Article 15.4 Specific rules governing inclusion of bonds in the Segments of the Sustainability Sector (maintaining the listing of, and delisting of bonds)
Article 15.4 Specific rules governing inclusion of bonds in the Segments of the Sustainability Sector (maintaining the listing of, and delisting of bonds).
The following securities are eligible for the Sustainability Sector (further referred to in this Article as the Segments of the Sector), subject to compliance with the following requirements:
Russian and foreign bonds, including exchange-registered bonds are eligible for the inclusion provided that requirements set out in Clause 3.6-3.8 in Annex 3 and requirements in Article 15.1 of these Rules are met;
Subfederal and municipal bonds are eligible for the inclusion, provided that requirements set out in Clause 3.6-3.8 in Annex 3 and requirements in Article 15.1 of these Rules are met.
Prescribed Legal EntityThe decision to include or deny inclusion of securities in the Segments of the Sector shall be made by the Moscow Exchange on the basis of and expert opinion of the Listing Department and a letter to be filed by the Entity with the Moscow Exchange, within 15 working days from the date of receiving the letter and a complete set of documents referred to in Clause 3.8 Annex 3 to these Rules. A decision on inclusion in the Segments of the Sector shall not be taken before a decision on including bonds in the List upon considering the Application on inclusion in the List is taken.
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, organisations specializing in the expertise of ecological and social projects etc.), and may further take into account any information obtained from the mass media, as well as any other information received by the Exchange.
The procedure and order of reviewing the letter and the set of documents and the order of changing the terms for the Exchange to make a corresponding decision are similar to the procedure referred to in Article 7 of these Rules, with due regard to the specific rules set out in this Article.
Not later than 1 trading day following that of Moscow Exchange's decision to include the securities in the Segments of the Sector, the Moscow Exchange shall:
notify the Entity of the decision made;
disclose the information on such decision on the Moscow Exchange website.
In case of non-compliance of the Entity and/or security with the requirements and conditions set out in in Article 15.1 and clause 15.4.1. of this Article, the Exchange shall make the decision to deny inclusion in the Segments of the Sector and shall provide the Entity with a reasoned notice of such denial. The Moscow Exchange may deny inclusion in the Segments of the Sector 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 3 working days after the decision date.
The Moscow Exchange shall monitor compliance with the requirements referred to in Clause 3.6 Annex 3 to these Rules for maintaining the bonds included in the Segments of the Sector within the terms provided for the relevant requirements. If Moscow Exchange becomes aware of any violation of such maintenance requirements, the Moscow Exchange may set a deadline for remedying such violation.
The Moscow Exchange may decide to exclude bonds from the Segments of the Sector under the following circumstances:
it receives a letter from the Entity requesting exclusion of the bonds from the Segment of the Sector;
the bond or the Entity do not conform to the requirements for bonds maintenance in the Segment of the Sector as referred to in Clause 3.6.2 Annex 3 to these Rules;
the Entity fails to remedy any violations identified by the Moscow Exchange of the requirements for bonds maintenance in the Segment of the Sector as referred to in Clause 3.6 Annex 3 to these Rules, by the deadline prescribed by the Moscow Exchange;
the report (document) drawn up by the Entity or by the Prescribed Legal Entity, and (or) the document of independent external assessment findings include information on violation of requirements listed in Clause 3.6.1 of Annex 3 to the Rules regarding the proper (intended) use of funds received from the bonds placement and/or regarding compliance of the project for which the funds received from the bonds placement are (will be) used to finance (refinance) with the international environmental and (or) green/social funding and (or) sustainability principles and standards (for bond listed in the Green Bond Segment and Social Bond Segment, except for sub-federal and municipal bonds);
the report (document) drawn up by the Entity and/or the decision made by the bodies (officials, inter-departmental commissions) include information on violation of requirements listed in Clause 3.6.1 of Annex 3 to the Rules regarding the proper (targeted) use of funds received from the bonds placement and/or regarding compliance of the project for which the funds received from the bonds placement are (will be) used to finance (refinance) with the tasks and results of one of the national/federal projects (for bonds listed in the National Project Segment);
the report (document) drawn up by the issuer of subfederal and municipal bonds, and (or) the document of independent external assessment findings include information that internationally recognised principles and standards of environmental and/or green/social finance and/or sustainability have been breached by the project to be financed and/or refinanced with the funds received from the bond issue;
in other circumstances (such as occurrence of events/grounds for exclusion) referred to in Articles 21, 23, and Clauses 18.11 and 18.12 Article 18 of these Rules.
The Exchange shall take a decision on delisting bonds from the Sectoral Segments if there are amendments made to the decision on issue (additional issue) of bonds/ to the conditions of issue of bonds and/or the prospectus of foreign issuer's securities which change the target nature of the issue intended for financing (refinancing) of projects specified in Sub-clause 1.1 and 2.1. Clause 3.6.1. of Annex 3 to the Rules.
The Exchange takes decisions on excluding securities from the Segment based on the expert opinion of the Listing Department. The Exchange may deny inclusion in the Segment of the Sector on the basis of the Listing Department expert opinion, without giving any reason therefor.
Not later than 1 trading day following that of the Moscow Exchange's decision to exclude the bonds from the Segment of the Sector, the Moscow Exchange shall:
notify the Entity of the decision made;
make announcement of such decision on the Moscow Exchange website.
