OREANDA-NEWS. August 05, 2015. By its Order No. OD-1930, the Bank of Russia cancelled licence to carry out pension provision and pension insurance of the joint-stock company Non-Governmental Pension Fund Sunny Time (hereinafter, the Fund) (PSRN 1157800001237, TIN 9705032181) from 3 August 2015.

The reasons to take this decision were as follows:

violation of requirements stipulated by Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-Governmental Pension Funds’ (hereinafter, Law No. 75-FZ) when managing pension savings by the Fund;

failure to meet minimum amount of equity capital of the Fund as stipulated by Article 6.1 of Law No. 75-FZ;

numerous violations of requirements of Federal Law No. 115-FZ, dated 7 August 2001, ‘On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism’.

Due to cancelling of the licence, by its Order No. OD-1931, dated 3 August 2015, the Bank of Russia appointed a provisional administration to manage the joint-stock company Non-Governmental Pension Fund Sunny Time.

The Bank of Russia shall reimburse the pension savings to the insured persons in the amount and in the manner stipulated by the laws of the Russian Federation.