On cancelling licence to carry out pension provision and pension insurance

By its Order No. OD-2003, dated 6 August 2015, the Bank of Russia cancelled licence to carry out pension provision and pension insurance of the joint-stock company Non-state Pension Fund Sberegatelny Fond Solnechny Bereg (hereinafter, the Fund) (PSRN: 1147799010985; TIN: 7726486062) from 6 August 2015.

The reasons to take this decision are as follows:

failure to meet the Bank of Russia instruction to remove violations of federal laws or related regulations of the Russian Federation and the Bank of Russia under which the Fund conducts its activity pursuant to the licence, that resulted in a ban to completely or partially carry out operations envisaged by Article 34.1 of Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-governmental Pension Funds’;

violation of Federal Law No. 75-FZ, dated 7 May 1998, ‘On Non-governmental Pension Funds’ with regard to pension savings management by the Fund.

Due to the licence cancellation, by it Order No. OD-2008, dated 6 August 2015, the Bank of Russia appointed a provisional administration to manage joint-stock company Non-state Pension Fund Sberegatelny Fond Solnechny Bereg.

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

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06.08.2015 00.00.00