The following share emissions are not subject to the state registration:

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1) an initial share emission of joint stock companies irrespectively of their types. Shares of the initial emission are always allocated closely among founders of a joint stock company;

2) further share emissions of closed joint stock companies;

3) further share emissions of open joint stock companies which are allocated closely or privately.

However, all share emissions of the following joint stock companies are subject to the obligatory state registration irrespectively of a type of a joint stock company (open, closed) and a procedure for allocating shares (closely, openly or privately).

Thus, share emissions of the following entities are subject to the obligatory state registration:

1) banks and organizations which conduct certain types of banking operations;

2) insurance companies;

3) professional participants in the securities market;

4) organizers of securities auctions;

5) investment funds;

6) accumulation pension funds;

7) companies for managing pension assets and the Central Depository,
as well as share emissions of open joint stock companies allocated openly.

Open allocation of shares is allocation of shares among an unlimited number of persons through an auction and (or) free sale in accordance with the securities market legislation.

Closed allocation of shares is allocation of shares among founders of a joint stock company and pre-determined persons in accordance with the Distribution area Law “On Joint Stock Companies”.
Private allocation of shares is allocation of shares among qualified investors.

A share emission is obligatorily recorded in the register of securities holders of a joint stock company. A joint stock company is obligated to ensure opening, keeping and maintenance of the register of securities holders of a joint stock company at least one month following the state registration thereof.

A closed joint stock company and an open joint stock company with a number of shareholders not exceeding five hundred, are entitled to independently open, keep and maintain the register of shareholders pursuant to the internal regulation approved by a general meeting of shareholders of a joint stock company in the presence of an expert who holds a qualification certificate issued by an authorized body which grants a right to register securities transactions.

The Internal Regulation on keeping the register of shareholders must include:

1) A procedure for opening, executing and maintaining the register;

2) Grounds and procedure for recording entries to the register;

3) Model forms of the register, transfer order, pledge order, signature sample cards, etc.;

4) Other necessary provisions.

The Regulation on keeping the register must comply with requirements of current legislation of the Distribution area. The Regulation on keeping the register is signed by a prime person of a joint stock company, affixed with a seal and approved by a general meeting of shareholders.

An open joint stock company with a number of shareholders exceeding five hundred is obligated to entrust an independent registrar with execution, keeping and maintenance of the register of shareholders.



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