Russia revokes securities trading firm Instant Invest licence

Pedro Gonçalves
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Russia revokes securities trading firm Instant Invest licence

The Central Bank of Russia has canceled the licence of securities trading firm Instant Invest for repeated violations.

The company had been offering trading in securities on a number of exchanges, including the Moscow Exchange, as well as services like portfolio management.

The decision revokes the firm's licence for brokerage and securities management.

"The Company is obliged to terminate its professional activities in the securities market, with the exception of actions related to the termination of obligations to customers arising from the implementation of professional activities in the securities market, and to ensure the return of property to customers before 06/19/2020," the Bank of Russia stated.

The regulator explained that its decision reflects Instant Invest's numerous violations of the requirements set out in the securities laws of the Russian Federation.

In particular: non-compliance with orders issued by the Central Bank, breach of the requirement for publishing of information via Internet, violations of the rules for internal accounting; violations of the requirements for internal control, failure to report to the repository information about OTC repo contracts.

The regulator cancelled the qualification certificates of several directors of the firm.

Instant Invest will have to return all funds to its clients not later than June 19, 2020.

 

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