Listing is a complex procedure

Listing is a derivative of the English word list (that is, a "list"), which means that someone or something is marked as having preferences or access to some operations as a result of meeting certain requirements. The listing procedure is most often associated with the stock market, but it exists almost everywhere. For example, a retailer can determine the list of suppliers that will bring goods for sale in its store.

Listing securities is usually held by the exchange. For example, on the Moscow stock exchange, several times a year, the rules regulating this process are updated. The rules for its conduct apply both to shares of companies, and to bonds of organizations, municipal entities, the Bank of Russia, and others.

Listing - this is a rather complicated procedure, which begins with finding out whether a particular security corresponds to the established requirements. Among them are: a registered prospectus, a state-registered report on the results of the issue, compliance with the organization that issued shares or bonds, etc., the legislation of the Russian Federation (in the sphere of securities circulation, necessary disclosure of information, etc.).

For a number of issuers, the listing is a process accompanied by the preliminary transfer of securities servicing to a special (settlement) depository (for certain types of shares and corporate securities), issuing a global certificate (for municipal, sub-federal and state options).

Listing on the stock exchange is made on the basis of an application and a set of documents, including: the text of the decision to issue securities (in registered form), a questionnaire, a document on the amount of net assets of the organization that provided a guarantee (for issued bonds), document , Confirming the contractual relationship between the exchange and the issuer for admission to trading, the list of affiliated persons and much more.

Listing - this is a short-term process, but on condition that all the required documents are compiled correctly. The set received from the organization is considered by the authorized department of the Exchange, after which within 10 working days (for non-listed bonds this period is reduced to 5 working days) a decision is made to deposit the security in one or another section of the list.

There are seven quotation sections on the Moscow stock exchange today, each of which requires compliance with strictly defined requirements (securities admitted to placement, subsections A (first level), A (second level), B, B, non-listed securities).

The fact that the security has passed the listing does not mean that it will have it for an infinitely long time. The same body of the exchange can prepare an opinion on the exception, in particular, if:

• All securities of this type are redeemed (for example, bonds);
• If the issuer ceased to operate (bankrupt, etc.):
• If a court decision or order of the state body is received;
• If the issuer violates or does not comply with the norms of legislation, etc.

In addition, it is possible to exclude securities from the listing of the relevant section for transferring them to non-listed status.