Nikolai Rynov

The article describes the mechanism for attracting financial resources of non-residents by Russian corporations by issuing shares and depositary receipts. The authors define the reasons and conditions for the effectiveness of each of the presented mechanisms. They consider in detail the stages of buying Russian issuers’ shares by a foreign investor. Those situations, when it is advisable to raise capital through depositary receipts, are explained. The authors formulate the definition of a depositary receipt as a special financial instrument. They also give the classification of depositary receipts on a territorial basis. The article provides a detailed description of the subject composition of the procedure for issuing foreign depositary receipts.