Russian c-bank annuls license of Instant Invest

Maria Nikolova

The regulator has cancelled the license of the company which allowed it to carry out brokerage and asset management activities.

The Central Bank of Russia, also known as the “mega regulator” of the Russian financial markets, today announces the annulment of the license of Instant Invest. The company has been offering trading in securities on a number of exchanges, including the Moscow Exchange, as well as services like portfolio management.

The decision for the license annulment was made today. The regulator has cancelled the firm’s license for brokerage and asset management.

The regulator explains that its decision reflects Instant Invest’s numerous violations of the requirements set out in the securities laws of the Russian Federation. In particular, the list of violations includes: 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 license will cease to be effective on June 20, 2020.

The firm will have to cease conducting professional activities in the securities markets, aside from the activities related to the halt of the operations, as well as the activities related to fulfilling the firm’s obligations regarding its clients. Instant Invest will have to return all funds to its clients not later than June 19, 2020.

Also today, the regulator cancelled the qualification certificates of several directors of the firm.

Read this next

Digital Assets

Bybit celebrates listing of Arbitrum (ARB) token with $400K prize pool

“At Bybit, we recognize our responsibility to provide forward-thinking opportunities for our users and lead the way in supporting the proliferation of cryptocurrency and blockchain technology.”

Digital Assets

StormGain launches StormGain DEX, a non-custodial alternative to its centralized exchange

StormGain DEX becomes accessible once a user connects their own non-custodial wallet and trades directly, with all orders settled on-chain.

Retail FX

OANDA launches CFDs on UK and US stocks for retail clients in emerging markets

“Interest in CFDs has been surging globally as they offer traders and investors the opportunity to profit from price changes without owning the underlying assets. CFDs give exposure to markets that are trending downward as well as upward, allowing traders to take positions even when volatility is high.”

Institutional FX

Bitpanda’s stocks, commodities, crypto now available to banks partnered with Visa

“We are excited to welcome Bitpanda to Visa’s Fintech Partner Connect Program. The partnership will assist banks to integrate an asset trading platform for crypto and other assets within their banking app.”

Industry News

Exchanges agree on global framework for designating stocks and shares as green

“Investors should be able to have greater visibility of issuers who have green activities in a way that is rigorous and that counters greenwashing. Exchanges strive to bring clarity, consistency, and rigor to the concept of green and to counter greenwashing.”

Institutional FX

90% UK participants worry of trade failures, penalties, inefficiencies arising from US move to T+1

“By embracing automation and digital transformation, firms can enhance their middle- and back-office systems and gain a competitive edge”, said Brian Collings, CEO, Torstone Technology.

Industry News

Lindsay Lohan, Jake Paul, Soulja Boy, Kendra Lust, Ne-Yo, Akon charged by SEC in crypto fraud case

“Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation. This is the very conduct that the federal securities laws were designed to protect against regardless of the labels Sun and others used.”

Institutional FX

State Street to acquire CF Global Trading to enhance global outsourced trading service

“Our team has worked with our clients for 20+ years to develop a global, multi asset class execution platform with a focus on accessing liquidity, improving workflows and reducing costs.”

Digital Assets

BitGo taps Coincover to allow clients to store backup keys for wallet recovery

“There is no such thing as too secure. That’s why we have elevated our relationship with Coincover, to integrate the option of storing backup keys with Coincover for all BitGo’s coin offerings.”