General Information

Commercial paper is an issue-grade security able to raise short-term (within 1 year) investment under a simplified issue procedure and intended for a broad spectrum of investors; commercial paper is issued and circulates solely at stock exchanges.

Requirements for issuing commercial paper:

• issuing commercial paper through public stock exchange trading;
• an issuer shall be an open joint stock company whose shares are included on the stock exchange quotation list of any level;
• an issuer shall exist for not less than three years and shall have approved accounting statements for two full financial years;
• commercial paper does not grant its holders any rights other than the right to receive the nominal value or the nominal value plus a fixed percentage thereof;
• the maturity of commercial paper shall not go beyond one year from the date of its issuance;
• commercial paper shall be issued in documentary form as bearer papers; keeping their certificates at the settlement depositary is mandatory;
• payment for commercial paper at the time of its placement; payment of nominal value and interest.