On cancelling licence to carry out pension provision and pension insurance and appointing provisional administration

By its Order No. OD-2540, dated 24 September 2015, the Bank of Russia cancelled licence to carry out pension provision and pension insurance of the open joint-stock company Non-governmental Pension Fund First Russian Pension Fund (hereinafter, the Fund) (PSRN: 1147799012943; TIN: 7730227060) from 24 September 2015.

The reason to take this decision was violations of requirements 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 and violation of requirements to information distribution, provision and disclosure envisaged by Clause 3 of Article 35.3 of Law No. 75-FZ.

Due to the cancellation of the licence, by its Order No. OD-2541, dated 24 September 2015, the Bank of Russia appointed a provisional administration to manage open joint-stock company Non-governmental Pension Fund First Russian Pension Fund.

The Bank of Russia will indemnify the policy holders their pension savings in the amount and under procedure stipulated by the Russian legislation.

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24.09.2015 00.00.00