Article 15.2. Specific Rules Governing Inclusion of Securities in IIM Sector/IIM-Prime Segment (Maintaining Listing and Delisting of Securities)
The following securities may be included in the IIM Sector/ IIM-Prime Segment provided that the following requirements are met:
For the IIM Sector: securities of corporate issuers, Exchange-registered bonds, investment units of unit investment funds, securities of foreign issuers provided that the requirements set out in Clause 3.1 Annex 3 to these Rules and Article 15.1 of the Rules are complied with.
For the IIM-Prime Segment: securities of corporate issuers, Exchange-registered bonds, shares and depositary receipts on shares of foreign issuers, provided that the requirements set out in Clause 3.2 Annex 3 to these Rules and Article 15.1 of the Rules are complied with.
The securities are eligible for the IIM Sector/IIM-Prime Segment after they are delisted from the Increased Investment Risk Companies Sector, provided that there is such a recommendation from the Expert Council The decision to include the securities in the IIM Sector/IIM-Prime Segment shall be made by the Exchange on the basis of the Listing Department expert opinion:
The decision to include or deny inclusion of securities in IIM Sector / IIM-Prime Segment shall be made by the Exchange on the basis of an expert opinion of the Listing Department a letter to be filed by the Entity with the Exchange, within 15 working days from the date of receiving the letter and a complete set of documents according to Clause 3.3 of Annex 3 to these Rules
The decision to include the securities in the IIM Sector/IIM Prime Segment shall be made by the Exchange:
1) in relation to securities with the trading start date determined – simultaneously with making appropriate changes to the Exchange Trading System;
2) in relation to securities with the trading start date non-determined – with the Exchange's decision on the trading start date to be determined in accordance with the procedure referred to in Article 8 of these Rules, with appropriate amendments to the Exchange Trading System made consequently.
The Exchange shall review the letter and the set of documents and make the decision in accordance with the procedure referred to in Article 7 of these Rules, with due regard to the specific rules set out in this Article, except as provided herein.
When the securities listed in the IIM Sector meet the IIM Sector eligibility requirements provided for in Clause 3.2 in Annex 3 to the Rules, the Exchange shall have the right to change the listing for such securities to IIM-Prime Segment without receiving the letter and documents from the Entity in accordance with procedure described herein.
Seeking to obtain an expert opinion (recommendation) on the matter of whether the Entity conforms to the requirements (criteria) referred to in Sub-clause 2 Clause 3.1.1 / Sub-clause 2 Clause 3.1.3 of Annex 3 to these Rules (hereinafter, the expert opinion), the Exchange shall turn to the IIM Expert Council. In this event, the decision to include securities in IIM Sector / IIM-Prime Segment shall be made with due regard to the expert opinion issued by the IIM Expert Council.
Not later than 1 trading day following that of the Exchange's decision to include the securities in IIM Sector/IIM-Prime Segment, the Exchange shall:
notify the Entity of the decision made;
disclose the information on the decision made via the website of the Exchange.
If it is found that the Entity and/or the security do not conform to the requirements in Clause 15.2.1 and Clause 15.2.2 herein, the Exchange shall make the decision to deny inclusion in the IIM Sector / IIM-Prime Segment and shall issue a reasoned notice of such denial to the Entity.
The Exchange may deny inclusion in the IIM Sector / IIM-Prime Segment on the basis of the Listing Department expert opinion, without giving any reason therefor. A notice of the decision made shall be given to the Entity within three working days after the decision date.
The Exchange shall control conformity to requirements to securities maintenance in the IIM Sector/IIM-Prime Segment as referred to in Clause 3.1/3.2 Annex 3 to these Rules, on a quarterly basis (unless provided otherwise).
If the Exchange becomes aware of any violation of such maintenance requirements, the Exchange may set a deadline for remedying such violation.
The Exchange may decide to exclude securities from the IIM Sector / IIM-Prime Segment in the following circumstances:
it receives a letter from the Entity requesting exclusion of the securities from the IIM Sector / IIM-Prime Segment;
the security or the Entity do not conform to the requirements for securities maintenance in the IIM Sector/IIM-Prime Segment as referred to in Clause 3.1/3.2 Annex 3 to these Rules;
the Entity fails to remedy any violations, identified by the Exchange, of the requirements for securities maintenance in the IIM Sector/IIM-Prime Segment as referred to in Clause 3.1/3.2 Annex 3 to these Rules, by the deadline prescribed by the Exchange;
subject to the IIM Expert Council expert opinion (recommendation) if there exists an unremedied, by the Entity, material violation of the information disclosure requirement, depending on the systematic nature of such violations, in the manner described in Article 20 of these Rules;
securities are listed in the Increased Investment Risk Companies Sector;
the Entity does not provide information according to Clause 3.3. In Annex 3 to the Rules for the purpose of expert opinion (recommendation) of the Except Council on the IIM;
in other circumstances, provided that a respective (favourable) opinion is issued by the IIM Expert Council. At the same time, the Exchange's inquiry with the IIM Expert Council shall describe the reasons why it is appropriate to exclude the securities from the IIM Sector/ IIM-Prime Segment.
The decision to exclude the securities from the RII Sector/RII-Prime Segment shall be made by the Exchange on the basis of the Listing Department expert opinion. The Exchange may deny inclusion of bonds in the IIM Sector / IIM-Prime Segment on the basis of the Listing Department expert opinion, without giving any reason therefor.
Following the decision to exclude the securities from the RII Sector/RII-Prime Segment, appropriate amendments to the Exchange Trading System shall be made.
Not later than one trading day following that of the Exchange's decision to exclude the securities from the RII Sector/RII-Prime Segment, the Exchange shall:
notify the Entity of the decision made;
disclose the information on the decision made via the website of the Exchange.
