OREANDA-NEWS. On 24 December 2015, the Bank of Russia took a decision to cancel the licences of a professional securities market participant to carry out broker, dealer, depository activity and securities management of the closed joint-stock company Modern Investments financial company (TIN: 7720570293, PSRN: 1067760436787, currently joint-stock company FinProfService, limited liability company).

The reason to take the decision to cancel the licences was the repeated violations within a year of the requirements of Russian securities legislation.

The depository licence is terminated from 25 February 2016. From 25 December 2015, the company is not entitled to open depot accounts and hold securities in nominee accounts. The company must ensure a possibility for its customers to transfer securities to personal accounts in the register of securities owners or to depot accounts in depositories before 25 February 2016. Within 25 December 1915 — 25 February 2016, the depositors may instruct the company accordingly to transfer their securities as stipulated in the agreement (terms of the company’s depository activities). Upon expiry of the said period, the company shall open and transfer the customers’ securities to personal accounts in the register of securities owners in compliance with Russian legislation. In the event of failure to perform or improper performance of the customers’ instructions by the company or the company’s failure to ensure receiving of the instructions to transfer the securities, the depositors to the company may seek remedy and/or to apply to law enforcement authorities.