On withdrawal of licences issued to LLC Stal-Invest, professional participant of the securities market, to carry out broker and dealer activities

The Bank of Russia took a decision to withdraw the licences to carry out broker and dealer activities from the limited liability company Stal-Invest, professional participant of the securities market (hereinafter referred to as ‘company’).

The reason to take this decision was multiple violations within a year of the requirements of securities market legislation of the Russian Federation including regulations of the federal executive body namely:

— the company submitted false information to the team of inspectors from the Bank of Russia when the inspection of the company’s activities was in progress;

— the amount of own funds of the company as of 31 August 2011, 31 January 2012, 31 May 2012, 30 June 2012, 31 May 2013, 30 June 2013, 31 July 2013, 31 October 2013, 30 November 2013, 31 December 2013, 31 January 2014, 28 February 2014 does not correspond to the standards of capital adequacy set by securities market legislation of the Russian Federation;

— the company carried out internal accounting with violations of the requirements of own procedures and rules for internal control of operations with securities;

— the comptroller of the company carried out activities not related to internal control functions.

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08.05.2014 00.00.00