In 2007, the Russian security market brought in a new
financial instrument, Russian Depositary Receipts (RDRs),
intended to attract investment. The idea of RDRs was announced
in 1998, when the Federal Commission on Securities Market
(predecessor of the Federal Financial Market Service of Russia)
jointly with the Russian Central Bank and the Ministry of
Finance, formed a working group for elaboration of a instrument
similar to the American depositary receipt. However due to some
instability in the political situation and a prolonged
legislation reforming process, the project was postponed until
2004. Since then, the Russian legislator has worked on the
draft law "On Amendments to the Federal Law "On the
Securities Market", which was enacted and came into force
as late as 2007 and set a legal basis for RDRs as a new type of
registered security of no par value, representing the title
over a certain number of
