OREANDA-NEWS. January 26, 2016. Bank of Russia decided to cancel licences of a professional securities market participant to carry out broker, dealer, and depository activities, and securities management of the closed joint-stock company Investment Company LAROS Financial Group (TIN: 7723012723, PRSN: 1027739036654).

The grounds for such a decision were repeated violations over the past year of the requirements of the Russian Federation securities legislation and requirements stipulated by Federal Law No. 224-FZ, dated 27 July 2010, ‘On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation’.

The licence to carry out depository activity ceases to be effective from 22 February 2016. The company is to terminate opening depo accounts and accepting securities at face value from 22 January 2016 and to provide customers with the opportunity of transferring securities to depo accounts with depositories before 22 February 2016. From 22 January 2016 to 22 February 2016, the company’s depositors are entitled to give the respective orders of securities transfer in accordance with the procedure established by the agreement (terms and conditions of conducting depository activity). After the indicated period the company is to transfer customers’ securities to their personal accounts in the register of securities holders in compliance with Russian Federation legislation. Should the company fail to execute or execute improperly the customers’ orders or fail to receive orders of securities transfer , the depositors are entitled to go to court and/or file an application to law enforcement agencies.