OREANDA-NEWS. June 30, 2015. The Bank of Russia took a decision to cancel the licences of a professional securities market participant to carry out broker, dealer, depositary activity and securities management of LibertyInvest Investment Company, limited liability company (hereinafter the Company).

The reasons to take the decision to cancel the licences were the repeated violations within a year of the requirements of Russian securities legislation including the Company’s misrepresentation of information to the Bank of Russia, failure to provide correct postings of customers’ depot accounts.

The depository licence is terminated from 25 July 2015. From 25 June 2015, the Company is not entitled to open depot accounts and hold securities in nominee accounts. Until 25 July 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 25 June 2015 to 25 July 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 expiration of the said period the Company is obliged to transfer the customer’s securities to personal accounts opened by the Company in the register of securities owners in compliance with Russian legislation. 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.