On May 16, 2009 entered into force Federal Law No. 74-FZ. It introduces amendments that liberalise the offering of securities by foreign firms in Russia's primary and secondary financial markets. However the admission criteria preserve some discretion for the Russian stock exchange and the Russian Federal Service for Financial Markets.
 
Previously, securities issued by foreign entities could be placed for circulation on the Russian market only as part of international treaty or a cooperation agreement between the Federal Service for the Securities Market and the respective authority of the country of the foreign issuer.