The central bank of Russia has revoked the licence of securities trading firm Instant Invest for multiple lapses on a repeated basis.
The decision annuls the firm’s licence for brokerage and securities management.
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The annulment of the licence was triggered by a host of reasons that flouted the norms of the legislation of the Russian Federation on securities.
These violations, which occurred for a year, include Instant Invest’s failure to follow the central bank’s instructions, lapses in meeting internal accounting requirements as well as internal control failures.
At the same time, the Bank of Russia accused the firm of failing to adhere to the reporting procedure requirements of a professional securities market player.
The firm, according to the central bank, also flouted mandatory information disclosure requirements on the internet.
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By GlobalDataThe central bank further alleged that Instant Invest was unable to offer the repository data on “repurchase agreements not concluded at organised tenders”.
“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.
