OREANDA-NEWS. November 24, 2015. By its Order No. OD-3239 Bank of Russia cancelled licence to carry out pension provision and pension insurance of Non-governmental Pension Fund Arel, joint-stock company (PRSN: 1141400001093; TIN: 1435973254).

The reasons for such an extreme measure by the Bank of Russia were as follows:

violations of the requirements of Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-governmental Pension Funds’ by taking unilateral decisions, infringing on insured persons’ rights;

a repeated violation within a year of the requirements to disseminate, submit or disclose information envisaged by federal laws and regulations of the Russian Federation.

By Bank of Russia Order No. OD-3240, dated 19 November 2015, a provisional administration has been appointed to manage Non-governmental Pension Fund Arel, joint-stock company, due to the cancellation of its licence.

The Bank of Russia will compensate pension savings to the insured persons in the amount and in accordance with the procedure established by the legislation of the Russian Federation.