On cancelling licence of management company

Due to the repeated violations of the Russian investment fund legislation, on 13 August 2015, the Bank of Russia took a decision to cancel licence to manage investment funds, unit investment funds and non-governmental pension funds No. 21-000-1-00710, dated 18 March 2010, issued by the Federal Financial Market Service to the closed joint-stock company Sarson Management Company.

The company repeatedly failed to meet Bank of Russia instruction over the past year and repeatedly violated disclosure requirements stipulated by federal laws and the relevant Russian regulations in its activity envisaged by the licence to manage investment funds, unit investment funds and non-governmental pension funds.

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