On withdrawal of licences issued to LLC Trust Broker Company, professional participant of the securities market, to carry out broker, dealer activities and operations to manage securities
The Bank of Russia took a decision to withdraw the licences to carry out broker, dealer activities and operations to manage securities from the limited liability company Trust Broker Company (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 alongside the requirements envisaged by Article 7 of the Federal law of 7 August 2001 No.
— the company repeatedly failed to provide possibilities to fulfill oversight duties;
— the company lacked brokers and dealers;
— the company failed to present the calculation of its own funds to the Bank of Russia;
— the company violated the procedure for disclosure of information about its own funds on the Internet;
— the company employees were not trained to counteract legalisation (laundering) of criminally obtained incomes and financing of terrorism;
— the company failed to fix and submit to the authrorised agency the information on operations subject to mandatory control;
— the company failed to provide confidentiality of information received through implementation of internal control rules to counteract legalisation (laundering) of criminally obtained incomes and financing of terrorism;
— the internal rules of the company as regards countering the legalisation (laundering) of criminally obtained incomes and financing of terrorism are at odds with legislation of the Russian federation;
— the AML officer of the company combined jobs;
— the internal control officer of the company carried out activities not related to internal control functions;
— the company failed to meet the dates for checking availability of monetary funds.
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08.05.2014 00.00.00