facts or where incomplete (or inaccurate) information was provided, from the day on which the Exchange became or should have become aware of such information disclosure requirement violation. The Exchange shall determine violation of the legal requirement to disclose information insofar as it relates to the provision of incomplete (inaccurate) information, on the basis of information received by the Exchange from the third parties, or by means of a sample-based review.
The Exchange shall monitor compliance with information disclosure requirements listed in the tables in Sub-Clause 5 Clause 2.1.1 and Sub-Clause 7 Clause 2.6.1 of Annex 2 thereof on a quarterly basis

3. 
   Not later than on the trading day following that when the Exchange determined materiality of the violation, the Exchange shall:
   

• 
  disclose such material violation, by the Entity and/or the surety (guarantor), of information disclosure requirements, with a deadline, set by the Exchange, by which such information must be disclosed (amended) by the Entity, via the website of the Exchange;
  
• 
  give notice of such material violation of information disclosure requirements to the Entity and/or the surety (guarantor), with a deadline, set by the Exchange, by which such information must be disclosed (amended), as well as give notice of the disclosure of such information, via the website of the Exchange.
  

Such notice shall be delivered by the Exchange to the persons authorised by the Entity to receive notices of any information disclosure violations identified via electronic means of communication.

4. 
   If by the expiration of the deadline set by the Exchange in accordance with Clause 20.2 of this Article the information was not disclosed (or amended) by the Entity and/or the surety (guarantor), the Exchange shall, considering the materiality and systemic nature of the violation, decide to either:
   

a) retain the securities on the List (in particular, in Level One or Level Two), or
b) delist the securities (in particular, exclude from Level One or Level Two).
The decision to either delist securities or retain them on the List shall be made by the Exchange on the basis of an expert opinion issued by the Listing Department.
The Exchange may report to the Bank of Russia any material violation that was not remedied by the deadline set by the Exchange.
If the Exchange resolves to retain the security on the List, the Exchange may by its decision limit the permitted trading modes in relation to the securities issued or granted by the Entity in accordance with the Trading Rules on Equity & Bond Market of the Moscow Exchange, exclude the securities from the IIM Sector/IIM-Prime Segment, or include the securities in the Increased Investment Risk Companies Sector.

5. 
   Within 1 trading day following that when the Exchange made the decision to either retain securities in, or exclude from, the List in accordance with this Article, the Exchange shall:
   

• 
  notify the Entity of such delisting of its securities;
  
• 
  disclose the information on the decision made via the website of the Exchange.
  

6. 
   The procedure for the determination by the Exchange of the materiality and systemic nature of information disclose requirements violation and the deadline for the disclosure of the information on such material violation shall be approved by the Exchange. This document is not obliged to be presented as well as disclosed on the Moscow Exchange’s website, except for the cases specified in the law of the Russian Federation.
   
7. 
   The Exchange's decisions regarding the materiality and systemic nature of violations as referred to in this Article, shall be made by the Exchange with due regard to the provisions of Clause 7 Article 4 of these Rules.
   
8. 
   Delisting of securities in the circumstances referred to in this Article, shall be effected within the time frame prescribed by the Exchange, which shall not be less than 1 month or more than 3 months from the relevant decision date.