The Regulation "On the Procedure for Issuance, Placement, Circulation, and Redemption of Bonds Denominated in Foreign Currency within the Special Legal Regime of the 'Regulatory Sandbox'" also clearly defines transactions involving foreign currency bonds, the obligations of participants, and additional requirements aimed at ensuring financial stability:
The placement and sale-purchase of foreign currency bonds shall be carried out on the trading platform of the stock exchange in accordance with the established rules. Over-the-counter transactions shall be executed in written form and are subject to registration in accordance with the applicable legislation.
The agreement between the issuer and the investment intermediary shall provide for the intermediary's obligation to perform the functions of a market maker within the parameters established by the authorized body.
In the issue prospectus, the issuer is required to comply with the following financial indicators:
- debt burden ratio — not exceeding 6;
- debt service coverage ratio — not lower than 1.1;
- current liquidity ratio — not lower than 1.2;
- no occurrence of technical default on bond payments.
If the above indicators fall outside the established limits, the covenants shall be deemed breached.
Covenants shall be calculated on the basis of financial statements prepared in accordance with national accounting standards. Where statements are prepared in accordance with international standards, comparable indicators shall apply.
Individuals may purchase foreign currency bonds exclusively through the banking system — either by depositing cash or by transferring funds from their bank account to the account of the agent bank.
At the same time, investment intermediaries are prohibited from directly accepting cash (whether through cash desks or notaries).