On cancelling licence to carry out pension provision and pension insurance

By its Order No. OD-2605, dated 30 September 2015, the Bank of Russia cancelled the licence to carry out pension provision and pension insurance of the Non-governmental pension fund Rodnik (hereinafter, the Fund) (PSRN 1037739485431, TIN 7704202743).

The reason to use this extreme measure was violation of Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-governmental Pension Funds’ (hereinafter, Law No. 75-FZ) with regard to the Fund’s management of pension savings with violations of requirements of Law No. 75-FZ, repeated violation within a year of requirements to information distribution, provision and disclosure envisaged by federal laws and respective regulations of the Russian Federation, as well as the failure to comply with the Bank of Russia instruction on remedying violations of Russian legislation covering pension savings investments.

Due to the licence cancellation, by its Order No. OD-2606, dated 30 September 2015, the Bank of Russia appointed a provisional administration to manage the Non-governmental pension fund Rodnik.

The Bank of Russia will reimburse the Pension Fund of the Russian Federation in the manner stipulated by current Russian legislation.

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01.10.2015 00.00.00