Rus News Journal

The financial companies are deprived licences

In Petersburg cleaning of investment firms

Committee of economy and the finance (KEF) St.-Petersburg has begun One of these days has suspended licences 164 of the local investment and broker companies, in which number such known firms in a city as Kurs and Sergeys and To .

all these companies have not followed instructions of the Ministry of Finance and have not presented in KEF by May, 20th of the documents confirming increase of own capital to a minimum level - 50 million rbl. for broker firms and 250 million for the investment companies. In total in Petersburg only 80 companies from 224 have presented the specified documents in time.
decision KEF formally does not mean definitive liquidation of 164 firms as investment institutes, and only for a while deprives of their right to conduct operation on a securities market. The final decision about licence withdrawal can be accepted Committee in the beginning of July concerning those companies which within a month will not confirm conformity of the size of own capitals to requirements of the Ministry of Finance.
however as a whole, according to the experts, from 164 companies which action of licences is suspended, only about half can type by July, 1st the capital necessary for preservation of their present status.

IGOR - IVANOV