Court upholds Central Moscow Depositary license revocation
Moscow, April 21 - RAPSI. The Moscow Commercial Court has confirmed the validity of a regulatory decision to revoke the license of the Central Moscow Depositary joint stock company, reports the Russian Legal Information Agency (RAPSI).
This decision rejected the company’s request for a reversal of the Federal Financial Markets Service’s order.
The Central Moscow Depositary has been operating on the Russian stock market since 1994. It holds about six million personal accounts for registered stock owners in major Russian companies.
The license revocation followed after a routine audit of the depositary performed 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 depositary prior to that date.
On January 31 the court satisfied the depositary’s petition to suspend the order.