On the imposition of a ban on asset disposition by a Nonstate Pension Fund

The Bank of Russia has decided that a six-month ban be imposed with regards to Closed Joint-stock Company Management Company ‘Investment Standard’ (further referred to as CJSC MC Investment Standard’) on its on disposition of its assets which constitute, under trust management contracts with all Nonstate pension funds, the assets of pension reserves and pension savings.

This decision is based on CJSC MC Investment Standard failure to execute BoR Improvement Notice whereunder CJSC MC Investment Standard is required to bring its operations in line with RF legislation.

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24.12.2015 00.00.00