OREANDA-NEWS. July 14, 2015. 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 Investment Company Arbat Finance, 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 the Russian legislation on countering illegitimate use of insider information and market manipulation, and the securities legislation of the Russian Federation.

The depository licence is terminated from 10 August 2015. From 10 July 2015, the Company is not entitled to open depot accounts and hold securities in nominee accounts. Until 10 August 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 10 July 2015 to 10 August 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.