Board of Directors of the Bank of Russia defined the procedure for conversion of receipts of Russian companies in accordance with the recently adopted law. After the Russian companies initiate the process of de-conversion within the term established by the law, accounts of the holders of receipts, which are accounted in the Russian depositories, will be automatically credited with the shares of the corresponding issuers. Procedure will start on August 15. Within five business days of this date, companies must begin converting. Companies that have previously been permitted to keep receipts may apply for permission not to convert automatically as well.