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.

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