On cancelling licences of professional securities market participant

On 23 July 2015, the Bank of Russia took a decision to cancel licences of a professional securities market participant to carry out dealer, depository activity and securities management of Financial Economic Consulting, limited liability company (TIN 7825498171) (hereinafter, the Company).

The reason to take the decision on cancelling licences was repeated violation by the Company within one year of Russian securities legislation.

The depository licence is terminated from 24 August 2015. From 24 July 2015, the Company is not entitled to open depot accounts and hold securities in nominee accounts. By 24 August 2015, the Company is obliged to ensure the possibility for its customers to transfer securities to personal accounts in the register of securities owners or to depot accounts in depositaries. From 24 July to 24 August 2015, the depositors are entitled to instruct the Company accordingly to transfer their securities as stipulated in the agreement (terms of the Company’s depository activities). Upon expiration of the said period the Company is obliged to transfer customers’ securities to personal accounts opened by the Company in the register of securities owners in compliance with Russian legislation. In case of failure to perform or improper performance of customers’ instructions or the Company’s failure to duly receive instructions to transfer securities, the depositors to the Company may seek judicial protection and/or apply to law enforcement authorities.

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23.07.2015 00.00.00