OREANDA-NEWS. June 01, 2015. The Bank of Russia took a decision to cancel the licences of a professional securities market participant to carry out broker, dealer activity, depository activity and securities management issued to Excelent Investment Company, limited liability company (hereinafter, the Company).

The reason to take the decision to cancel the licences was the repeated violations within a year of the requirements of securities legislation of the Russian Federation, including the Company’s misrepresentation of information to the Bank of Russia, failure to provide correct postings of customers’ depot accounts and countering the Bank of Russia’s supervisory functions.

The depository licence is terminated from 19 June 2015. From 29 May 2015, the Company is not entitled to open depot accounts and hold securities in nominee accounts. Until 19 June 2015, the Company is obliged to ensure the possibility for its customers to transfer securities to personal accounts in the register of securities owners or to depot accounts in depositories. From 29 May 2015 to 19 June 2015 the depositors may instruct the Company accordingly to transfer their securities as stipulated in the agreement (terms of the Company’s depository activities). Upon the expiration of the said period the Company is obliged to open and transfer the customer’s securities to personal accounts in the register of securities owners in compliance with the laws of the Russian Federation.

In case of failure to perform or improper performance of the clients’ instructions by the Company or the Company’s failure to ensure receiving of the instructions to transfer the securities, the depositors to the Company may seek remedy and/or apply to law enforcement authorities.