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The Tatarstan oil company A.O. Taftneft has joined the ranks of Russian companies that have received initial permission from the U.S. Securities and Exchange Commission to issue stocks over the counter through American Depositary Receipts.
The next step will involve registering the company with the SEC, a process that takes about 45 days after all of the paperwork has been submitted, according to Diana Downing, an attorney with Milbank, Tweed Hadley & McCloy, which is representing Taftneft.
Several Russian companies, including , have begun the registration process.
ADRs are certificates issued by a bank and backed by Russian stock held on deposit with the bank. Various types of ADRs allow transactions ranging from private placements to over-the-counter trading to full listing on a U.S. exchange.
ADRs for Tatneft
22 December 1995
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