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Central Moscow Depositary challenges license revocation

13:50 04/10/2011

MOSCOW, October 4 - RAPSI, Alyona Yegorova. The Central Moscow Depositary has filed a cassation appeal against the regulatory decision to revoke its license, the court told the Russian Legal Information Agency (RAPSI).

The Central Moscow Depositary has been operating on the Russian stock market since 1994. It holds about 6 million personal accounts for registered stock owners in major Russian companies.

The license revocation followed a routine audit of the depositary that took place last year from January 27 to May 25. The decision was accompanied by a deferral allowing the company to continue its operations until February 1. Any company keeping its register there would have to change the depositary prior to that date.

The Federal Service for Financial Markets' order entered into force on August 2 after the appeals court upheld the Moscow Commercial Court's ruling confirming the order's validity. The depositary then appealed the order, but the appeal was turned down in April.

A commercial court suspended the order in January 2011 until a number of legal uncertainties regarding the depositary were resolved.

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Central Moscow Depositary challenges license revocation

13:50 04/10/2011 The Central Moscow Depositary has filed a cassation appeal against the regulatory decision to revoke its license.
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