Listingrule s

Article 9. Grounds for Denial of Listing (Change in the Listing Level) / Determination of Trading Start Date, Denial of Delisting, as well as other registration activities of the Exchange

1. 
   The Exchange shall have the right to make a decision to deny with regards to the following:
   

• 
  listing of any securities (changing their listing level);
  
• 
  determination of the start date of trading in any securities;
  
• 
  delisting of securities;
  
• 
  registration of a securities issue (additional issue);
  
• 
  registration of a securities prospectus;
  
• 
  registration of a program of Exchange-registered bonds and
  
• 
  registration of changes in the decision authorising the issue of Exchange-registered bonds, prospectus or the program of Exchange-registered bonds.
  

2. 
   The Exchange shall have the right to take such decisions as mentioned in Clause 9.1 of this Article on the basis of an expert opinion of the Listing Department in the following circumstances (if applicable in relation to the respective decision):
   
   1. 
      the Entity is in violation of the requirements of the securities law of the Russian Federation, other statutes and regulations of the Russian Federation and the Bank of Russia regulations, and as regards the Asset Management Company (Mortgage Collateral Manager), also in violation of the investment funds law of the Russian Federation (the mortgage-backed securities law of the Russian Federation);
      
   2. 
      non-compliance with requirements applicable in relation to the inclusion (changing of the listing levels) of securities in the respective List section, as prescribed by these Rules;
      
   3. 
      the documents filed for the purposes of securities listing (changing of the listing levels) or placement contain incomplete and/or inconsistent information, false and/or inaccurate data;
      
   4. 
      the Exchange receives from the mass media or from announcements posted on the websites of respective competent (regulatory) government bodies, or the Entities disclose, any information on the Entity's potential violation of the rights and valid interests of securities holders and/or investors on the securities market;
      
   5. 
      the Exchange receives a directive (notice, or request) from the respective competent (regulatory) government body;
      
   6. 
      the Exchange receives information that an arbitration tribunal initiates a bankruptcy case and/or institutes one of the bankruptcy procedures against the Entity;
      
   7. 
      the Exchange receives a recommendation (opinion) from the Expert Council on Listing to the effect that it should deny inclusion (change of the listing levels) in the List (absence of recommendation on inclusion in the List and other issues determined herein)/determination of securities trading start date /registration of an issue (additional issue) of securities, prospectus of securities or Exchange-registered bond program, registration of amendments to the decision to effect issue (additional issue) of securities, Exchange-registered bond program, prospectus of securities or a recommendation (opinion) of the Committee of the Growth Sector Council to the effect that it should deny inclusion in the List (in accordance with its scope of responsibility) (according to procedures provided for Clause 9.6 herein);
      
   8. 
      the Exchange receives a court order, or a court bailiff issues a court order enforcement warrant or another enforcement document in relation to the securities or the Entity;
      
   9. 
      the Entity fails to perform any financial obligations or other obligations owed to the Exchange under the listing service agreement and (or) agreement for preliminary examination of documents entered into in accordance with these Rules;
      
   10. 
       any additional information, data or documents as requested by the Exchange are not provided;
       
   11. 
       any necessary documents as envisaged by Articles 6, 8, 11-2 –13-2 of these Rules are not provided in the to the extent, in the manner and within the time limits specified;
       
   12. 
       for the purposes of protecting the rights and valid interests of the holders of securities and/or investors on the securities market.
       
3. 
   The Exchange shall deny to register the issue (additional issue) of securities, to register the program of Exchange-registered bonds, to register the prospectus or to register changes to the decision on the issue of securities, to the program of exchange-registered bonds and to the prospectus of securities based on the grounds provided for in Clause 9.2 of this Article and (or) Article 21 of the Securities Market Law.
   
4. 
   If the Exchange decides to deny listing, in parallel it makes a decision to deny the registration of the issue of such securities and securities prospectus (if registration of securities is accompanied by the preparation and registration of their prospectus).
   

5. 
   If the Exchange decides as mentioned in Clause 9.1 of this Article, a notice containing the reasons for such denials shall be sent to the Applicant within 3 working days after the respective decision was made by the Exchange.
   

6. 
   The Exchange may, on the basis of an expert opinion issued by the Listing Department and recommendation from the Expert Council on Listing (if so asked for), deny without explanation listing of the Applicant's securities (inclusion of securities in the quotation list, making a change in the listing level, or determination of the trading start date) and registration activities. A notice of the decision made shall be given to the Applicant within 3 working days after the decision date.
   

SUBSECTION 2.2. SPECIFIC RULES GOVERNING LEVEL ONE AND LEVEL TWO LISTING OF SECURITIES