The Central Bank of Russia today announced the annulment of the licenses of investment company QBF LLC. In particular, the regulator is annulling the company’s licenses for depository, broker and dealer activities, as well as the license for securities management.

The regulator explains that its decision is based on QBF’s repeated violations of regulatory requirements and the securities laws of Russia. More specifically, the company has failed to comply with orders issued by the central bank. QBF has also violated the rules regarding securities management. Other violations concern risk management and internal accounting.

The licenses will officially end on January 20, 2022. In the meantime, the company will have to stop carrying out operations in the securities market. It can merely conduct activities concerning meeting its obligations to clients.

The company will have to return all funds to its clients not later than January 19, 2022.