On Bank of Russia decisions

On 14 November 2014, the Bank of Russia took the following decisions:

to cancel licences of professional securities market participant to carry out dealer, broker and depositary activity and securities management of Universal Investment Company Partner, limited liability company (hereinafter, the Company).

The reason to take this decision was repeated violations over the past year of requirements of Russian securities legislation including those connected with non-delivery of customers’ funds and securities in accordance with their instructions;

by Order No. OD-3200, dated 14 November 2014, to revoke the insurance and reinsurance licences from ISLA Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3950). This decision is taken due to the insurance company’s failure to timely remedy violations of insurance laws which served as a ground to suspend the insurance and reinsurance licences (Bank of Russia Order No. OD-2497 dated 12 September 2014 ‘On Suspending the Insurance and Reinsurance Licences of ISLA Insurance Company, Limited Liability Company’) and becomes effective the day it is published in a printed media;

to agree on the reorganisation of Non-State Pension Fund Uchastie through conversion into a joint-stock company Non-State Pension Fund Uchastie, to take a decision on the state registration of the joint-stock company Non-State Pension Fund Uchastie, and to reissue a documentary confirmation of licence to carry out pension provision and pension insurance of the joint-stock company Non-State Pension Fund Uchastie.

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17.11.2014 00.00.00