OREANDA-NEWS. Moscow Exchange yesterday announced that ordinary shares of JSOC Bashneft (state registration number 1-01-00013-A dated April 7, 2004; ISIN code: RU0007976957) will be included in its First Tier (top) quotation list from 14 July, 2014.

"The inclusion of Bashneft's securities in Moscow Exchange's top quotation list reflects our commitment to best practice in corporate governance, financial transparency and compliance with liquidity requirements," said Bashneft's President Alexander Korsik. "Being a First Tier company will make Bashneft more attractive to investors and enable us to expand our potential investor base."

Previously, JSOC Bashneft's ordinary shares were included in Moscow Exchange's Third Tier quotation list.

Note. On June 9, 2014, new listing rules came into force at Moscow Exchange under which an updated List of Securities Admitted to Trading was compiled comprising three sections: the First and Second Tiers (quotation lists) and the Third Tier (a non-quotation section of the List).

The First Tier (top tier) comprises securities included in the A1 and A2 quotation lists until June 9, 2014. The Second Tier comprises securities previously included in the B, V and I quotation lists. The Third Tier comprises securities previously included in the Unlisted Securities and Securities Admitted to Placement sections.

Key innovations under the listing reform include the introduction of free float as a criterion for inclusion and a new requirement for issuers to submit IFRS reports for three years to be included in the First Tier, rather than one year as previously. Stricter corporate governance quality requirements for issuers have also been imposed in accordance with the new Corporate Governance Code issued by the Bank of Russia.